Thai fintech DeeMoney has deepened its integration with blockchain-based financial services network RippleNet, further consolidating Ripple's presence in Asia.

As the first not-bank institution in Thailand to sign on to RippleNet, DeeMoney already processes entering transfers using the blockchain network along remittance corridors in the Middle East and Gulf Regions, Republic of korea, Indonesia, Singapore and State of israel.

On March 18, Ripple and DeeMoney announced the second stage of their partnership to widen these services to support outbound remittances from Thailand to destination countries.

A major remittances market place

The value of remittances in Thailand is forecast to break the $1 billion mark in 2020, standing a consistent uptrend from $623 meg in 2018 and $850 million in 2019.

With a million Thai nationals currently estimated to be sending remittances back home, co-ordinate to Ripple, the race to provide cross-border payments has driven banks and non-banks alike to found lower-cost and faster international transfer channels for workers.

Unlike cyberbanking institutions, Thai nonbanks such as DeeMoney have faced more stringent regulatory requirements than their traditional counterparts, including specific licensing rules and daily transfer limits.

Last year, DeeMoney made a stride frontward in what remains far from a level playing field by becoming the starting time and only nonbank provider in Thailand to secure special licenses from the central depository financial institution. The new permits will allow it to broaden its cross-border money transfer, substitution and e-payment services.

DeeMoney CEO Aswin Phlaphongphanich said that both firms share the aim of democratizing finance in Thailand by making cross-border transactions more than attainable and efficient for those without access to traditional services.

In the legacy cyberbanking sector, innovation through blockchain networks has been incremental, with Thailand's oldest bank Siam Commercial Banking concern last year retracting a tweet that it would begin to use the XRP token. In January of this year, it so announced a collaboration with Ripple to create a mobile awarding for cross-border payments .

Ripple's expansion

In February, Cointelegraph reported on Ripple's consolidation in Asia via iii new partnerships with South Korean money transfer and remittance companies. The company had previously fabricated a milestone deal with MoneyGram — the 2d-largest remittances house worldwide — to bolster its global expansion.

Also in February, Ripple partnered with London-based remittance service Azimo to constitute an on-demand liquidity corridor to the Philippines using XRP every bit a bridge currency. The solution is projected to reduce liquidity costs by upward to lx%, as compared with traditional banking channels.