Thai fintech firm DeeMoney has partnered with international remittance giant Ripple to facilitate inbound payments in Thailand. Yesterday’s announcement revealed that DeeMoney is the first non-banking institution in Thailand to adopt Ripple’s RippleNet solution.
The initial integration will use RippleNet for inbound payments only from various countries including South Korea, Indonesia, Singapore, and various parts of the Middle East. There are future plans to begin supporting outbound payments via the same system.
DeeMoney CEO Aswin Phlaphongphanich says Ripple is “currently at the forefront of technology and compliance regulations” and that its technology provides “a single, automated system” that makes integration easy. “We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation,” he said.
Ripple has been one of the most successful companies to utilize blockchain technology to reduce costs and times associated with international remittance. The US-based firm uses the XRP cryptocurrency as liquidity to support cross-border payments, making it possible to circumnavigate the need for banks or costly third-party providers.
It has now partnered with over 300 banks and financial institutions around the world. Ripple’s SVP of Customer Success, Marcus Treacher, had this to say: “By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates.”
XRP in the Markets
The overall cryptocurrency market has been on a downward trajectory this month but has been making a mild recovery lately. After a fall to below $0.13, Ripple’s XRP asset has climbed back above $0.15 and looking set on a course to break back above $0.16. This is a key psychological point that has been tested and failed three times in the past week.
If XRP can hold above $0.16 then it should drive further upward momentum towards resistance at $0.169, the highest level of current consolidation. On the downside, XRP must hold above $0.15 or risk re-entering bearish territory and dropping below the intraday low of $0.144.
Other markets are have also had a tough time but are starting to look up. Bitcoin (BTC) is trading at $5,890 up from a low of $3,876 last Friday the 13th. Ethereum (ETH) is still down 12% over the past 7 days but trading up today at $125 from a low of $108 last Friday.