Thai FinTech firm DeeMoney is teaming with enterprise blockchain solution Ripple to facilitate quicker and less expensive cross-border money transfers, according to an announcement.
DeeMoney is using RippleNet to process inbound payments coming into Thailand as of now, and it is the first non-bank institution in the country to use RippleNet.
Ripple Senior Vice President of Customer Success Marcus Treacher said in the announcement, “The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. 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.”
As it stands, it is estimated that approximately 1 million people from Thailand are working around the world and sending funds home.
In other news, Hawaii is rolling out its inaugural experimental program for cryptocurrency called the Digital Currency Innovation Lab, according to an announcement. The effort is fueled by a partnership between the Hawaii Technology Development Corporation (HTDC), the Division of Financial Institutions (DFI) and the Department of Commerce and Consumer Affairs.
The lab will take applications online from March 17 to May 1. According to the announcement, “companies who are selected will be carefully reviewed to ensure that Hawaii’s consumers are protected, with participating companies demonstrating that they have the essential capital, financial and technical expertise to conduct business in the state.”
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