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Chinabank partners with DeeMoney for remittances

Business | The Stock Market

Chinabank partners with DeeMoney for remittances

By James A. Loyola

China Banking Corporation (Chinabank) has partnered with DeeMoney, Thailand’s leading Fintech money service business, to facilitate fast and convenient remittance from Thailand to the Philippines.

In a statement, the bank said the partnership will allow it to connect via the RippleNet platform as part of continuing efforts to broaden its global remittance tie-ups to serve Filipinos anywhere in the world.

The partnership with DeeMoney, with its specialized expertise in international money transfers, enables Chinabank to offer online and real-time remittance service through the DeeMoney app.

Overseas Filipinos can choose from different modes when sending money through the DeeMoney App: credit to a Chinabank account; credit to other Philippine bank accounts; credit to eWallets (such as GCash and Maya); and cash pick-up from any branch of Chinabank or its domestic remittance partners: MLhuillier, Cebuana Lhuillier, LBC, and Palawan Express.

Remittance through DeeMoney is sent and received in real-time. However, credit to bank account transactions in excess of P50,000 will be available to beneficiaries on the next banking day.

RippleNet is a globally recognized cross-border payment solution using blockchain technology.

Aside from DeeMoney, Chinabank's remittance partnership with Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, and Mobile Money in Malaysia, are also onboard via RippleNet.

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