Chinabank taps Thai money transfer tech

SM Group unit China Banking Corporation or Chinabank has partnered with DeeMoney, a fintech company in Thailand, to provide remittance service to more Filipinos.

In a statement to the media, Chinabank said the partnership will allow clients to use DeeMoney app to transfer and receive money quickly or in real time using the RippleNet platform.

This is based on blockchain technology which enables multiple financial firms to process international transactions in 40 currencies using a single system and digital conversion tools.

"DeeMoney, the leading fintech in Thailand specializing in money transfer services, is our third partner on the RippleNet platform.  Chinabank has a wide network of international and domestic remittance tie-ups to provide overseas Filipinos with fast, convenient, and secure remittance services," Chinabank said.

Several remittance options

DeeMoney app users can send money to the Philippines in several ways.

They can transfer money to a Chinabank account or to another registered in a different Philippine bank.

Recipients can pick up the cash at a branch of Chinabank or at the outlets of its remittance partners, namely MLhuillier, Cebuana Lhuillier, LBC and Palawan Express.

DeeMoney app also allows users to send money to local e-wallets.

While fund transfers are processed in real time using the DeeMoney app, Chinabank said remittances worth over P50,000 will be received by beneficiaries on the next banking day.

Data from the Bangko Sentral ng Pilipinas show households in the Philippines receive over $40 billion in remittances from overseas family members each year.

The central bank says this amount makes the Philippines the world's fourth largest recipient of remittances after India, China and Mexico.