RippleNet, a blockchain solution developed by Ripple Labs for the purpose of facilitating international money transfers, has been chosen by Azimo for its operations in Thailand. Azimo is a financial technology firm focused on digital money transfers, and it is seeking to increase its presence across the lucrative Asian market. Through a partnership with Siam Commercial Bank, Azimo will offer instant remittances to be sent from Europe to Thailand.

Ripple Labs, the company behind RippleNet and the XRP cryptocurrency, has been diligently working towards presenting a viable alternative to the inefficient SWIFT system for sending and receiving wire transfers. Through the use of RippleNet, Azimo has a good chance of becoming the preferred money transfer system in Thailand, a country where most remittances take about a day to clear. A transfer from London to Bangkok will only take a few minutes with the Azimo mobile app, and the strategic alliance with Thailand's oldest banking institution will ensure that the remittance can be instantly converted to baht.

A Winning Proposition for Ripple Labs

Azimo started doing business in 2012; since then, it has been trying to compete in the crowded digital payments sector, which as of 2020 is dominated by the likes of PayPal and Payoneer. Ripple Labs has been actively engaged in signing partnerships with banks, money transmitters, and other major players in the remittance space; to this effect, the company is widely considered to be the most advanced blockchain developer in terms of business development, something that major cryptocurrencies such as Bitcoin and Ethereum have struggled with.

Financial regulators in Thailand have been gradually allowing the use of cryptocurrencies in the country, and it makes perfect sense that they have not objected to the Azimo partnership with Siam Commercial Bank. Thailand is one of the leading Asian countries in terms of receiving remittances, particularly from Europe, but the high fees and long processing times have prompted Thai families to take risks by using intermediaries that are less than reputable. RippleNet's entry into the Thai remittance market will certainly cement Ripple Labs' reputation as the most business-savvy blockchain development firm.