DeeMoney: Technology Moves Data, But Trust Moves Money

Informal money transfer networks such as Hundi and Hawala continue to move roughly 300 billion US dollars every year, despite having a history spanning over 500 years without apps, blockchains, or underlying tech. The question of why such ancient systems still persist in an era of AI, cryptocurrencies, and digital payment systems was raised by Aswin Phlaphongphanich, co-founder and CEO of DeeMoney, during his opening session, noting from the start that as a fintech founder, he does not endorse using these illegal networks.

During his session titled 'Unspoken Facts of Global Payments: How Fintechs Changed the Banking Game' at Techsauce Global Summit 2026, Aswin chose to bypass product features and roadmaps, instead addressing industry truths accumulated over 20 years. He concluded that while technology excels at moving data, what actually moves money is trust, and every subsequent fact serves to examine this conclusion from different angles.

When launching DeeMoney about 10 years ago, the team initially believed customers would choose their service solely for a great app and smooth KYC processes. Reality proved otherwise. Furthermore, the seamless global money transfer network many imagine does not actually exist. Instead, local payment systems are woven together across borders. Even SWIFT is merely a messaging platform between financial institutions, requiring money to still be converted and routed through local networks.

Stock photo for illustration only, not from the actual event

Stock photo for illustration only, not from the actual event

The ability to deliver funds across the globe within minutes relies not on code speed, but on round-the-clock liquidity management. For instance, sending money from Bangkok to the UK on a Saturday early morning requires a treasury team to pre-fund and convert funds into British pounds beforehand. Meanwhile, regulatory compliance remains the steepest hurdle. While blockchain can update ledgers in milliseconds, navigating multiple legal frameworks simultaneously is extremely challenging.

"Technology does a great job of moving data, but what actually moves money is trust."

Aswin Phlaphongphanich

Aswin noted that winners in this game require four elements working together like a multiplication equation: technology, regulatory compliance, liquidity, and trust. If any element equals zero, the total outcome is zero. DeeMoney weaves together four pillars of trust from customers, regulators, and over 70 partner banks and fintechs, enabling the company to process over 7 million transactions worth more than 5 billion US dollars annually as Thailand's largest cross-border payment fintech.

Source: Techsauce