How Deriv unlocked seamless settlements in South East Asia with BVNK
Deriv is an online brokerage specialising in trading and derivatives, including CFDs, forex, stocks, indices and cryptocurrencies. Deriv serves customers worldwide, aiming to provide an excellent payments experience.
The challenge: settling funds in South East Asia
Deriv has a growing customer base in South East Asia and customers can deposit money in local currencies like Vietnamese Dong (VND) and Thai Baht (THB), so the online broker was looking for better solutions in order to settle funds.
Deriv needed a reliable payments partner to facilitate settlements, since companies might lack direct access to local bank accounts in those countries.
Mugilan Kanaras, Senior Accounts Executive Operations Settlements at Deriv explains: “It’s important for us to have the flexibility in how we manage our funds, between digital and fiat currencies. BVNK's global network, strength in regions like South East Asia and support for stablecoins like USDC aligns perfectly with our vision."
“BVNK's global network, strength in regions like South East Asia and support for stablecoins like USDC aligns perfectly with our vision.”
A fast, reliable service
Deriv settles funds from South East Asia twice a week, and their partnership with BVNK has led to significant time savings.
Mugilan explains: “The BVNK team provides quotes as soon as we need them, and if we ever need to follow up, they respond within 15 minutes. This matters a lot since we’re dealing with multiple bank and PSP partners – one delay could lead to us missing a cut-off time on the bank side, which might mean processing funds the next day and not delivering on time for our customers... Settlement is a very important thing for us, and BVNK plays a crucial role in making sure that happens on time.”
Since the partnership in 2022, BVNK has settled millions of funds for Deriv and is now a preferred partner.
“Settlement is a very important thing for us and BVNK plays a crucial role in making sure that happens on time.”
“As compared to other partners, the communication we get from BVNK is faster,” says Mugilan. “We’re also happy with the favourable rates we receive, which means we save on costs... BVNK is an important partner for us. For some currencies we only settle with BVNK and if we find a new currency, we come to BVNK first before others.”
