Thailand Based Bank Partners with Ripple
January 9, 2020 8:51 pm
Siam Commercial Bank (SCB), one of Thailand’s oldest bank has partnered with Ripple to launch a mobile application powered by blockchain to deliver instant, low-cost cross-border payments. According to the blog post by Ripple, the app named as SCB Easy was launched in December during Ripple’s annual customer event, Swell. The demo reportedly demonstrated its potentiality to send cross-border payments in seconds.
Arthit Sriumporn, SCB’s senior vice president of commercial banking, announced:
“It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately.”
Sriumporn showed the app in action, sending a payment to a recipient’s bank account within 40 seconds. The bank is also working with Ripple to offer cross-border EMVCo QR payments. QR payments are popular throughout Asia, and leveraging this ability will allow SCB to offer customers micro-payment services in addition to remittances.
A recent survey conducted by PwC shows that 86% of China’s population uses mobile payments apps, with 67% of that population being in Thailand. SCB is planning to grow its services to Cambodia, Laos, Myanmar, and Vietnam.
The Vice President added:
“One connection equals many possibilities.”