SCB opens Ripple-powered consumer cross-border payments to businesses
Tue, 31 Mar 2020, 00:35 am UTC
Thailand’s Siam Commercial Bank (SCB) is planning to open up its Ripple-powered consumer cross-border payments mobile app to businesses.
In a press release, SCB partnered with RippleNet to connect to its banking partners worldwide. This will enable customers to make instant low-cost cross border payments through its SBC Easy mobile app.
The service is designed for the 4.9 million migrant workers in Thailand from Cambodia, Laos, Myanmar, Vietnam and other countries in Southeast Asia. However, at present, the bank is looking to bring instant payments to its small businesses and enterprise customers.
SCB and Ripple are also working on a QR code-based app that enables visitors to Thailand to use their home country app for transaction without having to think about extra rates.
"Being part of RippleNet has helped us to completely enhance our customer experience, expand our business and keep SCB moving into the future,” said Arthit Sriumporn, SVP, commercial banking, SB.
Ripple has been working on strengthening its presence in Asia and it also partnered with Thai fintech company DeeMoney. The firm has been providing efficient international money transfer at the lowest rates using Ripple’s financial payments network, Ripplenet.
DeeMoney uses RippleNet to process inbound payments into Thailand from South Korea, Indonesia, Singapore, Israel, Middle East, and Gulf regions. There are millions of Thai working globally and they send their hard-earned money back home through remittances.
“Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers,” said Aswin Phlaphongphanich, CEO of DeeMoney.
“We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”
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