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Siam Commercial Bank (SCB), Thailand’s oldest bank, has entered into a partnership with blockchain firm to build a mobile app to deliver instant, low-cost cross-border payments. Called SCB Easy, the app will run on Ripple’s technology.
At Swell, SCB’s SVP of Commercial Banking, Arthit Sriumporn presented a demo of the app in which the recipient’s bank account received the money within 40 seconds.
“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,” said Sriumporn.
SCB joined Ripple’s global network back in September 2016. In June 2017, the companies launched a real-time remittance payment service powered by Ripple’s blockchain enterprise solution between Japan and Thailand.
The Thai bank is also the first financial institution on RippleNet to pioneer “multi-hop” feature, which allows it to settle frictionless payments on behalf of other financial institutions on the network. Last April, it successfully carried out cross-border pilot payments using Ripple’s technology in collaboration with PTT Exploration and Production (PTTEP), a national petroleum exploration and production company.
“SCB’s partnership with Ripple fulfills their customers demands for cross-border payments that are low-cost, fast and certain and provide a better customer experience. This is just the beginning for SCB and Ripple’s journey together,” Ripple said in an online post.
SCB is planning to expand to CLMV countries – Cambodia, Laos, Myanmar and Vietnam – this year. The bank is currently working with Ripple to offer cross-border EMVCo QR payments, which will enable it to not only offer their customers remittance services, but also micro-payment services.
“Imagine you are a tourist coming to Thailand, and you can use your home country mobile application to scan for payment and eliminate the need to exchange for local currency. You can use your mobile app, scan the QR payment and receive goods right away,” Sriumporn said, adding that these services and products “are helping us put a smile on our customers faces. We are changing lives with Ripple.”
