Thailand’s oldest bank launches Ripple-powered cross-border payments app
|- The partnership will allow Siam Commercial Bank to deliver quick, low cost, cross-border payments.
- Ripple’s partnership will also help SCB in offering cross-border EMVCo QR payments.
Siam Commercial Bank (SCB), one of Thailand’s oldest banks, has formed a partnership with Ripple to launch a mobile application that’s powered by blockchain. This is expected to deliver quick, low cost, cross-border payments. The app, SCB Easy, was demoed in December during Ripple’s annual customer event - Swell, according to Ripple’s blog post. Reportedly, the demo showcased the app’s ability to send cross-border payments in a few seconds.
SCB’s senior vice president of commercial banking, Arthit Sriumporn, announced on-stage:
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.
Ripple’s partnership will also help SCB in offering cross-border EMVCo QR payments. This will enable the bank to provide customers with micro-payment services in addition to remittances. The bank is also planning to expand its services to Cambodia, Laos, Myanmar and Vietnam.
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