European digital money transfer service Azimo partners with Thailand’s Siam Commercial Bank, one of the leading banks in Thailand. The partnership is bounded by Ripple’s global payments network, RippleNet providing cross-border services from Europe to Asia.
On April 9, Ripple made the announcement, digital payments plays an important role especially in the developing economies where remittances between Europe and Asia currently takes often upto a day to settle. RippleNet, known for its instant cross-border service is employed in many Asian countries.
Michael Kent, Azimo’s co-founder and executive chairman, highlights:
“Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in Europe.”
Data from World Bank highlights that Thailand is one of the main remittances destinations in the world with a whopping $6.7 billion remittances being received each year. This makes it of the most expensive countries just to send and receive payments.
The partnership between Siam Commercial Bank and Azimo aims to address the issue of pricey global payments services.