ripple siam commercial bank
Thai Bank Partners With Ripple To Create an Instant Payments App
January 11, 2020
ripple siam commercial bank
Thai Bank Partners With Ripple To Create an Instant Payments App
January 11, 2020

Thailand’s Siam Commercial Bank (SCB) has partnered with Ripple to create a mobile app powered by blockchain to deliver instant, low-cost cross-border payments. 

On Jan. 8 a blog post was published from Ripple stating that the app known as SCB Easy was demoed in December during Ripple’s annual customer event, Swell. The demo reportedly demonstrated its ability to send cross-border payments in seconds. 

SCB’s senior vice president of commercial banking, Arthit Sriumporn, 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.”

Following this, Sriumporn demoed the app in action, sending a payment to a recipient’s bank account within 40 seconds. 

Cross Border Payments Throughout Asia

SCB is also working with Ripple to offer cross-border EMVCo QR payments. QR payments are popular throughout Asia, and leveraging this capability will allow SCB to offer customers micro-payment services in addition to remittances. 

ALSO READ :  CryptoCore Launches A Phishing Campaign Against Several Crypto Exchanges To Steal $200 Million In Two Years

cross border payment across asia

A recent survey conducted by PwC shows that 86% of China’s population use mobile payments apps, with 67% of that population being in Thailand. As tourism and overseas workforces continue to grow throughout the region, there is a need for faster, more cost-effective ways to receive payments. SCB is planning to expand its services to Cambodia, Laos, Myanmar, and Vietnam.

“One connection equals many possibilities,” Sriumporn explained on stage at Swell.

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!