Thailand’s Siam Commercial Bank (SCB) recently partnered with RippleNet to create ‘SCB Easy’, a mobile application that facilitates instant, low-cost cross-border payment solutions, according to a blog post. With this, the 112-year-old bank became Thailand’s first domestic bank that is willing to push forward with Fintech partnerships.
At Ripple’s annual Swell conference, Arthit Sriumporn, SCB’s SVP of Commercial Banking, successfully sent money to the recipient’s bank account within 40 seconds, while giving a demo.
He stated,
“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.”
Additionally, a recent survey revealed that Aisa had the maximum number of mobile payment users and that 67% of Thailand’s population were active users of various mobile payment applications.
Looking ahead, the post revealed that SCB plans to expand its operations into Cambodia, Laos, Myanmar, and Vietnam, in 2020. The bank is also said to be working with Ripple on a cross-border QR payment system that would help tourists visiting Thailand, as they would be able to make payments in another country without having to convert the money into the local currency.
Sriumporn further stated,
“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.”
With this project, Ripple thus continues to establish business relationships with various traditional banks across the globe.
