Thailand’s oldest bank, Siam Commercial Bank (SCB), has partnered with Ripple to create a blockchain-based mobile application to deliver instant, low-cost cross-border payments. Thai Bank Launches App for Instant Cross Border Payment Running on Ripple.
Arthit Sriumporn, SVP of Commercial Banking at Swell, took the stage to discuss the journey with Ripple and how the 112-year-old bank gives their customers “happiness and smiles.”
On-stage, Sriumporn demonstrated the SCB Easy app. Money was in the bank account of the recipient 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.”
As per the latest survey conducted by PwC, a staggering 86% of the population in China use mobile payment apps and in Thailand, it’s as high as 67% of the population.
The bank is also partnering with Ripple to provide cross-border payments for EMVCo QR. QR payments are a common method of payment in Southeast Asia but are usually used only in local areas.
Taking advantage of this potential, the SCB is able to offer not only remittance services to its customers but also micro-payment services.
SCB plans to extend its services to Cambodia, Laos, Myanmar and Vietnam — collectively referred to as the CLMV countries.
“One connection equals many possibilities,” Sriumporn explained on stage at Swell.