Azimo partnered with Siam Commercial Bank to launch an instant cross-border payments service through RippleNet

By Selena On Apr 11, 2020

Thai diaspora can now avail Azimo RippleNet remittances in Thailand. Azimo and Siam Commercial Bank of Thailand have joined hands to offer cross-border payment solutions in the Asian nation. Azimo is well known for its digital money transfer solutions. The partnership is expected to tap into the growing Thai remittance market.

We are delighted to announce a partnership with @scb_thailand one of Thailand’s leading universal bankshttps://t.co/0X6iPqvtgB

— Azimo (@Azimo) April 3, 2020

RippleNet is known for its superior cross-border money transfer services. It is employed in many Asian countries where remittances fuel economic growth. RippleNet worldwide payments network is expected to significantly increase the speed, transparency, and efficiency of cross-border transactions.

Azimo RippleNet remittances in Thailand to help the locals

As per the official announcement, the collaboration will address the issue of expensive and untrustworthy global payments. Azimo Ripple remittances in Thailand will be affordable and instantaneous. The country receives significant remittances from European nations, and the Thai diaspora is increasing in Europe. The collaboration between Azimo and Siam Commercial Bank will enable super-fast remittances that will help the country’s diaspora globally.

Instantaneous cross-border transactions are the hallmark of the RippleNet platform. Currently, it takes around one full day to perform an average remittance transaction from a European nation to Thailand. This leads to a lot of anxiety and frustration for the families dependent on remittances. Azimo Ripple remittances in Thailand are here to resolve this crisis. Azimo claims that the newly installed system can instantly convert and transfer Euros or Pounds from Europe into Thai Baht.

Michael Kent of Azimo states that countries across the globe are using the RippleNet platform for instantaneous remittances. He adds that Thailand has jumped on the instant payment network recently. And now, the Azimo-Siam Commercial Bank collaboration allows Azimo to transfer the money instantaneously from Europe to Thailand. This figure is even faster than transferring money within Europe.

Thailand’s inefficient remittances service is getting an overhaul

World Bank data suggests that Thailand ranks are high on the world remittance map. Thai diaspora across the globe sends more than $6.7 billion every year back to the country. Yet, the country has an inefficient and expensive remittance network. Thai users have to suffer high fees and other remittance charges.

Azimo Ripple remittances in Thailand is trying to change all this with RippleNet and regional partnerships. Recently, it launched similar transfer solutions in the Philippines, where the On-Demand Liquidity service of RippleNet has been deployed to ensure smoother remittances. Also, Thailand’s SCB entered into a collaboration with Ripple to launch a blockchain-powered mobile application for affordable remittances.

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