Siam Commercial Bank partnered with Ripple to create a mobile app for instant cross-border payments
It seems that Siam Commercial Bank (SCB) has partnered with Ripple to create a mobile application powered by Blockchain to provide instant, low-cost cross-border payments.
Siam Commercial Bank partnered with Ripple launches app for instant cross-border payments
According to a January 8 blog post from Ripple, SCB’s new application is called SCB Easy. This mobile application, a result of Siam Commercial Bank partnered with Ripple, was tested in December 2019 during an annual Ripple customer event, Swell. The trial demonstrated the ability to send cross-border payments in seconds.
SCB’s SVP of Commercial Banking, Arthit Sriumporn, said:
“It’s hard to send and receive money today. People have to go to a bank branch, fill out long and complicated forms, and wait for payments to be accepted without transparency. With the service, Our loved ones from abroad can transfer amounts and earn money immediately.”
SCB’s SVP of Commercial Banking, Arthit Sriumporn – Source: Ripple blog
Later, Sriumporn also started testing this application. Upon activation, SCB Easy sent payment to the bank account of Sriumporn recipient within 40 seconds.
SCB is also partnering with Ripple to provide cross-border EMVCo QR payments. QR payment is prevalent throughout Asia, and leveraging this capability will allow SCB to give the customers micropayment services in addition to remittance.
A recent survey conducted by PwC found that 86% of China’s population uses mobile payment apps, with 67% of that population being in Thailand. As the travel force and the overseas workforce continue to grow in the region, there should be faster, more efficient ways to receive payments.
SCB is planning to expand its services to Cambodia, Laos, Myanmar, and Vietnam – collectively referred to as CLMV countries.
“One connection equals many possibilities. 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.”
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