Siam Commercial Bank (SCB) opened a new cross border remittances corridor in partnership with Lightnet through Stellar
Siam Commercial Bank (SCB) is opening a new cross-border remittance corridor through a partnership with Lightnet. Lightnet is a Fintech company that uses the Stellar Blockchain. However, it is important that before partnering with Lightnet, SCB partnered with Ripple partner Azimo in April to open a payment corridor between Thailand and Europe using Ripplenet. It seems this current relationship is no longer strong.
SCB: Partnership opens the door for more efficient cross-border money transfers from South Korea to Thailand
When announcing a new partnership, the bank’s vice president Srihanath Lamsam said:
“This will increase its service capabilities while improving transaction speeds under a secure environment. Besides, the service will be offered at a lower cost, helping satisfy fast-rising demands for better international fund transfers. We expect that this new service model will help raise the service experience bar for seamless cross-border transfers for our customers and serve the growing demand for better cross-border remittances. ”
Meanwhile, SCB did not explain why it was partnering with Lightnet ahead of long-term partner Azimo for this particular corridor. However, the bank suggested in the statement that this partnership will allow the bank to expand the scope of international money transfer services.
SCB’s choice of Lightnet, which wants to make SWIFT and Western Union obsolete, suggests that Stellar is likely to win the war with Ripple in Thailand, one of the largest global remittance markets. Both Stellar and Ripple aim to make cross-border payments more efficient, and both appear to be targeting the same markets although the latter focuses on partnering with financial institutions.
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