The 111-year old Thai Siam Commercial Bank (SCB) initiated its journey into the digital era by launching SCB Easy in partnership with Ripple. The new mobile app runs on Ripple and provides instantaneous cross-border payments at a low cost.
The bank revealed the start of its Outward Remittance Service coming through SCB Easy and also shared its cross-border payments strategy. The service is launched to Thai retail customers right after its approval to leave the Bank of Thailand (BoT) regulatory sandbox. SCB believes that the new app will transform the lives of its 16 million customers for the better.
Mobile payments are quite popular in Asia. As a matter of fact, eight from the top ten nations that use this type of payment mechanism are in Asia. In addition, a PwC conducted survey shows that 67% of the population in Thailand is using mobile payment applications. As a comparison such apps are used by a massive 86% of the population in China.
Arthit Sriumporn, SCB’s SVP of Commercial Banking commented on the need for mobile payment apps:
“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.”
During a live demo on the Swell stage, Sriumporn sent money over SCB Easy. The amount was in the recipient’s account in just 40 seconds. Customers need fast cross-border payments and this partnership delivers just that. The collaboration between SCB and Ripple is also promising to provide great customer experience and at a low cost.
According to Sriumporn “one connection equals many possibilities,” as SCB provides remittance services with EUR, USD, BGP, and SGD across 12 countries among which the USA, the United Kingdom, Singapore, Germany, France, Spain, Italy, Ireland, Netherlands, Belgium, Austria, and Portugal.
Another SCB project in collaboration with Ripple should provide EMVCo QR payments, as such payment techniques are trendy within local regions across Southeast Asia. This method will allow micro-payment services in addition to remittance.
Sriumporn shared a simple use case:
“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,” adding that such services “are helping us put a smile on our customers’ faces. We are changing lives with Ripple.”