The Oldest Bank In Thailand Goes Digital Thanks To Partnership With Ripple
- SCB expects that its Outward Remittance Service should be of big interest to its 16 million customers.
- Mobile payments are very popular in Asia and SCB Easy can transfer money to accounts in 40 seconds.
Siam Commercial Bank’s SVP of Commercial Banking, Arthit Sriumporn. Ripple
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.”
- One of the largest banks in Thailand, Kasikornbank (KBank), acquired local crypto exchange Satang for $103 million only a month after setting-up a $100 million fund for web3, fintech, and AI.
- Once the acquisition has been completed, KBank plans to rebrand Satan to Orbix, and separate the business into three divisions, a custody platform, crypto venture arm, and blockchain development.
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- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.