Thailand’s largest Bank, Siam Commercial Bank (SCB), has partnered with Ripple to develop a mobile blockchain application for instant cross-border payments.
According to a ripple blog post, the SCB Easy app was unveiled in December during the annual Ripple Swell event. During the app demo, SCB’s senior Vice President of commercial banking, Arthit Sriumporn, sent a payment to the recipient’s Bank account in just 40 seconds. Sriamporn said:
“Today it is still difficult to send and receive money. People have to go to a Bank branch, fill out long and complex forms, and wait for payments to be received. However, there is almost no transparency. Thanks to our service, people will be able to receive funds from abroad and send payments to other countries almost instantly.”
SCB plans to launch its cross-border transfer services in Cambodia, Laos, Myanmar and Vietnam. In addition, SCB and Ripple are working together on an app for cross-border EMVCo QR payments, popular across Asia. The introduction of this application will allow SCB to offer clients micropayment services in addition to money transfers.
The Bank has been exploring the possibilities of blockchain in the financial sphere for several years. For example, in April last year, SCB and the state oil company PTTEP announced the successful testing of the blockchain for international transfers. In may, SCB announced that it would use Ripple technology to make cross-border payments, but denied its claim a month later.