Siam Commercial Bank (SCB) is committed to changing the lives of its 16 million+ customers. Thailand’s oldest bank has teamed up with Ripple to lead the company into the digital age and develop SCB Easy – a mobile application that runs on Ripple to enable instant, low-cost cross-border payments.
Today SCB presented its global strategy for cross-border payments and developed the launch of the Outward Remittance Service via SCB EASY in cooperation with Ripple. Following approval to exit the Bank of Thailand (BoT) regulatory sandbox, SCB is offering a new remittance service to retail customers across Thailand through SCB EASY.
Eight of the ten countries that use mobile payments are in Asia. According to a recent survey by PwC, a staggering 86% of the population in China use mobile payment applications, compared to 67% in Thailand. As the workforce and overseas tourism in the region continues to grow, people continue to seek better ways to send and receive funds across borders.
“It is so difficult to send and receive money today. People have to physically go to a bank branch, fill out long and complicated forms and wait for payments to come in – with no transparency. With our service, your relatives from abroad can transfer payments and receive money instantly, ”said Arthit Sriumporn, SVP for Commercial Banking at SCB.
On the Swell stage, Sriumporn presented a demo of the SCB Easy app and within 40 seconds the money was in the recipient’s bank account. SCB’s partnership with Ripple meets their customers’ needs for cross-border payments that are inexpensive, fast, secure and offer a better customer experience. This is just the beginning of SCB and Ripple’s journey together.
The SCB aims to improve cross-border payments and expand their transfer service for USD, GBP, EUR and SGD in twelve countries including UK, USA, Singapore, France, Germany, Italy, Spain, Netherlands, Ireland, Austria, Belgium. and Portugal. “One connection offers many possibilities,” said Sriumporn.
In addition, the bank is working with Ripple to offer EMVCo cross-border QR payments. QR payments are a popular payment method in Southeast Asia but are typically only used in the local areas. By using this feature, SCB can offer its customers not only remittance services, but also micropayment services.
“Imagine you are a tourist coming to Thailand and you can use your mobile application in your home country to search for payments and avoid exchanges for local currency. You can use your mobile app, scan the QR payment and receive goods instantly. ”
Sriumporn announced that these services and products “help us put a smile on our customers’ faces. We’re changing lives with Ripple. “
If you’d like to learn how RippleNet can better serve your customers, contact us.
Updated from the original post on April 28, 2020.