Large Thai bank adopts Ripple technology

Credit: Ripple – Arthit Sriumporn – SVP Siam Bank

The blockchain business Ripple announced to have developed a mobile payment app for Siam Commercial Bank, the oldest bank of Thailand.

According to a press release, Ripple has partnered with Siam Commercial Bank (SCB) and created SCB Easy, a mobile application built on its technology and allowing to perform cross-border payments instantly and at a lower cost.

"It is difficult to send and receive money today. People have to physically go to a bank branch, fill out forms and wait for payments to be received, without any transparency. With our service, people overseas can transfer and receive money instantly, "said Arthit Sriumporn, SVP at Siam Commercial Bank.

Founded in 1907 in Bangkok, the bank plans to rapidly expand the service to new countries, including Cambodia, Laos, and Vietnam.

In addition, always in collaboration with Ripple, she now wants to develop a payment offer " EMVCo QR To facilitate micro-payments through the use of QR Code.

In early 2019, the British Finablr associated with Siam bank to allow customers to instantly transfer money to the Thailand thanks to the solution RippleNet. The Thai financial institution has already indirectly benefited from Ripple technology for about a year.

Last month, the Californian firm specializing in blockchain raised $ 200 million additional.