Siam Commercial Bank Partners With Ripple For Cross-Border Payments

Ripple has a goal to expand its influence and share of Asia, the company partnered with the Siam Commercial Bank as we are reading further in the upcoming Ripple news.

The Siam Commercial Bank will supposedly develop a new type of mobile app that will run on Ripple, for increasing the speed and decreasing the cost of cross-border payments. Recently it was announced by Ripple that it made a new partnership with Siam Commercial Bank (SCB) the oldest bank in Thailand. According to the announcement the Siam Commercial Bank will make a new application that will run on Ripple, named SCB Easy, which will be used for low-cost cross-border payments.

We can see from the announcement that the app has will be launched initially on the Asian market because the eight out of the top ten nations that use mobile payments can be found there. Also, according to Arthit Sriumporn, the SVP of Commercial Banking of SCB, there are difficulties and delays experienced by customers when they send money, and the new product of the bank will provide excellent help in this direction:

 “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.”

Also, the report provides the information that in the presentation of SCB Easy, the payment was successfully completed within 40 seconds which is a direct consequence of the quick and low-cost system of Ripple. The new partnership between Ripple and Siam Commercial Bank will additionally provide cross-border EMVCo QR payments in the near future.

In the second half of 2019, there was an announcement by Ripple that it has the goal of expanding and enlarging its share of the South American market. Ripple has already achieved few partnerships with some of the biggest and mightiest banks in Brazil to further the use of XRP for remittance payments. Also, the managing director of Ripple for South America noted that Ripple will continue to work with more establishments not only in Brazil but the wider South American region, in order to achieve bigger market share providing accessible payment solutions to customers.