Ripple has partnered with Thailand’s oldest bank, Siam Commercial Bank (SCB) to develop a blockchain-powered app to facilitate fast and cheap cross-border remittances. The said mobile application will run on Ripple’s blockchain.
Ripple’s Collaboration With Thailand’s SCB
Siam Commercial Bank (SCB) is the oldest bank in Thailand. It currently is 112 years old and boasts a customer base of more than 16 million people in Asia. According to a blog post published by Ripple on January 8, the two will be working on a mobile app named SCB Easy to offer customers fast and seamless international payments.
The Senior Vice President Commercial Banking at SCB, Arthit Sriumporn, spoke during the Swell conference that was held late last year. During his speech, Sriumporn noted that many people face difficulties and delays sending and receiving money but the SCB Easy app will facilitate transparent and low-cost international payments:
“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.”
Sriumporn then demonstrated live how the SCB Easy app will work by sending a payment which took merely 40 seconds to get to the recipient, thanks to Ripple’s near-instant payment system.
Notably, this mobile app will be a boon to many people in Asia. This is because according to a recent survey undertaken by PwC, a whopping 86% of China’s population relies on mobile apps and 67% of this population is based in Thailand. In general, eight of the top ten countries where mobile payments are prevalent come from Asia.
Going forward, SCB will be expanding the reach of this Ripple-based service to customers in Cambodia, Myanmar, Laos, and Vietnam.
Cross-Border QR Code Payments
Besides the SCB Easy app, Ripple and SCB are also working on facilitating cross-border payments through QR codes. SCB developing this will allow it to provide its customers with micro-payment solutions as well as cross-border payment solutions.
Arthit Sriumporn explained further:
“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.”
Sriumporn concluded his speech at Swell by noting that they are “changing lives with Ripple.”