Thai’s Oldest Banks Teams up With Ripple For Remittanceby Fintechnews Singapore January 10, 2020
Thailand’s oldest bank has partnered with Ripple to create SCB Easy—a mobile application that runs on Ripple to deliver instant, low-cost cross-border payments.
Eight of the top ten countries using mobile payments can be found in Asia. According to a recent survey conducted by PwC, a staggering 86% of the population in China use mobile payment apps and in Thailand, it’s as high as 67% of the population. As the overseas workforce and tourism continue to grow in the region, people continue to look for better ways to send and receive funds across borders.
“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,”
On-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 fulfills their customers demands for cross-border payments that are low-cost, fast and certain and provide a better customer experience. This is just the beginning for SCB and Ripple’s journey together.
This year, SCB is planning to expand into Cambodia, Laos, Myanmar and Vietnam—collectively known as the CLMV countries. “One connection equals many possibilities,”
Ripple is picking traction of late with ASEAN banks with Malaysia’s CIMB being among the first to adopt its solution.
Featured image credit: Arthit Sriumporn, SCB’s SVP of Commercial Banking via Ripple