SCB dives deeper into RippleNet, forms new partnership with Azimo

by | Apr 2, 2020 | 0 comments

Siam Commercial Bank (SCB), the oldest and largest bank in Thailand and one of the earliest RippleNet members has recently announced two new services that will run on RippleNet.

New services that run on RippleNet

SCB’s SVP of Commercial Banking, Arthit Sriumporn revealed that the Bank is working on a QR code-based app that enables tourists to use their home country mobile app for Thailand’s QR code payment. “Tourists simply scan the QR code to pay for something instantly without dealing with exchange rates or having to carry around large amounts of local currency. It’s something new in the market that will change the tourism landscape and make lives better.” Thailand is Southeast Asia’s most popular tourist destination, with more than 38 million visitors in 2018.

Moreover, SCB will drive further growth by opening up new cross-border payment corridors through RippleNet, especially to markets outside Southeast Asia. It also aims to offer instant cross-border payments to business customers this year.

“The instant remittances experience creates peace of mind for our customers,” concluded Sriumporn. “We want to expand that experience to more markets, as well as to our small business and enterprise customers. Being part of RippleNet has helped us to completely enhance our customer experience, expand our business and keep SCB moving into the future.”

New partnership via RippleNet

SCB has also formed a partnership with Azimo, the global money transfer service, to make transfers faster and cheaper.

Under the terms of the agreement, Azimo will deliver payments instantly for its customers from Europe to SCB bank accounts in Thailand. The new service takes advantage of PromptPay, which comprises a real-time clearing and settlement infrastructure that enables instant transfers to Thai bank accounts.

According to the World Bank, Thailand is one of the top remittance destinations globally, with USD 6.7 billion received from abroad each year. It is also one of the most expensive countries to send and receive money.

SCB is currently transforming cross-border payments in Thailand and across south-east Asia by working with fintech companies like Azimo to offer better services for millions of customers. The new service also uses RippleNet, a global payment network that harnesses the power of blockchain to enable users to track funds, delivery time, and status.

Azimo’s digital money transfer platform is used by more than a million customers, who can send money from 25 countries to more than 200 countries and territories worldwide. Azimo recently received EUR 20 million in financing from the European Investment Bank.