Siam Commercial Bank and PTTEP successfully use Ripple for pilot for real-time cross border payments

According to an official announcement by Siam Commercial Bank, SCB is now partnering with Thailand’s PPT Exploration and Production Public Company Limited (PTTEP) to employ Ripple’s blockchain technology solution.

Speaking of the success, Siam Commercial Bank SEVP & Chief Wholesale Banking Officer Mr. Wasin Saiyawan said that:

“The project marks a major success in bringing a new international payment service standard for corporate customers using Blockchain technology. The achievement reflects SCB’s commitment to harness the use of new technologies and innovations to transform business in the digital era. We would like to convey our appreciation to PTTEX for choosing SCB as a partner for this collaboration. We are now ready to take the success of this service forward to set a new norm for the industry, enabling our customers to enjoy efficient and speedy service. The service will be implemented in all CLMV and southeast Asian countries by this year, which will serve as a major milestone in the development of cross-border payment services.”

PTTEX Finance and Accounting Group Executive Vice President Mr. Sumrid Sumneing said that:

“PTTEX will work closely with SCB to continue using Blockchain technology for other financial transactions to optimize its digital competitiveness effectively and quickly. This collaboration between SCB and PTTEX sets a new standard for real-time cross border payment, a major step in the evolution of a new financial industry. ”

PTT Exploration and Production Public Company Limited (PTTEP) is a national petroleum exploration and production company based in Thailand. It is a subsidiary of the state-owned PTT Public Company Limited. The company was founded on 20 June 1985. PTTEP’s core business is exploration and production of petroleum in Thailand and foreign countries. As of June 30, 2018, PTTEP Group had 40 petroleum exploration and production projects in 11 countries; 16 projects in Thailand, 15 projects in Southeast Asia, 5 projects in Americas, 3 projects in Africa and 1 project in Australia.