Siam Commercial Bank (SCB), Thailand’s oldest financial institution, is streamlining cross-border remittances with a strategic partnership with the blockchain technology leader, Ripple. This collaboration underscores the growing importance of efficiency and affordability in global payments.
Ripple’s Impact on SCB’s Services
SCB’s integration of Ripple’s technology into its renowned SCB Easy mobile banking application brings a distinct advantage to customers: near-instant international money transfers at no cost. This represents a notable upgrade over traditional banking practices, which often involve fees and lengthy transaction times. Notably, SCB serves around 16,000 customers with this enhanced remittance service.
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In a recent X post, Ripple outlined the benefits of its partnership with SCB, stating “Ripple’s cross-border payment solution helps @scb_thailand drive innovation with instant cross-border remittances. For SCB, this means: 1 min processing time 80K monthly transactions $400M monthly p2p remittance settlement.”
Ripple's cross-border payment solution helps @scb_thailand drive innovation with instant cross-border remittances.
For SCB, this means:
⌚️ 1 min processing time
↔️ 80K monthly transactions
🪙 $400M monthly p2p remittance settlementLearn more: https://t.co/fAzx5u5TNz pic.twitter.com/H8GUm5hXqq
— Ripple (@Ripple) March 28, 2024
Expanding Reach and Innovation
This partnership signals Ripple’s expanding influence within the Asian financial market and demonstrates the practical power of blockchain technology to reshape banking operations. It highlights the potential for significantly improved customer experiences in a sector often burdened by complex processes.
Beyond immediate remittance enhancements, SCB and Ripple are collaborating on an EMVCo QR payment application. This aims to facilitate seamless retail transactions throughout Southeast Asia. This project allows payments even without readily available local currencies.
Additionally, Ripple’s multi-hop feature, first piloted by SCB, streamlines transactions by reducing the number of intermediaries, even when banks don’t have direct partnerships. This innovation cuts costs and speeds up processing times.
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Regional Influence
SCB’s roadmap includes extending these Ripple-powered services into Cambodia, Laos, Myanmar, and Vietnam. This regional focus dovetails with the growing popularity of digital financial solutions, exemplified by the Dolfin app collaboration between JD.com and Central Group, which also emphasizes online banking and digital transfers.
The relationship between SCB and Ripple is a testament to the recognition by established financial players that new technologies are essential for meeting evolving customer expectations. It showcases how the financial landscape is shifting towards solutions that deliver increased speed, lower costs, and streamlined experiences for users worldwide.
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