Siam Commercial Bank(SCB) Partners With Ripple
RippleNet, Ripple's global payment network would be utilized by businesses and individuals to access the new payment system termed SCB easy.
The senior vice president of commercial banking, Arthit Sriumporn has suggested that the new system can be utilized to send money to family and friends living outside the country before adding:
"Transfers happen in real-time but are still cheaper than the five-day process. We've used RippleNet to connect to banking partners around the world, which helped us open up more corridors and serve more customers quickly and easily."
Ripple Perfect For SCB New Strategies
Founded in 1907, SCB is Thailand's third-largest bank with over 1,500 branches, and the king of Thailand has a share in it too. In order to compete with another giant in the form of fintech, the SCB bank announced that it would be making some changes and turn it's technology in other entities too. Ripple, with its constant growth in cross-border payment settlement, appeared a perfect candidate for SCB.
Ripple has taken significant steps in cross-remittance payments in the last year or so. It joined hands with Azimo in late February, to pave the way for such payments to and from the Philippines.
The Philippines, is one of the top remittance countries, receiving almost $34 billion in 2018, appeared as an alluring target for Ripple, which has been super active in South Asian market especially in the last few months.
Another prominent partner of Ripple, MoneyGram, received a huge bump of $11.3 million after choosing the company's on-demand liquidity platform.
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