Fintech forward bank Siam Commercial Bank (SBC) has partnered with blockchain firm Ripple, according to a blog post.
SBC is Thailand’s oldest bank and has established itself as willing to push forward with Fintech partnerships.
According to Ripple, SCB and Ripple will work together to launch SCB Easy – a mobile app that provides low cost and instant payments – including cross-border.
SCB’s SVP of Commercial Banking, Arthit Sriumporn, recently discussed Ripple at an event:
“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,” said Sriumporn.
Of course, mobile is huge in Asia and payments is a hot sector of Fintech. Ripple points to reports indicating that “86% of the population in China use mobile payment apps and in Thailand, it’s as high as 67% of the population.” Moving money between countries while not being gouged by fees and pejorative exchange rates is a valued service.
Sriumporn reportedly demoed the SCB Easy app taking less than a minute to transfer money. SCB is apparently planning to expand their reach into other Southeast Asian countries in the coming months.
Ripple says it is also working on offering cross-border EMVCo QR payments, a popular payment method across Southeast Asia.
Sriumporn stated:
“Imagine you are a tourist coming to Thailand, and you can use your home country mobile application to scan for payment and eliminate the need to exchange for local currency. You can use your mobile app, scan the QR payment and receive goods right away.”