Home>EXCHANGES>Ripple Launches X-Border App With Thai Commercial Bank
EXCHANGES

Ripple Launches X-Border App With Thai Commercial Bank



In a country with more mobile phone subscriptions than people, mobile banking has taken off in Thailand in a big way. After partnering with a fintech remittance company recently, Ripple is now sewing up the Thai market by joining forces with its largest commercial bank, SCB.

Ripple to Boost Thai Remittances Further
Hot off the heels of its partnership with DeeMoney that allows more than 1 million Thais to send money home, Ripple is now powering a new cross-border payment app for Thailand’s largest bank Siam Commercial Bank (SCB).
With Thailand heading up the leaderboard when it comes to mobile banking users, SCB’s digital solution has always been popular with customers. Now, using RippleNet tech, customers can send cross-border payments straight from their mobile devices. SCB’s SVP of Commercial Banking, Arthit Sriumporn stated:
Siam Commercial Bank is more than 100 years old and is Thailand’s largest bank with more than 1,000 branches across the nation. We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations. Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.
Thanks to Thai people’s preference for mobile banking over visiting branches, the 100-year-old SCB was forced to digitally innovate over the last decade. This has pushed the bank to the number-one spot in the Thai commercial banking mobile market. 
Focused on Sending Money Out of Thailand
While DeeMoney’s main focus currently is on allowing Thais living abroad to send money home faster and cheaper, SCB mainly targets customers sending money outside of Thailand. This is mainly to other countries in Southeast Asia like Cambodia, Laos, and Myanmar. Sriumporn commented:
When people became so used to the convenience of doing banking from their phones, we raised customer expectations around all of our services. Customers who send money to family and friends outside of Thailand didn’t like that it still involved visiting a branch, filling out lots of forms and then waiting up to five days for the money to get there.
Recent estimates place the number of migrant workers in Thailand at close to 5 million. The need to send money home to their relatives has placed the remittance market at a massive $68 billion. Using RippleNet tech will allow the bank’s customers to send money faster, cheaper, and more conveniently. Sriumporn explained:
We created SCB Easy, an app that runs on Ripple and allows our customers to send money to family and friends abroad from their phones. 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.
Targeting the Growing Tourism Market
SCB is also expanding its sights outside of the remittance market to the growing tourism sector in Thailand. With over 38 million visitors in 2018, the country is by far Southeast Asia’s most popular destination. The bank now wants to provide visitors with an app that lets them pay for goods and services without the hassle of changing currencies first. Sriumporn said:
We’re 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.

What do you make of Ripple’s rapid Thailand expansion? Add your thoughts below!

Images via Shutterstock

Post source: Ripple Launches X-Border App With Thai Commercial Bank

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary