Siam Commercial Bank, known as the oldest bank in Thailand, partnered with Ripple to create SCO Easy, a mobile application that works with a QR code to send remittances and micropayments.
The old bank allied with Ripple to create a mobile application for cross-border payments. The Siam Commercial Bank (SCB), one of the most important banking institutions in Thailand, announced the launch of SCB Easy, an application powered by the Ripple network.
The objective of the SCB is to facilitate and accelerate cross-border payments to its 16 million customers through QR codes. In addition, the mobile application will also offer remittance and micropayment services.
The 112-year-old bank presented the project in partnership with Ripple during the Swell 2019 event in Singapore. During the event, leader Arthit Sriumporn, executive vice president of the Thai bank made a demonstration of SCB Easy, where the transaction was completed in just 40 seconds.
In this regard, the vice president of the Thai banking institution said:
“Today it is very difficult to send and receive money. You have to physically go to a bank branch, fill out long and complicated forms and wait for payments to be received, without transparency. With our service, your loved ones from abroad can transfer the payment and receive the money immediately. “
Thailand’s oldest bank allied with Ripple
The aforementioned financial institution in Thailand also announced that it plans to expand Ripple’s services to Cambodia, Laos, Myanmar and Vietnam. The SBC project was inspired by a PwC study that revealed that a high percentage of the Asian population uses mobile payment applications. In Thailand alone, this percentage reaches 67% of the population.
Population growth in the region has also led to an increase in the demand for alternatives for sending and receiving cross-border money. In this sense, the new SCB application could be of great help to foreigners living in Thailand, as well as providing better tools to tourists.
In this line of ideas, Sriumporn added:
“Imagine that you are a tourist coming to Thailand, and you can use the mobile application of your home country to scan the payment and eliminate the need to change the local currency. You can use your mobile application, scan the QR payment and receive the goods immediately. “
Meanwhile, the adoption of the Ripple network by banks and other financial institutions to optimize cross-border payments continues to grow. MoneyGram, the remittance service that uses Ripple Blockchain technology to process international payments, reported in December a 70% increase in its volume of transactions within the US; and more than 120% outside the US territory.