Thailand's oldest bank joins RippleNet

The distributed technology project accounting ( DLT ), Ripple , was associated with the bank Thai Siam Commercial Bank (SCB) to route a new global strategy for payments border . The new launch of remittance services will consist of a new system called SCB Easy .

The system consists of a mobile application powered by Ripple to deliver cross - border payments quickly and cheaply , thanks to blockchain . The initiative comes after the Bank of Thailand approves the SCB to exit the regulatory sandbox.

According to a survey conducted in recent weeks by the audit firm PriceWaterCoopers (PwC), 80% of the top ten nationals using mobile payments are located in Asia. In Thailand , particularly, 67% of its population uses mobile payment applications .

“It is very 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, without transparency. With our service, your loved ones abroad can transfer payments and receive money immediately, "explained SCB Vice President of Commercial Banking Arthit Sriumporn .

Lastly, Sriumporn noted that the bank aims to " improve cross-border payments and expand its remittance service in USD, GBP, EUR and SGD in twelve countries, including the United Kingdom, the United States, Singapore, France, Germany, Italy, Spain , The Netherlands, Ireland, Austria, Belgium and Portugal A connection equals many possibilities. "