Thailand’s oldest Siam Commercial Bank (SCB) has partnered with Ripple to create a blockchain-powered mobile app to offer low-cost instant payments across borders.
For each post on January 8th from Ripple, the app – known as SCB Easy – was shown in December during the annual customer event for Ripple, Swell. The demo was reported to have proven its ability to send payments across borders in seconds.
The vice president of commercial banking at SCB Bank, Arthit Sriumporn, announced on stage:
“It is very difficult to send and receive money today. Individuals must actually go to the bank branch, fill in long and complex forms and wait for payment to be received – without transparency. Through our service, their loved ones from abroad can transfer payments and receive money immediately.”
Next, Sriumporn offered the app at work, sending a payment to the recipient’s bank account within 40 seconds.
SCB also works with Ripple to offer cross-border QR EMVCo payments. Rapid response payments are popular across Asia, and taking advantage of this potential will allow SCB to offer partial payment services to clients in addition to money transfers.
A recent survey by PwC showed that 86% of the Chinese population use mobile payment applications, with 67% of them in Thailand. As tourism and the workforce abroad continue to grow throughout the region, faster and more cost-effective methods of receiving payments are needed.
SCB plans to extend its services to Cambodia, Laos, Myanmar and Vietnam – collectively known as CLMV countries.
“One connection equals many possibilities,” he explained on stage in Soil.