The Siam Commercial Bank (SCB) has partnered with Ripple and it’s blockchain technology to “change the lives of over 16 million customers,” according to a press release from the company.
Essentially, the SCB will work with Ripple to develop what they call SCB Easy – an app that runs on the Ripple blockchain to provide instant, low-cost cross-border payments.”
Speaking on the matter is Arthit Sriumporn, the SVP at SCB, who had said:
“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.”
The company presented this project at Ripple’s Swell Conference. There, they noted that transfers took as little as 40 seconds to arrive in the recipient’s account, as was found via a test demo. With this technology, the SCB will eventually move to “Cambodia, Laos, Myanmar and Vietnam,” the post reads.
On top of this, the two companies are working to develop “cross-border EMVCo QR payments” in Asia. This is people use them all the time there, so they’re converting them to take advantage of Ripple’s blockchain.
“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,” said Sriumporn.
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