By Tobi Loba
Siam Commercial Bank (SCB), the oldest bank in Thailand, in partnership with Ripple, the US-based cross-border payment company, to unveil its global strategy for cross-border payments, and the launch of Outward Remittance Service via SCB Easy.
SCB has a growing desire to transform the lives of its 16 million customers. It had partnered with Ripple to foster this mission, which resulted in the creation of SCB Easy, a mobile application powered by Ripple to deliver instant and cost-efficient cross-border payments.
After the approval to exit the Bank of Thailand regulatory sandbox, SCB is now opened to launch a new Outward Remittance Service for its retail customers across the country.
Arthit Sriumporn, the SCB’s SVP of Commercial Banking 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.”
According to the report, SCB has grand plan to improve cross-border payments and expand its USD, GBP, EUR, and SGD remittance services across 12 countries, such as United States, United Kingdom, Singapore, France, Italy, Germany, Spain, Ireland, Netherlands, Austria, Portugal, and Belgium. Sriumporn believes that “One connection equals many possibilities”.
Moreover, the bank is working with Ripple to offer cross-border EMVCo QR payments. According to the report, QR payments have become a popular payment method across Southeast Asia. This new system is expected to enable SCB to offer micro-payment services.
Sriumporn said:
“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.”
Sriumporn shared that these services and products “are helping us put a smile on our customers’ faces. We are changing lives with Ripple.”