Siam Commercial Bank (SCB), the oldest bank in Thailand, has partnered with Ripple to develop a mobile application facilitating instant cross-border payments.
Announced by Ripple on Wednesday, the mobile application – SCB Easy – will run on the blockchain company’s technology.
During the launch of the new platform, Arthit Sriumporn, senior vice president of the bank, announced: “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.”
He also showcased a live demo of the platform, which ensures that funds can be transferred in less than a minute.
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Southeast Asia is one of the major mobile payment markets. In Thailand alone, 67 percent of its population use some mobile applications for payments.
The bank launched the mobile application when it is planning to expand its presence in the neighboring countries – Cambodia, Laos, Myanmar, and Vietnam.
Adapting the app to regional needs
Meanwhile, the bank and the payments company are also working to bring QR code-based payment features to the application. The announcement outlined that the feature will also bring micro-payments services.
“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 added.
Though Ripple is facing some controversies with its digital currency, the company is constantly adding banks and financial institutions to its network. In October, it inked a deal with UK-based Finastra, allowing its customers to send funds internationally using its decentralized technology.