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Siam Commercial Bank Taps Ripple for Cross-border Money Transfers

Ripple continues to make progress across Asia. Its latest venture focuses on providing low-cost cross-border payments to clients across Thailand.

Various enterprises see merit in Ripple and its XRP ledger technology.

Another big Move for Ripple and XRP

The latest to experiment with this stack is the Siam Commercial Bank in Thailand.

With over 16 million customers, this is one of Ripple’s most viable partners across Asia. 

This bank is intent on streamlining money transfers, with a strong focus on mobile.

As such, Siam Commercial Bank has developed a mobile app running on Ripple.

Given the popularity of mobile payment solutions across Asia, it is only normal for banks to focus on this particular segment.

Despite the adoption of mobile devices, sending and receiving money can be very problematic in this day and age.

More often than not, it involves physically traveling to a bank branch or money transfer location.

By taking a mobile-first approach, it becomes possible to send and receive money instantly.

It also appears that SCB will expand into other regions. 

Areas of interest include Vietnam, Laos, Cambodia, and Myanmar.

It is unclear if they will bring Ripple technology to those regions, but it is certainly an option to be explored. 

Furthermore, SCB is working with Ripple on cross-border QR payments.

That is another crucial financial development well worth keeping an eye on.


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