London-based money remittances fintech, Azimo has announced that it is partnering with Siam Commercial Bank (SCB), Thailand’s biggest commercial bank, to enhance instant money remittances to Thailand for European-based customers.
— Azimo (@Azimo) April 2, 2020
The new deal comes just days after the fintech firm inked a deal with Ripple for the use of RippleNet services which allows customers to easily track the movement of their funds until delivery.
Thailand is one of the top destinations for remittances globally and it is the reason why Ripple decided to introduce a gateway in efforts to enable easy cross-border payments. However, it is also very difficult and complex to execute international payments in Thailand. As Azimo has been venturing into new markets in Asia, the high tariff issue may soon be solved.
Talking to Techcrunch, Michael Kent, Azimo co-founder stated that there are many countries which are introducing prompt payment systems and Thailand does not want to be left behind. He explained that the current deal with SCB will tremendously help in reduction of settlement time. Kent explained:
“This partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in the UK.”
The new deal will not only make it easier to send money from Europe to Thailand but also give the users a platform to track whether the recipient received the money on time through RippleNet.
SCB has been keen to venture into the European market and the new deal gives the bank a leeway to reach the millions of Thais in Europe. SCB’s Arthit Sriumporn praised the partnership with Azimo as it will allow it to serve Thais in Europe efficiently.
Sriumporn stated that Azimo customers will now be able to instantly send money to recipients in Thailand faster, cheaper and in a more secure manner. He added that the service will no doubt enhance people’s lives which is one of SCB’s goals.
“In a little over a month since Azimo's launch on RippleNet with On-Demand Liquidity (ODL) into the Philippines, this new service with SCB demonstrates the power, ease and flexibility of Ripple's integration to speed up market entries,” said Asheesh Birla, Ripple's SVP of Product and Corporate Development.
“It's exciting to see a long time customer like SCB and a new customer Azimo realizing the benefits of RippleNet to continue to expand their businesses, to enable instant, reliable, low-cost faster, lower-cost payments around the world.”