Largest Bank in Thailand, SCB, to Use RippleNet for Instant Remittances for Businesses
- Siam Commercial Bank (SCB) has been at the helm of Thailand’s digital banking revolution which is seen to be lucrative as reports have indicated that Thailand is first globally in terms of digital banking.
- The SCB has unveiled its latest product, a brainchild of its unique partnership with RippleNet.
The SCB, arguably the biggest bank in Thailand, boasts of more than 1000 branches nationwide and has been in existence for the past 100 years. Their clientele includes SME’s, corporations and even offer retail banking. According to Arthit Sriumporn, SCB SVP of Commercial Banking onboarding RippleNet would help them align with their objective of improving customer experience.
Approximately 4.9 million Thai’s living and working abroad
With an estimated 4.9 million Thai’s working abroad in Cambodia, Laos, Myanmar and also Vietnam dubbed the CLMV countries, SCB wants a bigger slice of the estimated $68 billion in cross border remittances. Integrating RippleNet with their services will afford them to offer streamlined cross border remittances at cheaper and faster rates.
According to Sriumporn their application supported by RippleNet will allow users to make real-time cross border money transfers all at the convenience of their mobile devices. Highlighted that they intend to leverage RippleNet’s vast Network to connect with other partners in the banking sector and in the process also increasing their reach globally.
The traditional money transfer process was both tedious and time-consuming. Clients would be required to queue in banking halls and fill loads of paperwork. They would then have to wait for at least 5 days for the transaction to process and the destination account to receive funds
Thai touted most preferred tourist destination in South East Asia.
Notably, the SCB also intends to now zero in on the foreign visitors in Thai. With reports placing Thailand as the most attractive South Asia tourist destination with an estimated 38 million tourists flocking the country in 2018. SCB solution will reduce the hassle of currency conversion as the Tourists could use their native currency to pay for services and goods in Thailand by simply scanning the QR code as explained by Sriumporn.
“Tourists simply scan the QR code to pay for something instantly without dealing with exchange rates or having to carry around large amounts of local currency.”
SCB scope of the application is set to expand as they intend to introduce instant cross border remittances to business customers by the end of 2020. Sriumporn seemed to share the sentiment that instant money transfers will put the minds of business owners at ease thereby bettering the user experience.
“Being part of RippleNet has helped us to completely enhance our customer experience, expand our business and keep SCB moving into the future.”