Ripple (XRP) Partner InstaRem to Power Cross-Border Payments of Thailand’s Major Banking Group
- RippleNet partner InstaRem to power cross border transfers for KASIKORNBANK
- Siam Commercial Bank further facilitating the mainstream adoption of Ripple in Thailand
InstaRem, a digital cross-border money transfer company has now announced its expansion to Thailand and by extension Ripple, as the firm will power cross-border payments for the clients of its latest partner, Kasikornbank.
KASIKORNBANK also known as Kasikorn Bank or KBank is a major banking group in Thailand. Established in 1945, the bank is established on the Stock Exchange of Thailand which was also the fourth largest commercial bank in Thailand as of late 2018.
“We are delighted to be working together with KBank to power their outward remittances. This relationship further cements InstaReM’s position as a leading provider for cross–border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts,” said Prajit Nanu, co-founder and CEO of InstaReM about this partnership.
Back in February 2018, InstaRem became a Ripple partner to facilitate secure and quick payouts in Southeast Asia. Singapore-headquartered company joined Ripple’s global network of banks and financial institutions, RippleNet. It recently bagged the Blockchain Innovation Award by Ripple as well, for its innovations in the payments space.
Ripple Growing in Thailand
Per its Press release, InstaRem already powers payments for three of the top ten Southeast Asian banks. It further announced the first close of its US$45 million Series C round, at over US$20 million, led by MDI Venture, the venture capital arm of Telkom and Beacon Venture Capital, the venture capital arm of KASIKORNBANK.
InstaRem’s remittance hubs are spread across the US, European Union, and Asia-Pacific with an operations office in India.
In another event, Siam Commercial Bank is further facilitating the mainstream adoption of Ripple in Thailand.
Just last month, the oldest bank in Thailand, SCB successfully completed cross-border transfers using Ripple technology in just 1 minute. Ripple also acknowledged its involvement with SCB as it became the first financial institutions to pioneer a key feature called “multi-hop.”
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
Recently, SCB Thailand stated that it will be announcing about Ripple transfer soon. As for XRP usage, it stated:
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”