SCB & PTTEP Announce Success of Live Pilot Payment on Blockchain Powered by Ripple

Ripple partner Siam Commercial Bank (SCB) in collaboration with PTTEP has announced the success of live payment on RippleNet that will be implemented in CLMV and Southeast Asian countries by this year.

Siam Commercial Bank Public Company Limited (SCM) and PTT Exploration and Production Public Company Limited (PTTEP) first collaborated regarding research and development to adopt blockchain technology in mid-2018. Now, earlier this year, they have been able to make pilot payments on the blockchain that reached the destination within one minute versus the usual one to two days with conventional methods.

“The project marks a major success in bringing a new international payment service standard for corporate customers using Blockchain technology,”

said Siam Commercial Bank SEVP & Chief Wholesale Banking Officer Mr. Wasin Saiyawan about the success. “The achievement reflects SCB’s commitment to harness the use of new technologies and innovations to transform business in the digital era. We would like to convey our appreciation to PTTEX for choosing SCB as a partner for this collaboration.”

A Major Step In The Evolution Of Financial Industry

According to their official announcement, we will now see it in action as they plan to implement it in Southeast Asian countries this year.

“We are now ready to take the success of this service forward to set a new norm for the industry, enabling our customers to enjoy efficient and speedy service. The service will be implemented in all CLMV and Southeast Asian countries by this year, which will serve as a major milestone in the development of cross-border payment services,”

Saiyawan said.

This collaboration between SCB and PTTEX is expected to set a new standard for real-time cross border payment which they say is the “major” step in the evolution of a new financial industry.

“PTTEX will work closely with SCB to continue using Blockchain technology for other financial transactions to optimize its digital competitiveness effectively and quickly,”

Said PTTEX Finance and Accounting Group Executive Vice President Mr. Sumrid Sumneing.

Though Ripple hasn’t been explicitly mentioned by SCM, back in July SCM has invested in Ripple and the CEO of PTTEX, Mr. Somporn Wongwuttipornchai had said that they have collaborated with SCM to implement Ripple’s blockchain technology in international money transfer transactions.

The idea was to leverage the technology of Ripple to increase the efficiency of PTTEP’s cross border financial transactions in less time, further resulting in lower costs and allowing PTTEP to maintain business competitiveness in the financial space. They had also revealed their plan to take it to CLMV (Cambodia, Laos, Myanmar, and Vietnam) and Southeast Asian countries at that time.