Siam Commercial Bank CTO Praises Ripple’s Cryptocurrency Technology Potential
Siam Commercial Bank CTO on Ripple
Ripple Swell 2018 was a big event where many leaders from various fields discussed the impacts of cryptocurrency and blockchain technology on their industries. A few speakers included former US President Bill Clinton, Ripple officials, and Colin Dinn, Siam Commercial Bank’s CTO and Head of Operations.
Dinn discussed the impact of the bank’s partnership with Ripple, such as the earning of dividends by transforming a traditional institutional entity like Siam into a modern financial force.
He added that a main reason for the partnership was that the banking entity was interested exploring new technologies to improve transactions in the financial sector. He spoke candidly about the bank’s lack of understanding concerning blockchain technology, but nonetheless, it decided to move forward with the partnership due to the potential in Ripple and the fintech industry.
Dinn continued that the bank was impressed by the concept of blockchain technology in general and associating with Ripple enabled it to add a dimension to a flourishing financial sector. Further, he mentioned that banks must stay abreast of new technologies and said “in the next couple of years it well be very hard for banks to exist.” Ripple and the bank share a vision where they create a model where any issue can be easily resolved.
He concluded the discussion by stating,
“Our main aim is to simplify the movement of payments and the partnership with Ripple has changed the way they operate. We don’t just want to revolutionize remittances to Thailand but rather create a whole new system for money to move.”
Ripple chimed in and added:
“Using multi-hop, [the bank] will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”