- The oldest bank of Thailand “changing lives with Ripple”
- SCB Easy App demo was presented at Swell 2019
- 67% of Thailand's population uses mobile payment apps
- SCB to expand into Laos, Myanmar, Cambodia, and Vietnam this year
Thailand’s oldest bank, Siam Commercial Bank (SCB) has taken to change the lives of over 16 million customers by launching SCB Easy, a mobile application that runs on Ripple to deliver instant and low-cost cross-border payments. SCB’s SVP of Commercial Banking, Arthit Sriumporn said,
“It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency.”
SCB integrated Ripple’s technology last year for its cross-border fund transfer to cut down its payment time from two days to only one minute. Apart from fast payments, Ripple fulfills SCB’s customer's demand for cross-border payments that are low-cost, certain and provides a better customer experience. With these products and services, Sriumporn says, “We are changing lives with Ripple.”
At Swell 2019 event, Sriumporn presented a demo of the SCB Easy app that allows the money to be sent within 40 seconds.
Just the beginning for SCB and Ripple’s journey together
The world is getting digitized at a fast pace and eight of the top ten countries in Asia use mobile payments.
A recent survey by PwC says a staggering 86% of China’s population uses mobile payment apps while in Thailand, it’s as high as 67%.
Hence, the launch of the SCB Easy app but “this is just the beginning for SCB and Ripple’s journey together.”
The bank is also working with Ripple to offer cross-border EMCVo QR payments, a popular method across Southeast Asia typically used within the local areas. This will allow SCB to offer micro-payment services to its customers as well. Sriumporn explained,
“Imagine you are a tourist coming to Thailand, and you can use your home country mobile application to scan for payment and eliminate the need to exchange for local currency. You can use your mobile app, scan the QR payment and receive goods right away.”
In 2020, SCB is planning to expand into Laos, Myanmar, Cambodia, and Vietnam.