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Siam Commercial Bank and Ripple Launching New Remittance Service for 16 Million Customers
One of the largest banks in Thailand is expanding a popular payments app using technology from the San Francisco startup Ripple.
Siam Commercial Bank (SCB) has gained approval from Thailand’s central bank to launch its Outward Remittance Service on the SCB Easy App. The bank touts the new feature as a cost-effective and fast cross-border payments service available to its 16 million customers.
SCB says it’s looking to launch the service across 12 countries including the United Kingdom, USA, Singapore, France, Germany, Italy, Spain, Netherlands, Ireland, Austria, Belgium and Portugal, supporting USD, GBP, EUR and SGD.
Although the app runs on Ripple’s payments technology, it doesn’t rely on the crypto asset XRP to move money.
SCB and Ripple are also working to launch a separate app designed to allow tourists in Thailand to easily pay for goods and services without having to worry about high fees or currency conversions.
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