Ripple demonstrated this application during its Swell conference in December. Ripple Labs, which recently raised $200 million in series c funding, will work with the Siam Commercial Bank to develop an app that would facilitate users to send money internationally using a (Quick Response)QR code.
SCB will also be able to offer micro-payment services.
Siam Commercial Bank using Ripple’s technology, will be able to offer it’s customers remittance services as well as micro-payment services. Arthit Sriumporn, SVP of commercial banking at SCB, 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. With our service, their loved ones from abroad can transfer payment and receive money immediately,”
SCB is planning to expand into Cambodia, Laos, Myanmar, and Vietnam.
Thailand’s 112-year-old bank is planning to expand into Cambodia, Laos, Myanmar, and Vietnam. Siam Commercial Bank is already providing cross-border QR payments via Singapore-based payment services firm Liquid Group. According to the announcement made by Ripple, SCB’s cross-border payments app, SCB Easy, also runs on Ripple technology.