Thailand has been a growing force in the digital market with several innovations taking place within the confines of the country. The nation’s upward growth was a result of careful planning and urging companies to use new and cutting edge technology.
One of the stalwarts in the Thai financial market is the Siam Commerical Market [SCB], which, after its alliance with Ripple, saw substantial growth in transactions across borders. In a recent conversation with the bank’s SVP Arthit Sriumporn about Ripple Insights, he spoke about how the partnership between the companies had grown to create an ecosystem.
One reason for SCB’s growth could be the fact that Thailand was the leader in mobile banking users. With significant help from its user base, the SCB has played an important role in establishing that status. Ripple’s interest in SCB may stem from the intention to tap into the burgeoning mobile economy in Thailand.
The SCB SVP reiterated that being part of the RippleNet had various advantages. He said:
“Siam Commercial Bank is more than 100 years old and is Thailand’s largest bank with more than 1,000 branches across the nation. We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations. Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.”
SCB has brought users to its ecosystem by making its mobile application completely free of transaction fees. This move has encouraged a large group of people to adapt to mobile technology, taking Thailand to where it is today. Mr. Sriumporn added that customers preferred the ease of use of a mobile application rather than sitting in a bank and filling out forms.
To ensure that the mobile application does not fail its users, SCB took the help of Ripple. SCB Easy runs on Ripple’s framework, where the cryptocurrency company will help in improving customers’ demands for cross border transactions. After Thailand, the company also plans to expand to countries such as Cambodia, Laos, Myanmar, and Vietnam.
Using SCB Easy, users can perform transactions that occur in real-time but are still cheaper than a multi-day banking process. RippleNet is used to connect multiple banking partners around the world, which in turn opens up more corridors. Sources revealed that the bank is now working on a QR code-based application that will allow tourists to use their native banking services.
People visiting Thailand will be able to scan the QR code and pay for any product instantly. This removes the hassle of currency exchange and transaction settlement times. Although a release date has not been disclosed, the SCB official believed that the application will change Thailand’s financial landscape forever.
The Siam Commerical Bank has set its sight on landscapes other than Southeast Asia. Ripple’s influence across the globe will allow the bank to explore multiple avenues and establish payment gateways in areas required. Twenty-twenty is also set to be the year when the SCB will offer cross border payments to business customers.
