Taking pride in being Thailand’s oldest and one of the most leading banking institutions, the Siam Commercial Bank (SCB) has broadcasted the news about the launch of a digitalized mobile application, SCB Easy. The app will be powered by the expertise of the Ripple network and will help in facilitating quick and economical cross-border payments.
Arthit Sriumporn, the SVP of Siam Commercial Bank, took the stage of Ripple’s popular crypto community gathering event, Swell 2019, to unveil SCB Easy project. The event took place in Singapore and was graced by the presence of the world’s most renowned leaders of the financial and technology arena. The leader took the opportunity to share his views on the expert services Ripple and SCB have been providing to their millions of customers worldwide.
The leader performed a demo test of the SCB Easy app at the Swell gathering. The money sent through the app was received by the recipient’s bank account within a mere 40 seconds. The product has been designed to cater to the requirements of the customers who want to enjoy instant and low-cost cross-border payments in a secured and trusted ecosystem. According to a survey conducted by PwC, nearly 67% of Thailand’s population uses mobile payment apps for transferring funds. This popularized trend of using payment apps encouraged SCB to develop its own mobile app that will run on the Ripple network. SCB Easy is likely to strengthen the customer base of the bank by providing a user-friendly environment.
“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,” quoted Sriumporn.
In 2020, SCB is planning to proliferate into different regions by expanding its operational channels in countries like Cambodia, Laos, Myanmar, and Vietnam.
“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,” added Sriumporn.
The bank has also teamed up with Ripple to provide cross-border EMVCo QR payments. The new mobile app will help the bank customers to enjoy micro-payment services as well.