Ripple cooperates with Thailand's largest bank to effectively exploit the overseas remittance market




Ripple cooperates with Thailand's largest bank Siam to effectively exploit the overseas remittance market


Ripple currently provided a cross-border payment application for Thailand's largest commercial bank Siam (SCB).


Ripple provides cross-border payment application for Siam


Thailand is a market leader in the number of mobile banking users. Therefore, SCB's digital solution has always been well received by customers. Now, with RippleNet technology, customers can make cross-border payments directly from their mobile devices.


According to Arthit Sriumporn, senior vice president of Commercial Banking (SCB) of SCB, Siam is over 100 years old, and is Thailand's largest bank. The bank has more than 1,000 branches across the country. Siam supports a wide range of customers, from retail to small and medium businesses (SMEs), and corporations.


Siam's goal is always to bring rich, useful experiences to customers. And RippleNet has helped this bank effectively perform the field of sending and receiving remittances.


Focus on sending money services outside Thailand


While the current focus of DeeMoney is to allow Thai people to send money home faster and cheaper, SCB is primarily aimed at customers who send money outside of Thailand. These deposits are mainly to Southeast Asian countries such as Cambodia, Laos and Myanmar.


Sriumporn shared, as people began to become familiar with the convenience of making phone banking, Siam also improved the quality of all services. Customers who do not like to use the phone service can visit the bank's branches and wait for 5 days after the money will be transferred to the place.


Thailand has nearly 5 million migrant workers with a remittance market value of up to US $ 68 billion.


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