Thailand's bank launches Ripple-based app
Especially in Asia, the number of migrant workers who earn money in another country and then send it home to their families at disproportionately high costs is very high. Siam Commercial Bank is the oldest bank in Thailand and has a private customer base of more than 16 million people who have so far been subject to excessive transfer fees and long transaction times.
In a demo version of the SCB-Easy app, the bank demonstrated at the Swell conference last year how money arrived at the recipient after only 40 seconds. Yesterday the app was officially released for the bank’s 16 million private customers. The development time took several months due to regulatory issues and the local legal situation.
SCB also plans to expand its cross-border payment traffic to 12 countries as well as the US dollar, euro, pound sterling and Singapore dollar. These countries include the United Kingdom, the USA, Singapore, France, Germany, Italy, Spain, the Netherlands, Ireland, Austria, Belgium and Portugal.
Author : Collin Brown