Thailand’s Siam Commercial Bank (SCB) partners with Ripple to launch mobile payment app

Thailand’s oldest bank Siam Commercial Bank (SCB) with 16 million customers partners with RippleLabs to develop an SCB mobile payment application that runs on Ripple to deliver instant, low-cost cross-border payments.

In recent years the use of mobile payments has become a preferred method, especially in Asia. Eight of the top ten countries using mobile payments can be found in Asia. According to a recent survey conducted by PwC, in Thailand, as high as 67% of the population use mobile payment apps.

SCB mobile app will allow users to transfer funds (including cross border) within 40 seconds, fulfilling their customer’s demand for cross-border payments that are low-cost, fast and certain.

In addition, the bank is also working with Ripple to offer cross-border EMVCo QR payments. QR payments are a popular payment method across Southeast Asia but are typically only used within the local areas. By leveraging this capability, SCB is able to not only offer its customers remittance services but also micro-payment services as well.

SCB’s SVP of Commercial Banking, Arthit Sriumporn also shared that the bank is planning to expand into Cambodia, Laos, Myanmar, and Vietnam.