In Thailand, there are more mobile phone subscriptions than people – the Mobile Banking therefore recorded a huge boom. After Ripple entered recently into a partnership with a technology transfer company that includes the company now with its largest commercial Bank, SCB.
Rib brings Services to Thailand
Shortly after the partnership with DeeMoney, which enables more than 1 Million Thais to send money home, cooperates Ripple now with Thailand’s largest Bank, the Siam Commercial Bank (SCB).
Since Thailand is among the users of mobile banking at the top, was the digital solution of the SCB in the case of the customer has always been very popular. Now, customers can send thanks to the RippleNet-technology, cross-border payments directly from their mobile devices.
Arthit Sriumporn, SVP in the Commercial Banking division of SCB, said:
“The Siam Commercial Bank is more than 100 years old and with more than 1,000 branches across the country, the largest Bank in Thailand. We support a wide range of clients, from retail to small and medium-sized enterprises (SMEs) and corporations. Our emphasis is always on enriching the customer experience, and RippleNet has helped us with Transfers.“
Thanks to the penchant of Thai people for mobile Banking, compared to the visit of the branches of the 100-year-old SCB was forced in the last decade, digital innovations to introduce. This has made the Bank number one in the Thai market for mobile Banking.
Focus: money from Thailand to send
While DeeMoney is currently focused mainly on enabling living abroad Thais to send money faster and cheaper to the home environment, the SCB mainly to customers who want to send money from Thailand out. This relates mainly to other countries in Southeast Asia such as Cambodia, Laos and Myanmar.
“When people have so much of convenience used to do your Bank transactions from your phone, we have the expectations of the customers on all of our services increases. Customers, who send money to their family and friends outside of Thailand, didn’t like it, that it still means to visit a branch, many forms to fill out and then wait up to five days on the money until it gets there.“
Recent estimates suggest that the number of migrant workers is in Thailand to nearly 5 million. The need to send money to their relatives in the home has brought the transfer market to a massive amount of 68 billion dollars.
The use of the RippleNet technology will enable the Bank’s customers to transfer money faster, cheaper and more convenient.
“We have developed SCB Easy, an App running on Ripple, and it will enable our customers to send from your phone money to family and friends abroad. The Transfers occur in real time, but are still cheaper than the five-day procedure. We have used RippleNet to connect with Bank partners around the world, which has helped us to open more corridors and to serve more customers quickly and easily.“
Focus on the growing tourism market
The SCB is also about the transfer market, in addition to the growing tourism sector in Thailand. With over 38 million visitors in 2018, the country is by far the most popular destination in Southeast Asia.
The Bank wants to put the visitors now have an App available, with Goods and services without the hassle of Exchange of currencies can pay for.
“We are working on a QR Code-based App that enables tourists to make the QR Code-payment in Thailand than your home country mobile. Tourists can simply scan the QR Code to pay instantly for something, without having to worry about exchange rates or having large quantities of currency to carry around. This is something New on the market that will change the tourism landscape and life will make better.“