Siam Commercial Bank (SCB), in collaboration with Japan’s SBI Remit, is using Ripple’s Blockchain enterprise solution to power real-time remittance payments between Japan and Thailand. A first for the corridor, Ripple’s cross-border payments network solution is helping remittances from Japan reach SCB retail customers easily and faster than ever before.
Approximately 40,000 Thai nationals currently live in Japan and total remittance flows from Japan to Thailand are roughly USD250 million a year.
The rollout of this new service begins today, and supports individual funds transfers from JPY in Japan to THB in SCB savings accounts in Thailand. Once sent, the funds are credited to an SCB recipient’s account within two to five seconds, a significant uplift compared with the up to two business days it currently can take for a payment to be made between the two countries. SCB plans to roll out the service in other key markets across North America, Europe and Asia Pacific.
Dr. Arak Sutivong, chief strategy officer at SCB, said:
“SCB invests in innovative technology, like Ripple, to provide our retail customers with the financial products and services they increasingly need in this digital age. Customers increasingly expect payments to work in real time, whether domestic or international.
“We are proud to be the first bank to use Ripple’s leading Blockchain network solution to power real-time payments between Japan and Thailand for our customers, whose families oftentimes depend on the availability of these funds for basic needs – time is of the essence to them. We look forward to continuing our partnership with Ripple as we expand the service into other key markets in the future.”
Mr. Nobuo Ando, representative director at SBI Remit Co., Ltd. said that,
“It is our duty to continuously search for superior technological solutions to deliver ever improved remittance services for our customers. In this case, Ripple was impressive in concept and turned out to be more so in practice. Furthermore, we can expect to have more favorable foreign exchange opportunities as Ripple’s network expands. For this, we welcome more institutions to join and help us offer competitive remittance services over conventional methods to our valued customers.”
Marcus Treacher, global head of strategic accounts at Ripple, said:
“Ripple’s goal is to make cross-border payments move as quickly and as easily as information does today. In the case of SBI Remit and SCB, our solution helps ensure that remittances from Japan reach their destination in Thailand near instantly. SCB and SBI Remit are leading the way in Asia in serving new customer demands for real-time cross-border payments, making theirs a highly competitive offering.
“We are excited to expand our relationship with SCB further across their other key markets, and to continue the momentum with commercial traction for the Ripple network worldwide.”
- Fight to Flame – Mike Tyson Denies Issuing Token and Working With Fight2Fame - August 17, 2019
- Bitcoin Wealth is Almost 50 Times More Concentrated than Global Wealth According to PARSIQ Research - August 16, 2019
- Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company - August 16, 2019
- Blockchain Moves Into The US’s Largest Oil Fields With Data Gumbo - August 16, 2019
- BlockStar Teams Up With Cycling Apparel Brand De Marchi to Auction Fausto Coppi’s Cycling Jersey - August 16, 2019
- Zcoin Available to Five Million Merchants in Thailand - August 16, 2019
- Republic Partners with Althea to Launch First-Ever Compliant Security Airdrop for Retail Investors in the U.S. and Abroad - August 14, 2019
- Mark Cuban’s Dallas Mavericks Basketball Team Join Up With Bitpay To Accept Bitcoin For Tickets And Gear - August 14, 2019
- Mike Tyson Launches Fight to Fame – Crypto-Driven, Blockchain-Fueled Fighter Booster - August 14, 2019
- Blox Survey: Ninety-Five Percent of US CPAs Believe Clients are Not Disclosing All their Digital Assets and Transactions - August 13, 2019
- New Zealand Allows for Employee Payments to be Made in Cryptocurrency - August 13, 2019
- USA SEC Postpones Decision on Three Bitcoin ETFs - August 13, 2019
- Cryptocurrency Thefts, Scams and Fraud May Exceed $4.3 Billion For 2019 - August 12, 2019
- China’s Central Bank Gears Up to Launch it’s Own Cryptocurrency - August 12, 2019
- Overstock: Retail Traders Can Now Invest in STOs at tZERO - August 9, 2019
- Merj Rolls Out The First-ever Official Listing Of A Tokenized Security On A Regulated National Stock Exchange - August 9, 2019
- Commerzbank And Daimler Trucks Test Machine-to-machine Payments On Blockchain - August 9, 2019
- Africa’s Youth See A Future For Bitcoin Beyond Speculation - August 8, 2019
- Blockchain VR Network Set to Launch - August 8, 2019
- China’s LiveDAO To Tap 5G Tech for Live Broadcasting - August 8, 2019