After a partnership with a Thai money transaction company, Ripple is deeply rooted in the Thai market by joining forces with the largest commercial bank in the country, called SCB.

Ripple has deeper roots in the Thai market

Immediately after working with DeeMoney, which allows more than 1 million Thai people to send money to their motherland, Ripple is now driving a new payment app for Thailand’s largest bank, Siam Commercial Bank (SCB).

Thailand is on top when it comes to mobile banking users. The SCB bank’s mobile app has always been very popular with customers. With the RippleNet technology, customers can now send cross-border payments directly from their mobile devices. Arthit Sriumporn, of Commercial Banking, stated:

“Siam Commercial Bank is more than 100 years old and is the largest bank in Thailand with more than 1,000 branches across the country. We support a wide range of customers, from retail to small and medium sized enterprises (SMEs) and businesses. Our focus has always been on enriching the customer experience and RippleNet has helped us with the transfer of funds”.

Because the Thai people have such a strong preference for mobile banking, the 100 year old bank was forced to innovate digitally. This innovation has pushed the bank to the number one spot on the Thai mobile market for commercial banking.

New App provides extra convenience

Although DeeMoney currently focuses primarily on allowing Thai people living abroad to send money home faster and cheaper, SCB focuses primarily on customers who send money from Thailand to other countries. This is mainly for other countries in Southeast Asia, such as Cambodia, Laos and Myanmar. Arhit commented:

“When people became so accustomed to the convenience of banking from their phones, customer expectations were ever higher. Customers who sent money to family and friends outside Thailand didn’t like the fact that it was still a case of visiting a branch, filling in lots of forms and then waiting five days for the money to get there”.

Recent estimates bring the number of migrant workers in Thailand to almost 5 million. The need to send money to their families has valued the remittance market at $68 billion. By using RippleNet technology, customers of the bank can transfer money faster, cheaper and easier. Sriumporn explained:

“We have created ‘SCB Easy’, an app that runs on Ripple and allows our customers to send money from their phone to family and friends abroad. Transfers are made in real time, but are still cheaper than the five-day process. We’ve used RippleNet to connect with banking partners around the world, which has helped us open more aisles and serve more customers quickly and easily”.