SCB, Ripple launch first blockchain-powered payment service between Japan and Thailand

Stocks and Financial Services Press Releases Thursday June 29, 2017 15:00
Bangkok--29 Jun--Siam Commercial Bank

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 in Asia, 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, making it one of the largest sources of foreign nationals in the country. Total remittance flows from Japan to Thailand are roughly USD250million a year.

The rollout of this new service begins today, and supports individual funds transfers in JPY in Japan to THB in SCB savings accounts in Thailand. Once sent into blockchain network, the funds are credited to a SCB recipient's account within two to five seconds or about 20 minutes to complete the transaction, 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, 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 in Asia to use Ripple's leading blockchain network solution to power real-time payments 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."

Marcus Treacher, global head of strategic accounts, 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."

Mr. Nobuo Ando Representative Director, SBI Remit Co., Ltd. said that "It is our duty to continuously search superior technological solutions to deliver ever improved remittance services for our customers. In this context, Ripple was impressive in concept and turned out to be more so in practice. It impressed us particularly for its speed which our customers value much. Furthermore, we can expect to have more favorable foreign exchange opportunities as Ripple network expands. For this, we welcome more institutionsto join this platform to enjoy competitive remittance services over conventional methods to our valued customers"


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