Thai Bank Will Add Euro
Thai 'big four' banking establishment Siam Commercial Bank (SCB) is adding euros and sterling to its Ripple-powered blockchain remittance platform.
The SCB, one of Thailand's most important banks, is adding the euro and the sterling pound to its retail remittance offering powered by San Francisco-based blockchain giant Ripple, the Bangkok Post reports. SCB strategy chief Arak Sutivong pointed to powerful payment inflows of euros and pounds to Thailand as inward remittance as grounds for the blockchain-powered retail offering.
Refreshingly, the bank executive reveals the blockchain remittance will be initially available for retail clients who see inbound remittances from Europe as the SCB searches for associate Ripple banks from the continent to support the service.
As reported previously, the SCB started inbound remittance trials over Ripple's blockchain with Japan's SBI Remit in June 2017. The commercial blockchain application, currently being tested in a regulatory sandbox under the eye of the Bank of Thailand, has already proved successful based on the SCB executive. When launched commercially, the services will seem to disrupt a payments corridor that sees some $250 million transferred annually from Japan to Thailand.
«The support system has stabilized, while the Bank of Thailand would like to monitor it comprehensively,» Arak told the Post, adding that the bank is only awaiting the central bank's go-ahead for the commercial launch of Japan-Thailand baht remittance transfers for people. Once the transaction is triggered by an origin SBI Remit account in Japan, the funds will be deposited into the recipient's SCB savings account within «two to five minutes», Ripple says.
Together with the SCB looking to add support for the euro and the pound with the same Ripple tech, Arak asserts that the lender could avoid going through the regulatory sandbox for testing.
Meanwhile in Japan, home to a substantial chunk of Ripple experiments and prototypes in Asia, a consortium led by SBI Ripple Asia comprising 61 Japanese banks is set to launch a retail consumer payments cellular app that would enable instant round-the-clock transactions between domestic bank accounts later this year.