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- Ripple, the real-time gross settlement system created by a US-based technology company, has helped many of the banking institutions.
- In the SWELL conference, Ripple had demonstrated the working of the app, by transferring money to a bank in just 40 seconds.
- Ripple and SCB came into a collab as early as 2016, and as of now, the two Giants have always been working for creating solutions for EMVCo QR payments.
Ripple, the real-time gross settlement system created by a US-based technology company, has helped many of the banking institutions. Similarly, Ripple also has helped in the development of SCB or the Siam Commercial Bank of Thailand.
Established in the 1970s the bank was the first to be determined by the Royal Charter in Thailand and is known as the ‘crown jewel’ in its field. Recently, SCB in its recent blog post has mentioned that it sees the further scope of the company Ripple and thus it plans to venture into four markets – Cambodia, Laos, Myanmar and Vietnam in the near 2020.
The Thai Bank holds a partnership with Ripple recently and had been benefiting from it earlier as well. Now, as the future advances towards the crypto assets and the electronic funds, SCB aims for a long term relationship with Ripple.
Ripple has developed the SCB Easy App which allows its users to transact cross border payments. In the SWELL conference, Ripple had demonstrated the working of the app, by transferring money to a bank in just 40 seconds.
Ripple and SCB came into a collab as early as 2016, and as of now, the two Giants have always been working for creating solutions for EMVCo QR payments. This technology would allow its users to practise fees without stopping at the local fiat currency store.
Later in the years, SCB Digital Ventures funded the Ripple Series B which allowed the San Francisco- blockchain company to develop a 55 million.
-Said Arthit Sriumporn, SCB’s SVP of Commercial Banking.
The collab has worked exceptionally well for both of them as the SCB could roll out a $200 million after the series C investment funding. Also now it is the second most valuable cryptocurrency-oriented company and is still emerging.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
