Thai ‘big four’ banking institution Siam Commercial Bank (SCB) is adding euros and sterling to its Ripple-powered blockchain remittance platform. The SCB, one of Thailand’s biggest 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 strong payment inflows of euros and pounds to Thailand as inward remittance as reasons for the blockchain-powered retail offering.
Refreshingly, the bank executive reveals the blockchain remittance will be initially available for retail customers who see inbound remittances from Europe as the SCB searches for partner Ripple banks in the continent to support the service.
As reported previously, the SCB began 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 according to the SCB executive. When launched commercially, the services will look to disrupt a payments corridor that sees some $250 million transferred annually from Japan to Thailand.