The oldest bank of Thailand, Siam Commercial Bank (SCB), recently launched a blockchain-backed mobile application in collaboration with Ripple for an immediate cross border payment system. The announcement was revealed in a blog post on 8 January.
The application, SCB Easy, would help bring out one of the country’s oldest banks into the realm of the digital age.
Arthit Sriumporn, senior vice president of SCB’s commercial banking commented on the difficulty of monetary transactions. The traditionalistic norm requires a person to go to the branch, fill out the forms and wait for the payment to get processed through; which is a taxing task in itself. In addition to this, the system has no guarantee of user transparency.
SCB, on the other hand, aims to eliminate these barriers and provides for an efficient system of deliverance and ease. The senior vice president also presented a demo of the app to the audience, in the blink of an eye (40 seconds) money was transferred to the recipient’s bank account.
Expansions and More
Asia is coming up as a hub of sorts with its growing use of mobile payment systems. Eight of the top 10 countries dependent on mobile payments are found in Asia. A survey done by PwC states that 86% of China’s population used mobile payment application of some sort, with the numbers soaring to 67% in Thailand. The company aims to tap into this.
For market expansion, the company is also working to offer cross border EMVCo QR payments. QR payments are one of the most popular payment methods in South East Asia. The company plans on using QR payments services to offer their clients remittance as well as the comfort of micropayments.
Cross border payments are just one of the wonders blockchain can make possible; with its potential bringing about real change in finance, democracy, healthcare, food security, economic development, and even sustainable energy sharing.