Thailand’s oldest bank, the Siam Commercial Bank (SCB), has avoided Ripple and partnered with Lightnet, which is a fintech company for cross border remittances.
A news article on Bitcoin News says that Siam Commercial Bank (SCB), which is the oldest bank in Thailand, has avoided Ripple but partnered with Lightnet. The bank feels that it was the right decision and knows that cross-border transfer will be more comfortable from South Korea to Thailand.
Siam Commercial Bank had teamed up with a partner of Ripple, Azimo, in April this year. The partnership was to focus on a payment corridor between Thailand and Europe. They planned on doing it with Ripplenet.
Announcing the new partnership, the Siam Commercial Bank lauded the new service model. They said that service capabilities will now increase, and transaction speeds will be done securely with a new environment.
They also added that it would help satisfying fast-rising demands for efficient transfer of funds. Often, cross border remittances are an issue for a country like Thailand. CryptoNews, which is a news publishing firm on cryptocurrency, had this to tweet.
Srihanath Lamsam, who is the bank’s vice president, stated that they accept that this service model, which is new, can raise the service experience bar. They want to make sure effortless cross-border transfer occurs without clients getting into too many problems.
Sadly, Siam Commercial Bank has not explained its position on the new partnership with Azimo that is a partner of Ripple. Perhaps, through the statement, the Siam Commercial Bank wants others to know that they want to expand its international fund transfer services scope.
The Siam Commercial Bank decision to go with Lightnet wants to make Western Union and SWIFT unavailable in the country. Maybe they want Stellar to win against Ripple in Thailand, which sees many tourists flocking in and calling the country home.
Hence cross border remittances play a crucial role in their economy as well. Both Ripple and Stellar want to see that the cross-border payments become efficient and want to target the same market, though Ripple wants to partner with mainly financial institutions.