In a country with more mobile phone subscriptions than people, mobile banking has taken off in Thailand in a big way. After recently partnering with a fintech remittance company, Ripple is now sewing up the Thai market by joining forces with its largest commercial bank, SCB.
After its partnership with DeeMoney that allows more than 1 million Thais to send money home, Ripple is now driving a new cross-border payment app for Thailand's largest bank, Siam Commercial Bank (SCB).
With Thailand topping the leaderboard when it comes to mobile banking users, SCB's digital solution has always been popular with customers. Now, using RippleNet technology, customers can send cross-border payments directly from their mobile devices. SCB Senior Vice President of Commercial Banking Arthit Sriumporn stated:
“Siam Commercial Bank is over 100 years old and is the largest bank in Thailand with more than 1,000 branches across the country. We support a wide range of clients, from retailers to small and medium-sized enterprises (SMEs) and corporations. Our focus is always to enrich the customer experience, and RippleNet has helped us do this with remittances. ”
Thanks to Thais' preference for mobile banking over visiting branches, the 100-year-old SCB has been forced to innovate digitally in the past decade. This has brought the bank to the number one spot in the mobile market for Thai commercial banking.
While DeeMoney's primary focus today is to allow Thais living abroad to send money home faster and cheaper, SCB is primarily targeting customers who send money outside of Thailand. This is mainly to other Southeast Asian countries like Cambodia, Laos and Myanmar. Sriumporn commented:
“When people became so used to the convenience of banking from their phones, we raised customer expectations for all of our services. Customers who sent money to family and friends outside of Thailand did not like that it still involved visiting a branch, filling out many forms, and then waiting up to five days for the money to get there. ”
Recent estimates put the number of migrant workers in Thailand at close to 5 million. The need to send money to family members has put the remittance market at a whopping $ 68 billion. Using RippleNet technology will allow bank customers to send money faster, cheaper, and more conveniently. Sriumporn explained:
“We created SCB Easy, an application that runs on Ripple and allows our clients to send money to their family and friends abroad from their phones. Transfers are done in real time, but are still cheaper than the five-day process. We use RippleNet to connect with banking partners around the world, which helped us open more brokers and serve more clients quickly and easily. ”