This article was first published on Insights – Ripple
According to a 2019 report, Thailand ranks first in the world for mobile banking users. One of the reasons for this achievement is Siam Commercial Bank (SCB), which has spearheaded digital banking in the country over the past decade. SCB’s latest innovation—developed through its partnership with RippleNet—allows customers to make instant low-cost cross-border payments from their mobile devices.
“Siam Commercial Bank is more than 100 years old and is Thailand’s largest bank with more than 1,000 branches across the nation,” explained SCB’s SVP of Commercial Banking, Arthit Sriumporn. “We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations. Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.”
Thailand’s oldest bank was once a conservative player in the country’s financial space. But with Thai mobile adoption growing so fast that the country now has more mobile subscriptions than people, SCB launched an ambitious digital transformation campaign that would change its reputation and Thailand’s banking landscape.
“We first enticed our customers to use our new mobile app by making it completely fee free,” recalled Sriumporn. “When people became so used to the convenience of doing banking from their phones, we raised customer expectations around all of our services. Customers who send money to family and friends outside of Thailand didn’t like that it still involved visiting a branch, filling out lots of forms and then waiting up to five days for the money to get there.”
Better Banking that Runs on Ripple
According to recent estimates Thailand is home to 4.9 million migrant workers from Cambodia, Laos, Myanmar, Vietnam and other countries in Southeast Asia. After valuing the region’s remittances market at $68 billion, SCB joined RippleNet in order ...
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