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Major RippleNet Partner Obtains Bank of Thailand Approval

u.today 15 July 2021 16:14, UTC
Reading time: ~2 m

One of the largest private banks in Southeast Asia, Siam Commercial Bank has obtained a license for its operations with RippleNet digital payments processor.

SCB leaves sandbox with RippleNet

According to information shared by XRP community activist Crypto Eri (@sentosumosaba), Thailand-headquartered Siam Commercial Bank now has all of its operations authorized by Bank of Thailand.

Siam Commercial Bank Infomercial!

SCB EASY app Money Transfer with Ripplenet. "Bank of Thailand authorized the service to leave the sandbox...so you can be confident."

12 countries / USD GPB EURO SGD / Fastest is England to Singapore in 30 seconds & does a live demo.@Ripple pic.twitter.com/72nvEbjNqc

— CryptoEri 120K+ Followers (beware of imposters) (@sentosumosaba) July 15, 2021

As such, it can "leave the sandbox" with the full range of instruments, including a RippleNet-fueled digital payments module.

Its money transfer application allows users to transfer funds between 12 countries. The U.S. Dollar, Euro, Singapore Dollar and British Pound are accepted by SCB as payment methods.

With RippleNet digital systems, it takes 30 seconds to transfer money from Great Britain to Thailand, Crypto Eri concludes.

RippleNet by payment decacorn Ripple is among the small cohort of blockchain-based payment solutions adopted by large-scale enterprises across the globe.

XRP pitched to the Bank of Thailand

Most frequently, RippleNet is utilized by banks to establish reliable, fast, and cost-efficient cross-border money corridors for individuals and businesses.

Additionally, Crypto Eri shared a screenshot of an SCB presentation designed to display its functionality to central bank officials.

Notice XRP in the Graphic for the Bank of Thailand! pic.twitter.com/S7TniAYrdE

— CryptoEri 120K+ Followers (beware of imposters) (@sentosumosaba) July 15, 2021

XRP token is demonstrated here as one of the elements of a multi-currency payments ecosystem alongside the U.S. Dollar and Euro.

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