Thai Bank and Ripple launch new money transfer service

One of the largest banks in Thailand is expanding a popular payment application using technology from US startup Ripple.

The Siam Commercial Bank (SCB) has received approval from the Central Bank of Thailand to launch the foreign translation service in the SCB Easy App. The Bank offers the new feature as a cost-effective and fast cross-border payment service available to its 16 million customers.

SCB said it was looking to launch the service in 12 countries, including the UK, US, Singapore, France, Germany, Italy, Spain, Netherlands, Ireland, Austria, Belgium and Portugal, supporting USD, GBP, EUR and SGD.

Although the application runs on Ripple payment technology, it does not rely on the crypto asset XRP to move money.

SCB and Ripple are also working to launch a separate application designed to allow tourists in Thailand to easily pay for goods and services without worrying about high fees or currency conversion.