Which Bank Will Ripple Partner with Next?
Ripple has long been expanding its connections with the banking industry. The company has recently received $200 million from a banking-oriented VC, purchased equity in MoneyGram, and has been growing in adoption by Japanese banks.
It seems that Ripple's mission to facilitate easy and fast cross-border payments for financial institutions is far from over. Recently they have announced a new partnership with Thailand's oldest bank, SCB.
Ripple & SCB Introduce SCB Easy
Ripple in conjunction with SCB Bank have introduced a new app which will allow users to transfer funds easily for SCB Clients. This new App will run on Ripple to deliver fast and cheap payments. Ripple have announced the new partnership on their blog and of course Twitter.
Faster, low-cost #payments are changing the lives of @scb_thailand’s over 16 million customers. Read about our partnership and the SCB Easy mobile app that #RunsOnRipple. #SwellbyRipple https://t.co/ePSAuT60tj— Ripple (@Ripple) January 8, 2020
"It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately," said Sriumporn, Vice President of SCB Bank.
It has also been noted SCB is planning an expansion into Cambodia, Laos, Myanmar, & Vietnam.
This seems to be yet another expansion of Ripple into the banking sector in Asia. The biggest question is: When will western banking corporations take note?
Written by Jonathan Ganor
Writer & cryptocurrency aficionado