Thailand’s Siam Commercial Bank (SCB) is adding two new currencies to its Ripple-based blockchain remittance platform.
According to a report from the Bangkok Post on Tuesday, SCB, one of the largest commercial banks in the country, is now adding euros and British pounds to its cross-border remittance system powered by tech from Ripple, the San Francisco-based blockchain startup.
According to the bank’s chief strategy officer, Arak Sutivong, in an interview with the Post, the decision to add the new currency options came after the SCB noticed significant euro and pound inflow to the country.
With the update to be completed by the third quarter of this year, Arak said the two new currencies will initially be focused on inbound remittance for retail customers through collaboration with banking members within the Ripple network.
The plan adds to the existing Japanese yen remittance option that is being tested by the bank as part of a wider effort from a consortium of over 60 Japanese and South Korean banks in piloting Ripple’s blockchain settlement solution.
In fact, the bank said it had been conducting remittance trials since June of last year, allowing Thais in Japan to send funds back to their home country, through a sandbox approach under the oversight of the Bank of Thailand, the country’s central bank.
Currently waiting for approval to exit the sandbox, SCB said the new additions to its existing remittance option may not need to go through the experiment process again, since the technological aspects of the platform remain unchanged.
Siam Commercial Bank image via Shutterstock