Transition to RippleNet Siam Commercial Bank, which is shown as one of the biggest banks in Thailand, started using RippleNet technology, which Ripple developed especially for cross-border payments. Siam Commercial Bank (SCB), which has more than a thousand branches across the country, will be able to transact with RippleNet in a much shorter time, at a much lower cost, according to its officials. In Thailand, there are almost 5 million immigrants from countries such as Vietnam and Cambodia. These people work in Thailand and send the money they earn to their families and countries. Siam Commercial Bank will apparently use RippleNet to provide a better service to these people. According to the statements of Arthir Sriumporn, one of the SCB executives, customers who work in Thailand and send money to their families can now complete these transactions in real time. For Tourists The total value of remittances in the Southeast Asia region is thought to be more than $ 60 billion. One of the main reasons for this is that many tourists come to the region. Using RippleNet, Siam Commercial Bank thinks that this technology will also benefit tourists. The company has already started developing a mobile application for tourists: “We are developing a new QR code scanning application that tourists can use easily. Thanks to this application, tourists will be able to pay easily by simply scanning the QR code without calculating the exchange rate. In this way, they will not have to carry money with them. ”
