In an obvious snub to Ripple, Thailand’s oldest financial institution, Siam Commercial Bank (SCB) is about to open a brand new cross border remittances hall in partnership with Lightnet, a fintech firm that makes use of the Stellar blockchain. SCB says the partnership opens the door for extra environment friendly cross border funds switch from South Korea to Thailand.
Before selecting Lightnet, SCB teamed up with Ripple’s companion Azimo in April to open a cost hall between Thailand and Europe by utilizing the Ripplenet.
However, in asserting the brand new partnership, an govt with SCB lauds the brand new service mannequin saying it “will enhance its service capabilities whereas bettering transaction speeds underneath a safe surroundings.” In addition, the service shall be provided “at a decrease price, (due to this fact) serving to fulfill fast-rising calls for for higher worldwide fund transfers.”
The financial institution’s vice chairman Srihanath Lamsam provides:
We count on that this new service mannequin will assist elevate the service expertise bar for seamless cross-border transfers for our clients and serve the rising demand for higher cross-border remittances.
Meanwhile, SCB shouldn’t be explaining why it has partnered with Lightnet forward of long run companion Azimo for this explicit hall. Still, the financial institution hints within the assertion that this cooperation will enable the financial institution “to increase the scope of its worldwide fund switch providers.”
SCB’s alternative of Lightnet, which desires to make SWIFT and Western Union out of date, means that Stellar is perhaps profitable the battle with Ripple in Thailand, one of many largest international remittances market. Both Stellar and Ripple intention to make cross border funds extra environment friendly and each seem to focus on the identical markets though the latter has targeted on partnering with monetary establishments.
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