Fun

Thailand’s Largest Bank Snubs Ripple – Selects Stellar-based Blockchain for Cross Border Remittances

News Feed - 2020-12-12 09:12:11

Thailand’s Largest Bank Snubs Ripple – Selects Stellar-based Blockchain for Cross Border Remittances


In an apparent snub to Ripple, Thailand’s oldest bank, Siam Commercial Bank (SCB) is set to open a new cross border remittances corridor in partnership with Lightnet, a fintech company that uses the Stellar blockchain. SCB says the partnership opens the door for more efficient cross border funds transfer from South Korea to Thailand.


Before choosing Lightnet, SCB teamed up with Ripple’s partner Azimo in April to open a payment corridor between Thailand and Europe by using the Ripplenet.


However, in announcing the new partnership, an executive with SCB lauds the new service model saying it “will increase its service capabilities while improving transaction speeds under a secure environment.” In addition, the service will be offered “at a lower cost, (therefore) helping satisfy fast-rising demands for better international fund transfers.”


The bank’s vice president Srihanath Lamsam adds: We expect that this new service model will help raise the service experience bar for seamless cross-border transfers for our customers and serve the growing demand for better cross-border remittances.


Meanwhile, SCB is not explaining why it has partnered with Lightnet ahead of long term partner Azimo for this particular corridor. Still, the bank hints in the statement that this cooperation will allow the bank “to extend the scope of its international fund transfer services.”


SCB’s choice of Lightnet, which wants to make SWIFT and Western Union obsolete, suggests that Stellar might be winning the battle with Ripple in Thailand, one of the biggest global remittances market. Both Stellar and Ripple aim to make cross border payments more efficient and both appear to target the same markets although the latter has focused on partnering with financial institutions.


What does SCB’s partnership with Lightnet mean for Ripple in Thailand? Share your thoughts in the comments section below. Report: Cryptos Set for Massive Adoption in the US as More Americans Embrace Digital Alternatives to the Dollar FINTECH | 4 days ago Testnet of Facebook"s Much Vaunted Stablecoin Only Executes 6 Transactions per Second FINTECH | Dec 5, 2020 Tags in this story Azimo, Cross Border Payment, international funds transfer, International remittances, Lightnet, payment corridor, Ripple, Ripplenet, siam commercial bank, Stellar, thailand


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Show comments

News Feed

Tristan Greene4 hours agoNvidia AI partner Databricks raises $500M to achieve $43B valuationCapital One also joined the investment round, despite being the top client of rival cloud platform Snowflake.1271 Total views22
Biggest Movers: ADA Price Climbs for Ninth Consecutive Day
Biggest Movers: ADA Price Climbs for Ninth Consecutive Day Cardano rose to a fresh multi-month high on Saturday, as the token surged for a ninth consecutive session. The price is n
How Bitget Became a Dark Horse and Earns Market Share and Trust From Millions in Crypto Winter
How Bitget Became a Dark Horse and Earns Market Share and Trust From Millions in Crypto Winter sponsored 2022 was one of the roughest years in the crypto industry, which saw the col
Powell Says Fed’s Battle With Inflation Will Bring ‘Some Pain,’ After Insisting Last Year Elevated Inflation Is ‘Likely to Prove Temporary’
Powell Says Fed’s Battle With Inflation Will Bring ‘Some Pain,’ After Insisting Last Year Elevated Inflation Is ‘Likely to Prove Temporary’ On Friday, Jerome Powell spoke
Cryptoqueen Ruja Ignatova Tipped Off About Onecoin Investigations Before She Vanished, Report
Cryptoqueen Ruja Ignatova Tipped Off About Onecoin Investigations Before She Vanished, Report Ruja Ignatova, founder of the notorious crypto pyramid Onecoin, was reportedly alerted
Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000, Following Moving Average ‘Death’ Cross
Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000, Following Moving Average "Death" Cross Bitcoin was hovering close to $25,000 on Feb. 20, as cryptocurrency markets trade
Anthony Georgiades11 hours agoYour rights in the metaverse: The benefits and challenges of collaborating in the digital ageCollective creativity and shared ownership of content in the metaverse raise considerations regar
Gareth Jenkinson11 hours agoStartup demos upcoming decentralized GPU infrastructure network to OpenAI, UberIo.net has built a decentralized physical infrastructure network that will source GPU computing power for AI and
UK Government Survey Shows 45% of Britons Would Ban Cryptocurrencies for Environmental Reasons
UK Government Survey Shows 45% of Britons Would Ban Cryptocurrencies for Environmental Reasons Just before the 26th United Nations (UN) Climate Change Conference (COP-26), the UK g
World’s Largest Asset Manager Blackrock Sees ‘Very Little’ Demand for Cryptocurrencies
World’s Largest Asset Manager Blackrock Sees "Very Little" Demand for Cryptocurrencies The world’s largest asset manager with $9.5 trillion under managem
Chainlink data streams go live on Avalanche Network
Vince Quill8 hours agoChainlink data streams go live on Avalanche NetworkGMX, a perpetual futures trading platform, will be a launch partner and leverage Chainlink’s tech to fuel the decentralized futures exchange.1024
Binance Acquires Major Indian Exchange Wazirx – CEO Explains the Changes
Binance Acquires Major Indian Exchange Wazirx - CEO Explains the Changes A major Indian cryptocurrency exchange, Wazirx, has been acquired by Binance. News.Bitcoin.com talked to