The Siam Commercial Bank (SCB) is the oldest bank in all of Thailand, consequently the partnership that will tie it to ripple for the next few years is a decidedly relevant event; according to what reported yesterday with a post on the official ripple blog, therefore the SCB has developed a blockchain application to offer its customers the possibility of fast and, above all, low-cost cross-border payments.

In fact, the first tests show how this application manages to manage money transfers all over the world in seconds; Arthit Sriumporn, SCB's senior vice president of commercial banks, attending the annual event that gathers all ripple customers, said that:

Today it is still too difficult to send and receive money; people must physically go to a bank branch, fill in long and complicated forms and wait for the receipt of payments, without transparency.

With our service, their loved ones from abroad can transfer payments and receive money immediately

This declaration was then followed by a practical demonstration in which Sriumporn himself sent a transaction in something like 40 seconds; Thailand for ripple is a central country for its expansion strategy for the simple fact that on the one hand tourism, and on the other a workforce that increasingly tends to migrate abroad, make it necessary to have faster methods and cheap to receive payments.

SBC is certainly a high profile partner for ripple, particularly important also because the bank plans to expand its services in Cambodia, Laos, Myanmar and Vietnam; therefore thanks to this new app, and to the payment service via Qrcode which will be implemented shortly, SBC will have a series of very attractive services to offer to its new customers as it also extends outside Thailand, while ripple continues to strengthen its presence on the Southeast Asian market.

As far as the market is concerned, however, it did not welcome the news with particular enthusiasm, probably also because the brilliant performances of bitcoin in the last few days are keeping traders away from altcoins, which in fact are suffering more or less all of this week; in any case, it must be said that partnerships of this type have taken place throughout 2019 without ever, or almost never, provoking large price movements.