The future of Finance is Asia, mark my words.
The Siam Commercial Bank, Thailand's oldest bank (111 years old) has just announced they are adding cross border functionality to their mobile app, SCB Easy. SCB has 16,000,000 customers.
SCB launched SCB Easy in 2017.
SVP of Commercial Banking Arthit Sriumporn said that up until now, international bank transfers had been difficult, time consuming and expensive. That has all changed now with SCB Easy's integration with XRP.
Sriumporn presented the app at Swell, in which he showed that money could be transferred into a recipient’s bank account within 40 seconds.
SCB Easy, launched in 2017, had 9 million customers by the end of their second year.
In 2018, SCB had 3,187 billion baht, the equivalent of $105 billion, and an operating income of 138.2 billion baht, or $4.6 billion.
SCB is also planning this year to expand into the countries of Cambodia, Laos, Myanmar and Vietnam.
One more great reason why XRP is my cryptocurrency of choice. I recently posted my overview of Ripples 2nd Annual Flywheel Set in Motion Report If you dont know what a flywheel is, its a large, heavy wheel that takes a lot of energy to set it in motion. Once it starts moving, though, it gradually increases in spped until finally it is spinning at great speed yet requiring very little effort to maintain that speed. And once it's up to full speed, it's very, very hard to stop.
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