In an obvious snub to Ripple, Thailand’s oldest bank, Siam Business 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.
Earlier than selecting Lightnet, SCB teamed up with Ripple’s accomplice Azimo in April to open a cost hall between Thailand and Europe by utilizing the Rippleinternet.
Nonetheless, in saying the brand new partnership, an government with SCB lauds the brand new service model saying it “will increase its service capabilities while improving transaction speeds under a secure environment.” As well as, the service will probably be supplied “at a lower cost, (therefore) helping satisfy fast-rising demands for better international fund transfers.”
The bank’s vice chairman Srihanath Lamsam provides:
We count on that this new service model will assist increase the service expertise bar for seamless cross-border transfers for our prospects and serve the rising demand for higher cross-border remittances.
In the meantime, SCB isn’t explaining why it has partnered with Lightnet forward of long run accomplice Azimo for this explicit hall. Nonetheless, the bank hints within the assertion that this cooperation will permit the bank “to extend the scope of its international fund transfer services.”
SCB’s selection of Lightnet, which desires to make SWIFT and Western Union out of date, means that Stellar may be successful the battle with Ripple in Thailand, one of many largest world remittances market. Each Stellar and Ripple goal to make cross border funds extra environment friendly and each seem to focus on the identical markets though the latter has centered on partnering with monetary establishments.
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