Siam Commercial Bank Is Expanding Its Use Of Ripple’s Cross-Border Payment Solutions
Ripple has been putting a lot of efforts in expanding the adoption of its products all over the world and it seems that they have been successful.
SCB expands the use of Ripple’s tech
Just recently, Chief Strategy Office at Siam Commercial Bank (SCB) Paul Arriyavat revealed that their company decided to expand the use of Ripple’s cross-border payment solutions.
“We invested in Ripple. We commercialized their technologies. They became our co-partners in solving these pain points I just mentioned,” he said as reported by The Daily Hodl.
He continued and explained “We actually solved pain points for Thai migrant workers that live in Japan. We helped them send money home through 30,000 ATM machines. Beyond that, people ask, ‘Ok, besides Thailand, what can we do?’ We looked at our presence in the regions. Cambodia, we have Vietnam, we have other countries. So we said, ‘Ok, let’s do that.’”
It’s also important to mention that SBC has already confirmed that they are using Ripple’s xCurrent in order to move money.
This is important to mention in order to avoid any confusion just like the one that has been made by Santander when they said they’re using XRP to move money, when in fact they were using xCurrent which is not powered by XRP.
Anyway, back in December, Ripple CEO Brad Garlinghouse offered a hint that the company might also start using xRapid.
Ripple’s tech also expands in Europe
Pierre Gramegna, Luxembourg’s Minister of Finance, seems to have reportedly hinted at the acceptance of Ripple’s tech in his country.
As expected, this gave the XRP Army of fans the faith that the event could lead to mainstream adoption in Luxembourg and also other European countries as well.
— Pierre Gramegna (@pierregramegna) April 9, 2019
Just a few days after XRP received the security clearance by the Luxembourg Private Equity and Venture Capital Association (LPEA), Gramegna hinted on the acceptance of Ripple’s tech solutions in his country.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.