Siam Commercial Bank is one of Thailand’s largest banks, and it plans to create a brand new payment hub that will be centered on Ripple’s blockchain technology.
The bank was founded more than 100 years ago, and it currently is the third largest bank in Thailand.
SBC has a main remittance corridor between Thailand and Japan that is powered by a partnership with Ripple and SBI.
Banks that will not use new technologies will face extinction
It’s important to note that the partnership between SBC and Ripple began back in 2016 and the company’s CTO Collin Dinn said that he believes banks that do not implement similar technologies will soon be facing extinction.
“Why did we look at Ripple? Because we saw that it has a customer-centric capability. It was giving customers what they wanted, not what we as a bank wanted to push,” he explained.
He continued and said that “With Ripple, we found a way and a partner that could work with us in a very different way. We don’t see a bank being relevant to its customers in the next five to eight years. In fact, my personal view – not the bank – but my personal view is it’s going to be very hard for a bank to exist in five to eight years.”
SCB plans to build a new ecosystem
Dinn also said that they have been working within the management team to see how they can make themselves relevant.
He believes that this means that they have to be aggressive and push the envelope on what is possible and then define the next steps.
He also said that Ripple’s technology allows the Siam Commercial Bank to be able to plan a massive expansion in the region.
As you can see in the video, he explained that their plan includes building a hub and team up with other organizations so that they can evolve and create a brand new ecosystem around the technologies that they have previously built.