Thailand’s Largest Bank Comments On Benefits Of Being Part Of RippleNet

[image credit : Needpix]

In a recent interview, Arthit Sriumporn, the Senior Vice President (SVP) of Commercial Banking at Siam Commercial Bank (SCB), which is Thailand’s largest bank by total assets, talked about the benefits SCB has enjoyed by being part of RippleNet, Ripple’s global payments network.

On Thursday (March 26), a post on Ripple’s “Insights” blog featured an interview with Sriumporn, during which the SCB SVP talked about his firm and how it has benefited by being a member of RippleNet.

“Siam Commercial Bank is more than 100 years old and is Thailand’s largest bank with more than 1,000 branches across the nation.

“We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations.

“Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.”

Despite being Thailand’s oldest bank, Thailand’s incredibly high adoption of mobile phone technology appears to have helped Thailand become a world leader in mobile banking.

An article published on 19 February 2019 in Bangkok Post said that the Global Digital Report 2019 “put Thailand top in the global rankings of internet banking service access, at 74% of the population, followed by Sweden (71%) and Turkey (68%).” As for crypto ownership, this report said that “Thailand ranked second with 9.9% of internet users owning cryptocurrency, behind only South Africa at 10.7%, while Indonesia was third at 9.5%.”

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