Thai Bank Extending Ripple Remittances to Euro and Pound

Thailand's Siam Commercial Bank is adding two new currencies to its Ripple-based blockchain remittance platform.

AccessTimeIconMar 13, 2018 at 11:30 a.m. UTC
Updated Sep 13, 2021 at 7:40 a.m. UTC

Thailand's Siam Commercial Bank (SCB) is adding two new currencies to its Ripple-based blockchain remittance platform.

According to a report from the Bangkok Post on Tuesday, SCB, one of the largest commercial banks in the country, is now adding euros and British pounds to its cross-border remittance system powered by tech from Ripple, the San Francisco-based blockchain startup.

According to the bank's chief strategy officer, Arak Sutivong, in an interview with the Post, the decision to add the new currency options came after the SCB noticed significant euro and pound inflow to the country.

With the update to be completed by the third quarter of this year, Arak said the two new currencies will initially be focused on inbound remittance for retail customers through collaboration with banking members within the Ripple network.

The plan adds to the existing Japanese yen remittance option that is being tested by the bank as part of a wider effort from a consortium of over 60 Japanese and South Korean banks in piloting Ripple's blockchain settlement solution.

In fact, the bank said it had been conducting remittance trials since June of last year, allowing Thais in Japan to send funds back to their home country, through a sandbox approach under the oversight of the Bank of Thailand, the country's central bank.

Currently waiting for approval to exit the sandbox, SCB said the new additions to its existing remittance option may not need to go through the experiment process again, since the technological aspects of the platform remain unchanged.

Siam Commercial Bank image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.