Siam Commercial Bank is partnering with Ripple to provide instant cross-border payments for small and medium size enterprises (SMEs).
The partnership builds on an earlier launch that took place in January where SCB deployed Ripple to power its consumer mobile banking app, SCB Easy, to facilitate instant cross-border payments. The plan is to deploy the same instant payments transfer for SMEs this year.
“The instant remittances experience creates peace of mind for our customers. We want to expand that experience to more markets, as well as to our small business and enterprise customers. Being part of RippleNet has helped us to completely enhance our customer experience, expand our business and keep SCB moving into the future,” said Arthit Sriumporn, senior vice president of commercial banking at SCB, according to a
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Separately, SCB has introduced a new loan product designed to help SMEs deal with the coronavirus crisis. SCB is offering loans of up to 20 million baht (about $612,000) per person for up to two years at a 2% interest rate, with a waiver on the 1% loan fee and any transfer done through the SCB Anywhere program. SCB is also offering a COVID-19 insurance package to help mitigate the adverse impacts of the coronavirus on small and midsize enterprises.