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According to SCB, the new cross-border payments services will satisfy the demand for better international fund transfers.
Siam Commercial Bank (SCB) has neglected Ripple to join forces with fintech firm Lightnet on a new cross border payments from South Korea to Thailand. Before now, SCB partnered with Azimo to open a new payment corridor between Europe and Thailand, using RippleNet. Notably, SCB did not highlight its reasons for neglecting Ripple on the same cross-border payments services.
SCB Partners with Lightnet, Neglects Ripple
In a recent announcement, Thailand’s oldest bank, SCB, revealed its new partnership with the Lightnet Group. The ancient bank said that the new deal is part of its effort to continually develop its financial technology capabilities.
Per the announcement, SCB will begin to receive cross-border payments from South Korea to Thailand. The payments would be made through one of Lightnet’s business partners Sentbe. Also, SCB will use its PromptPay service and distribute instant money to over 25 banks in Thailand.
In addition, the new business partnership offers swift and secured transactions with extremely low cost. According to SCB, the new cross-border payments services will satisfy the demand for better international fund transfers.
SCB and Lightnet’s Executives Comment on New Partnership
SCB payment product solution and management executive VP, Mr. Srihanath Lamsam, commented on the company’s effort to satisfy high demands for cross-border payments. He noted:
“This cooperation will allow SCB to extend the scope of its international fund transfer services effectively via Lightnet’s networks and channels. We expect that this new service model will help raise the service experience bar for seamless cross-border transfers for our customers and serve the growing demand for better cross-border remittances.”
Also, Mr. Tridbodi Arunanondchai, Lightnet Group vice chairman and group CEO, expressed his pleasure with the collaboration. He said the company is focused on offering a secured, low-cost, efficient, and fast financial services using the Stellar-based blockchain. He further mentioned that the new service would be available to both Lightnet and SCB customers. Now, transferring money from South Korea to Thailand would be easier and convenient for Lightnet and SCB’s customers.
Furthermore, Lightnet Group’s vice chairman and Group CEO revealed the company’s expansion plans. In the announcement, the VP said that Lightnet is planning to integrate more business partners across other countries in the near future. He added that the company hopes to expand and develop its financial services to Southeast Asia.
Speaking further, Mr. Tridbodi Arunanondchai said that Lightnet had secured $31.2 million in a Series A financing round. As the vice-chairman noted in the recent announcement, some of the participants in the investment round are Uni-President Asset Holding and UOB Venture Management. Others include Signum Capital, Seven Bank, Hashkey Capital, DU Capital, Hopeshine Ventures, and Hanwha Investment and Securities.
After the financing round in January, the company said the secured funds would be used to strengthen Lightnet’s investment on the Stellar Network and develop a future financial mobility network.