TheCryptoUpdates
Blockchain News General News News Ripple News Tech News

Siam Bank to Use 30,000 ATM Machines for Remittance of Money

As per recent studies, the demand for Ripple blockchain is increasing in Southeast Asian countries. It eases the pain of migrants from these countries. Ripple Labs Inc. organizes events to review the necessity and usage of remittance technology. The firm organizes several events across the globe to show the significance of this technology.

For instance, Ripple organizes Asia Pacific 2019 event in Bangkok. Reportedly, Paul Arriyvat is the Chief Strategy Officer of Siam Commercial Bank or SCB. He discloses that the migrant workers of Southeast Asia are suffering to send about $68 billion as a fund.

However, the representatives of Siam Commercial Bank comments on the issue. According to them, despite inconveniences, the migrants have no choice. They also say that banking penetration is too low.  The representatives also claim that people are using cash. People find using cash as convenient and cheap. Bank representatives also insisted that the people of Southeast Asia are advanced, yet use traditional payment methods. They cannot reach 70 percent of the population, the data highlights. Even though people have smartphones, they are using cash, says the Arriyvat.

Arriyvat, Chief Strategy Officer at SCB says Siam Bank takes next step

Chief Strategy Officer of SCB says that Siam bank opts for the next step. According to him, the next step would partner a blockchain service provider. Arriyvat who also has the Vice President of Disruptive Technology Office says that it will make remittance easier. He also claims that the method will be instantaneous yet affordable.

Further, Arriyvat explains that they have invested in Ripple. They also commercialize their technologies, as per Arriyvat. He points out that they have started with Thai migrant workers who live in Japan. They are also helping them to send money home via 30,000 ATM.

The senior managing director of Group Treasury Sales and also FX at CIMB, Thomas Kiong says on the issue. He says that there are lots of migrant in Thailand. As per matter of fact, he also featured in events as the speaker.  According to him, the remittance industry is growing rapidly in the region. He says that there is a broader demand for seamless remittance corridor.

CIMB partners with Western Union to ease the pain of customers

On the other hand, CommerceInternational Merchant Bankers partners with Western Union. Reportedly, CIMB has headquartered in Bangkok. It partners to ease the pain of customers to send money home.

Furthermore, Kiong notes that economics was tilted. He claims that they have done 80 percent of the work. However, according to him, only 20 percent of the reward award they got out of it.

While Kiong makes these claims, CIMB adds on the issue. According to reports, the representative of CIMB adds that the services are pretty expensive. CIMB also says that the services take longer durations and are inconvenient to use. And, they add that sometimes the processing takes about five days and might make money redundant. Therefore, it becomes a problem for receivers and quite hectic for senders.

Related Articles

Netflix raises its subscription prices on all streaming plans across US

Vikas Kaushik

Bitcoin Cash (BCH) Can Now be Used at Outlets Like Walmart

Vijaya Bharti (Author)

Blockchain News | SP Jain School of Global Management issues Blockchain-based Certificates

Supriya Saxena (Senior Correspondent)