Bangkok--7 May--Siam Commercial Bank
To consolidate its digital banking leadership in the country, Siam Commercial Bank recently announced a business partnership with United Kingdom-based global money transfer service Azimo to deliver instant payments for customers from Europe through SCB to recipients using PromptPay. The service is made possible by a real-time clearing and settlement infrastructure that enables instant transfers to accounts at more than 24 different banks in Thailand. The new service was launched to accommodate fast-growing international remittance transactions in this digital era.
SCB Senior Vice President, Wholesale Banking Platform Department, Mr. Arthit Sriumporn affirmed that the bank is strongly determined to transform cross-border payments from around the world to provide overseas clients seeking to remit money to Thailand with the ability to do so in real-time.
“To this end, we are collaborating with fintech companies like Azimo to offer better services for our customers by launching real- time money transfers from Europe through SCB to recipients using our PromptPay service at more than 24 Thai banks. The new service uses global payment network RippleNet to harness the power of blockchain to enable users to instantly track funds, delivery times, and status 24 hours a day. Azimo customers can send money to their loved ones back in Thailand quickly, cheaply, and with certainty. We are confident this launch will help upgrade the cross-region money transfer experience to better people's lives, and we eagerly hope to see service expansion worldwide in the future,” he said.
Richard Ambrose, Chief Executive Officer of Azimo, said: “We’re delighted to partner with SCB to launch this instant payment service for anyone sending money to Thailand. Transfers can be set up in minutes from a smartphone. The fees are low and the rates are great, so our customers will be spared the extortionate charges levied by many competitors.”
Azimo’s digital money transfer platform is used by more than a million customers, who can send money from 25 countries to more than 200 countries and territories worldwide. The volume of transfers it enabled increased by 60% year on year during 2019. Azimo recently received EUR20m in financing from the European Investment Bank.
About Siam Commercial Bank
Siam Commercial Bank PCL was established by Royal Charter in 1906 as the first Thai bank, and is one of Thailand’s leading universal banks. As of June 2019, SCB’s total market capitalization was 474 billion baht and the bank was Thailand's largest commercial bank in terms of total assets (3.3 trillion baht). Its network of branches and service points offers nationwide coverage.
SCB is committed to becoming Thailand’s “Most Admired Bank” by offering value propositions to all its stakeholders - customers, employees, shareholders, regulators, and society - and becoming a leader in shaping the future of Thailand’s banking industry. More information is available on the bank’s website at www.scb.co.th
About Azimo
Azimo is a digital money transfer service based in London, Amsterdam, and Krakow, whose mission is to provide a better way to share money around the world, improving millions of people’s lives. Azimo’s apps and website are the fastest, easiest, and best-value way to send money to more than 200 countries and territories. http://www.azimo.com@azimo