SCB’s collaborates with Guavapay, the UK’s leading electronic money firm, to bring a seamless global payment experience for customers sending money from the EU to Thailand
As part of its continuous effort to develop new financial technology capabilities, Siam Commercial Bank (SCB) recently announced its collaboration with Guavapay, the UK’s leading electronic money firm, to receive money sent from the UK and other European countries to Thailand. The good thing about sending money via Guavapay is that customers will be able to transfer money and track transfer status by themselves via the Guavapay channel. By embracing cutting-edge RippleNet technology, money senders will be able to conduct transactions twenty-four hours a day, seven days a week. SCB will serve as an intermediary to distribute money in local currency in real-time to beneficiaries in Thailand via the PromptPay network. With this convenient, quick, and secure channel, beneficiaries are not required to show up at branches. This new experience truly answers customers’ demands, while raising the bar for seamless cross border money transfers even further.
Speaking about the new collaboration, Mr. Sirote Vichayabhai, Executive Vice President of SCB’s GTS and Ecosystems Function revealed that, “The arrival of digital technology has led to drastic changes in customer requirements, including transaction formats and trends. More and more customers have switched from conventional channels to digital platforms. The COVID-19 pandemic is one of the factors boosting the use of digital channels, which are experiencing exponential growth as customers seek to avoid handling cash and commuting. SCB is committed to embracing advanced technology as the core of its strategic moves for upgrading new capabilities in financial services, including collaboration with world-class business partners to deliver solutions matching customer requirements. Most recently, SCB has teamed up with the UK’s leading payment processing company Guavapay to receive fund transfers from the UK and EU to Thailand. SCB will serve as an intermediary distributing money in the local currency in real-time to destination accounts in Thailand via the PromptPay channel. Money transfers will be convenient, quick, and secure, allowing customers to receive money anytime and anywhere. Guavapay has also combined its strength with RippleNet, a world-class payment and fund transfer network and one of SCB’s business partners, enabling Guavapay customers to conduct transactions every day of the week, 24 hours a day. This trilateral collaboration will help boost a seamless global payment experience for better convenience truly responding to customer requirements.”
Mr. Vugar Mammadrzayev, Head of Global Partnerships, GUAVAPAY, said that, “We are pleased to work with a leading bank in Thailand like SCB to provide global payment from the UK and EU countries via Guavapay’s channels to Thailand whereby beneficiaries will receive the transfers. Customers will be able to transfer and track their money by themselves. We are determined to deliver the best product suites to our customers with reasonable fees and exchange rates.”
About Siam Commercial Bank
Siam Commercial Bank PCL was established by Royal Charter in 1906 as the first Thai bank. As of March 31, 2020 the Bank had Baht 3,136 billion in total assets and Baht 235 billion in market capitalization on a consolidated basis. The bank is one of Thailand’s leading universal banks, providing a full range of financial services to clients in all segments, including wholesale, SMEs, and retail banking services, through its nationwide branch network. SCB is committed to becoming “The Most Admired Bank” by balancing value propositions to all 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 GUAVAPAY
Guavapay Limited is established in 2017 with its headquarter located in London. It is a holder of FCA’s Small EMI License and a Principal Member of UnionPay International and MasterCard. Guavapay provides full range of processing services for Financial Institutions. It includes full outsourcing of processing services for cards and merchants in VISA, MasterCard and UPI International Payment Systems, technical support for issuing and acquiring services, as well as Agent and Affiliate Programs for companies wishing to issue UPI and MasterCard cards. Guavapay has MSP status in VISA International Payment System, TPP status in MasterCard International Payment System and TPSP in UPI International Payment System. Guavapay is not limited to technical services. The company also provides Cross Border Payments, Wire Transfers (SWIFT, SEPA, CHAPS, BACS, FASTER PAYMENT), Bank Account Credits, e-Wallet top-up, International Remittances - all in one channel supporting 33 local currencies with very competitive rate.