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Ripple-Friendly Siam Commercial Bank Collaborates with Top Singapore Blockchain Remittance Firm

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Fri, 11/27/2020 - 15:33
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Yuri Molchan
Siam Commercial Bank, member of Ripplenet, has partnered with a major Singapore-based fintech remittance company, Lightnet, working on Velo blockchain protocol
Ripple-Friendly Siam Commercial Bank Collaborates with Top Singapore Blockchain Remittance Firm
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PR Newswire has published a press release stating that two financial companies based in SingaporeLightnet Group and Siam Commercial Bankhave joined forces in a partnership to improve Lightnet's remittance service.

Siam Commercial Bank (SCB) is a member of RippleNet and works on the technology provided by the blockchain decacorn.

SCB to power Lightnet's remittance service

Singapore-based fintech Lightnet has revealed its partnership with RippleNet member Siam Commercial Bank, one of the country's largest banks.

As the press release has it, this partnership will enable the bank's customers to access the bank's remittance service from any Thai bank, as well as from PromptPay.

This is a state-sponsored platform that powers SCB's cash wires between banks.

But mainly, in this partnership, SCB will help Lightnet modify its remittance system, deal with clearing payments and perform easy real-time cash transfers between Thailand and any corner of the world.

Bank's $100 million fund

According to SCB's Srihanath Lamsam, the bank often offers a financial hand to local fintech startups from its $100 million fund.

He added that by supporting fintech companies, Siam Commercial Bank ensures its own digital development and transformation.

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About Lightnet Group

Lightnet's goal is to promote financial mobility and banking the unbanked by including them into the global remittance system.

It uses Velo blockchain protocol in its work and is a leading remittance and settlement network in the Asia Pacific region.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.