Ripple, the blockchain giant that owns over half of the total XRP supply, has recently announced a partnership with the UK-based payments platform Azimo.
Now, armed with RippleNet and the ability to kick remittances around the world much faster than previously, Azimo spread the word about partnering with Thailand’s largest commercial bank – SCB (Siam Commercial Bank) – to ensure faster remittances to Thailand.
Azimo partners with SCB— ???? ??? (@BankXRP) April 2, 2020
RippleNet provides a standardised protocol for the messaging that is much more accurate and hi-fidelity than what people have tended to use, which is SWIFThttps://t.co/wrLJ9TFp6a
RippleNet and Thailand’s largest commercial bank
As reported by Techcrunch, the London-based Azimo global payments company has inked a partnership deal with Siam Commercial Bank to allow it to receive payments from RippleNet much faster than before.
As per data from the World Bank, Thailand is among the countries where remittances are often sent from all over the world and tariffs for sending and receiving money there are quite high. Since Azimo (Ripple’s partner) has been expanding in Asia, this issue for Thailand may be solved soon enough.
Azimo co-founder, Michael Kent, told Techcrunch that since more countries these days are starting to introduce instant payment systems, Thailand is following suit.
“This partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in UK.”
Apart from high-speed fund transfers, Techcrunch reminded readers that RippleNet enables users to track the funds they send, the delivery time, etc.
Arthit Sriumporn from the SCB says:
“We are very pleased to partner with Azimo and expand our reach across Europe. With the service available 24×7 and instant payment to any Thai bank account within minutes, Azimo customers are able to send money to their loved ones back in Thailand fast, cheaply and with certainty. We are very excited about this launch and being part of helping to make people’s lives better”.
Azimo receives lavish investments
A couple of months ago, in February, Azimo borrowed €20 mln from the European Investment Bank – the lending division of the EU. Azimo stated that this money would be used for extra research and development and for scaling up its platform.
To date, the London startup has also attracted $50 mln in equity investments from Rakuten, Frog Capital, eVentures, etc.