SCB and Lightnet to launch international money transfer service on the Stellar blockchain

Thailand's oldest bank Siam Commercial Bank (SCB) will open a new corridor of international money transfers from South Korea to Thailand in partnership with Lightnet, working on the blockchain Stellar.

In the spring of this year, the Thai company Azimo has entered into a partnership with SCB for implementation instant payments from Europe to Thailand using the RipPlenet network. but, According to the statement, SCB is interested in the new model, which “expand the capabilities of the bank to serve customers while increasing the speed of transactions in a safe environment”.

As part of a partnership with Lightnet, the bank will offer international transfers from South Korea to Thailand "at a lower price, Helping to satisfy the rapidly growing demand for better international money transfers ". SCB Vice President Srihanath Lamsam (Srihanath lamsam) said:

“We expect, that the new model will help to raise the quality bar for uninterrupted cross -border transfers for our customers and satisfy the growing demand for a better service in this direction ”.

SCB did not comment on the reasons for choosing Lightnet, not Azimo for this payment corridor. The leaders of the financial organization hinted in the statement, that this cooperation will allow the bank to "expand the sphere of its services on international money transfers".

Recall, that in January SCB and Ripple launched an application on the blockchain for instant international payments. Besides, At the beginning of the year, Lightnet collected $31.2 Milln in the investment round of series A from large venture investors.