The traditional way of cross-border money transfer into Thailand are often slow, untraceable, and burdened with high fees charged by related correspondent banks. In collaboration with Thunes, global cross border payment leader, beneficiary in Thailand can now receive money from their relations more quickly, reliable and cost effectively, helping to satisfy a fast-rising demand for the seamless movement of funds worldwide. Based on a wide reach of Thunes's global network partners in 110 countries, senders can now transfer money across the globe to SCB's 16.3 million customers and all other bank account holders in Thailand serving on both retail and corporate clients to fulfill customer needs. SCB expects this partnership with Thunes will help offering a seamless and borderless financial experience for its customers in the new digital era.
Speaking about the new partnership, Khun Sirote Vichayabhai, First Executive Vice President, Head of GTS and Ecosystems, Siam Commercial Bank, said "We are pleased to enter this partnership with Thunes, a global leader in the cross-border payments landscape. This latest innovative fintech solution aligns with Siam Commercial Bank's forward-thinking strategy. Partnering with Thunes via Ripplenet blockchain technology, we are putting into action our mission that aims to respond to the rapidly evolving financial services industry, which is being reshaped by digital technology, regulatory change, and new consumer behaviour.
Thunes Global Head of Network Andrew Stewart said "Thunes is leading the way in global cross-border payments and is entrusted by over 110 partners worldwide. We are honored by leading Thai bank Siam Commercial Bank bringing our cross-border payment services to Thailand. This new partnership demonstrates our deep local knowledge of an important Southeast Asian market in solving and eliminating fund transfer pain points to build on our experience successfully, overcoming compliance obstacles and understanding the country's local banking landscape."