Thailand's Siam Commercial Bank (SCB) is adding two new currencies to its Ripple-based blockchain remittance platform.
According to a report from the Bangkok Post on Tuesday, SCB, one of the largest commercial banks in the country, is now adding euros and British pounds to its cross-border remittance system powered by tech from Ripple, the San Francisco-based blockchain startup.
According to the bank's chief strategy officer, Arak Sutivong, in an interview with the Post, the decision to add the new currency options came after the SCB noticed significant euro and pound inflow to the country.
With the update be completed by the third quarter of this year, Arak said the two new currencies will initially be focused on inbound remittance for retail customers through collaboration with banking members within the Ripple network.
The plan adds to the existing Japanese yen remittance option that is being tested by the bank as part of a wider effort from a consortium of over 60 Japanese and South Korean banks in piloting Ripple's blockchain settlement solution.
In fact, the bank said it had been conducting remittance trials since June of last year, allowing Thais in Japan to send funds back to their home country, through a sandbox approach under the oversight of the Bank of Thailand, the country's central bank.
Currently waiting for approval to exit the sandbox, SCB said the new additions to its existing remittance option may not need to go through the experiment process again, since the technological aspects of the platform remain unchanged.
Siam Commercial Bank image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Senior BitConnect Promotor Arrested by Indian Authorities
A promoter of the controversial cryptocurrency platform BitConnect was arrested on August 19, according to a local news outlet in India.
Former BitConnect India head Divyesh Darji was arrested at I
Softbank, Baidu Lead $3 Million Funding for Ex-Googler's Crypto Startup
A team led by a former Google staffer is taking aim at the online advertising giant.
Called Atlas Protocol, the startup believes that the data accumulating on blockchains today can be used to bette
Crypto Exchanges Join Winklevoss Backed Self-Regulatory Group
A group of cryptocurrency exchanges has joined up with Gemini founders Cameron and Tyler Winklevoss to launch a new industry-focused self-regulatory organization (SRO).
First proposed in March, the
Bakkt CEO: Crypto Trading Platform Won't Support Margin Trading
Two weeks after the Intercontinental Exchange (ICE) introduced Bakkt, a new digital assets platform, the latter's CEO has set out to explain what the service will offer consumers.
Bakkt chief execu
Blockchain Firm to Raise $24 Billion for Electric Bus Upgrades in China
Blockchain and AI technology company Seven Stars Cloud Group has scored a major deal to help raise $24 billion to fund large-scale electric bus upgrades for China's biggest full-service operator.
SEC Faces Thursday Deadline for ProShares Bitcoin ETF Decision
Less than a month after delaying a decision on a bitcoin-based exchange-traded fund (ETF), the U.S. Securities and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed
Blockchain Enters 'Trough of Disillusionment' on Gartner's Hype Scale
Interest in blockchain technology is waning, research firm Gartner said in its latest "Hype Cycle for Emerging Technologies" report.
Gartner included blockchain, along with four other emerging tech
District Judge Forms Blockchain Law Study Group in South Korea
A group of judges, lawmakers and industry experts in South Korea are forming a new group aimed to discuss legal issues surrounding blockchain technology.
Called the Blockchain Law Society, the grou