Oldest Thai Bank Confirms It Will Use XRP

Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has yet again hinted at the use of the XRP token, after the bank’s official Twitter handle on June 5 told a user that “XRP system will be used soon”,

The SCB has previously made mention of XRP on its Twitter page, though it has always said that it would inform users about the XRP acceptance when the news was ready. So far, the bank has conducted a cross-border transfers pilot powered by Ripple, reducing a days-long transaction process to a only just a few minutes. The bank also conducted a transfer from Japan to Thailand, which took only a few seconds.

The nation as a whole has also displayed great interest in distributed payment systems, having formed a 22-member blockchain coalition called the Thailand Blockchain Community with the intention of creating a payments for the entire country.

Ripple and XRP Being Accepted by Banks

Ripple has had an excellent 2019 in terms of awareness and early implementations, with multiple banks across the world announcing that they would use Ripple’s technology to achieve faster cross-border payments. CEO Brad Garlinghouse has been making an effort to inform financial industry insider about the benefits of Ripple’s solutions and the strong awareness efforts may be seeing some good developments as a result.