SIAM Commercial Bank partners Ripple to lead the way in banking transformation
What do you do when you want to give a facelift to a 111 year old bank? Well, same is the case with Siam 111-year-old bank SEVP, Chief Technology Officer & Head of Operations Colin Dinn. It’s all about finding the right partner to help aggressively solve problems with an eye towards the future.
Dinn took the stage at swell and said that how Siam has been working with Ripple and how that has had a profound impact on their business. He said that their relationship is rooted in a very transformative process which started two years ago to turn one of the major traditional banks into an entity that uses technology as a lever to explore new business and delivery models.
Explaining his point of view, Dinn said, “SCB was a product-led bank that focused on pushing product to customers. They now prioritize a heightened commitment to customer-centricity, meaning they give customers what they want versus what the bank needs to sell. This is in part driven by their realization that banks as they exist today will not be relevant five years from now.”
One of the most important issues in today’s scenario is the fact that the Association of South Eastern Asian Nations (ASEAN) is remittances. Lacking a reliable partner in today’s financial sector is of utmost importance and the ASEAN region faces high degree of abnormality and inefficiency and high cost for cross border payments.
With its customers distributed around the region, Thailand-based SCB sought a way to make remittances faster and efficient. According to Dinn, SCB desired a partner that had “aggressive ambition” and could “push the envelope of what’s possible and then define one step beyond.”
The partnership with Ripple has shown SCB that there is a better way of operating in the region. Din added that the bank is committed to growing the initial amount of work apart from facilitating remittances back to Thailand.
In an earlier development, SCB announced in September that they will be the first to develop a key feature called “Multi-Hop.” The ASEAN region which is without a massive and structured banking network, this capability allows SCB to act as a middle stop to facilitate international payments between two banks that do not share a direct correspondent relationship.
According to Dinn: “(SCB) did not have this in mind when we started…all we wanted to do was make international payments a lot easier.” He went on to say that with their shared ability to experiment, Ripple and SCB have identified a different way to do things, leading to this regional clearing partner strategy.”
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