The pieces are starting to all fall into place with Ripple and SouthEast Asia. Today we get the news that a known RippleNet partner InstaRem is ready to expand its reach and start sending payments into Thailand to the Kasikorn Bank or KBank.
InstaReM uses Ripple’s enterprise-ready ledger product xCurrent to process global, cross-border payments for its customers, and its xVia API to plug into RippleNet and send payments. This coordination between Ripple and InstaReM facilitates quick and secure payouts for RippleNet members in Southeast Asia.
Kasikornbank is a major banking group in Thailand. KBank was established on 8 June 1945 by Choti Lamsam, with registered capital of five million baht. It has been listed on the Stock Exchange of Thailand since 1976.
Back in 2018 InstRem became a Ripple Partner and they have hit the ground running. InstaRe joined RippleNet so they would have the ability to send secure and quick payouts in Southeast Asia. Ripples presence in Southeast Asia is growing every day. InstaRem already powers payments for 3 out of the top 10 Southeast Asian banks which include SIAM Commerical bank and CIMB Bank of Malaysia. CIMB will be using Ripple’s blockchain-based solution to improve its existing remittance service, SpeedSend. This service currently enables users to send and receive funds and includes features like direct account credit and instant cash collection.
InstaRem’s remittance hubs are spread across the United States, European Union, and Asia-Pacific with an operations office in India. Just last month we got the news that the oldest bank in Thailand, SCB has successfully completed cross-border transfers using Ripple technology. SCB was the first bank to use a key feature called Multi-hop.
Siam Commercial Bank sent shockwaves through Thailand’s banking industry in March when it said it would scrap nearly all fees for money transfers and bill payments conducted on its mobile banking app.
Less than two hours after the announcement, Krung Thai Bank, another major Thai lender, sent out a hastily prepared press release detailing similar cuts. By the end of the day, the remaining two of the big four banks — Bangkok Bank and Kasikornbank — had also followed suit.