Thailand’s Siam Commercial Bank Will Not Use Ripple’s XRP Token Any Time Soon

Blockchain, News | June 10, 2019 By:

Thailand’s Siam Commercial Bank (SCB) has retracted a statement it made about its plan to start using Ripple’s XRP token.

SCB, Thailand’s largest commercial bank, provides a full range of financial services, including corporate and personal lending, retail and wholesale banking, foreign currency operations, international trade financing, cash management, and custodial services, among others. SCB’s total market capitalization as of 31 December 2018 was 453,813 million baht ($14M USD).

In April of this year, SCB partnered with Thailand’s PPT Exploration and Production Public Company Limited (PTTEP) to employ Ripple’s blockchain technology solution for cross-border B2B payment. At the time, the bank said that they were able to carry out pilot payments using Ripple’s blockchain earlier this year, which demonstrated that “payments reached destinations within one minute, compared to one to two days with conventional methods.”

On June 3, SCB’s official Twitter handle answered a user’s question about XRP and revealed the “XRP system will be announced soon.” On June 7, however, the bank apologized for the earlier tweet and denied it will soon start using Ripple’s XRP token.

“We are so sorry for the previous information of the previous post,” the bank said. “As of now, we have no plan on using XRP.”

Last month, SCB and 21 other Thai banks joined the Bank of Thailand’s Blockchain Community Initiative (BCI), which aims to lessen the complexity of normal bank process, simplify data verification on the same network, reduce the potential of fraud information, and enhance business efficiencies.