Siam Commercial Bank teams up with PTTEP for cross-border payments

Friday 26 April 2019 07:40 CET | News

Siam Commercial Bank (SCB), a Thailand-based commercial bank, has teamed up with the national petroleum company PTTEP for a Business-to-Business cross-border payment solution.

Siam Commercial Bank (SCB) has been working with the PTTEP on a blockchain-based B2B cross-border payment since 2018 and the initiative has finally yielded the desired result.

According to the team, with blockchain technology, the project was able to facilitate cross-border payments that got to its destination within just one minute, a significant milestone as compared to the several days it takes conventional methods to complete such a transaction.

The new DLT-based cross-border payments service will be expanded to other CLMV as well as Southeast Asian nations later this year. The company will keep working with SCB in order to optimize its digital competitiveness and productivity with blockchain technology.

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Keywords: Siam Commercial Bank, Thailand, PTTEP, B2B, cross-border payments, blockchain
Countries: World