Global money transfer service Azimo has announced a partnership with Siam Commercial bank (SCB), one of Thailand’s universal banks.
Under the terms of the agreement, Azimo will deliver payments instantly for its customers from Europe to SCB bank accounts in Thailand. The new service takes advantage of PromptPay, which comprises a real-time clearing and settlement infrastructure that enables instant transfers to Thai bank accounts.
According to the World Bank, Thailand is one of the top remittance destinations globally, with USD 6.7 billion received from abroad each year. It is also one of the most expensive countries to send and receive money.
SCB is currently transforming cross-border payments in Thailand and across south-east Asia by working with fintech companies like Azimo to offer better services for millions of customers. The new service also uses RippleNet, a global payment network that harnesses the power of blockchain to enable users to track funds, delivery time, and status.
Azimo’s digital money transfer platform is used by more than a million customers, who can send money from 25 countries to more than 200 countries and territories worldwide. Azimo recently received EUR 20 million in financing from the European Investment Bank.
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