Siam Commercial Bank partners Azimo for money transfers from Europe
Thailand’s Siam Commercial Bank (SCB) has signed a partnership agreement with money transfers firm Azimo.
Under the terms of the agreement, Azimo will deliver customer payments from Europe to SCB bank accounts in Thailand.
The new service will use PromptPay, a real-time clearing and settlement infrastructure that enables instant transfers to Thai bank accounts.
“We are very pleased to partner with Azimo and expand our reach across Europe,” says Arhit Sriumporn, senior vice president for the wholesale banking platform department at SCB.
“With the service available 24×7 and instant payment to any Thai bank account within minutes, Azimo customers are able to send money to their loved ones back in Thailand fast, cheaply and with certainty.”
The deal follows on the back of one signed between SCB and Ripple, also a partner of Azimo.
“We’re delighted to partner with SCB to launch this instant payment service for anyone sending money to Thailand,” says Richard Ambrose, CEO of Azimo.
“Transfers can be set up in minutes from a smartphone. The fees are low and the rates are great, so our customers will be spared the extortionate charges levied by many competitors.”
SCB is Thailand’s third-largest bank by assets. Founded in 1907, it operates 1,150 branches and is part-owned by the king of Thailand.
In November 2019 the bank announced that it would be turning some of its technology divisions into separate companies to compete with fintechs in its home market.