Global money transfer service Azimo announced a partnership with Siam Commercial bank (SCB), one of Thailand’s leading 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 $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.
Richard Ambrose, CEO of Azimo, said: “We’re delighted to partner with SCB to launch this instant payment service for anyone sending money to Thailand. 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.”
Arthit Sriumporn, Senior Vice President, Wholesale Banking Platform Department at Siam Commercial Bank, said: “We are very pleased to partner with Azimo and expand our reach across Europe. 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. We are very excited about this launch and being part of helping to make people’s lives better.”
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. The volume of transfers it enabled increased by 60 percent year on year during 2019. Azimo recently received €20m in financing from the European Investment Bank.