The Ripple Swell 2018 event saw a lot of luminaries from various fields speak about the effects of blockchain technology and cryptocurrencies. The roster included former American President Bill Clinton, officials from Ripple as well as Colin Dinn, the CTO and Head of Operations of Siam Commercial Bank [SCB].
The CTO spoke about how the partnership with Ripple has earned dividends by making a traditional institutional like Siam into a modern financial force to be reckoned with.
Dinn stated that one of the main reasons SCB partnered with Ripple was because the banking behemoth wanted to explore new technologies to further the ease of transactions in the financial sector. He was candid in stating that SCB did not fully understand the workings of blockchain technology but jumped on board because of the sheer potential it saw in Ripple and the fintech industry as a whole.
Dinn added that the bank liked the concept of blockchain as a whole and the association with Ripple gave an added dimension to the fast-growing financial sector.
The SCB official also stated that banks need to keep up with up and coming technologies and went so far as to say, “in the next couple of years it will be very hard for banks to exist”. He said that that Ripple and SCB had a shared vision to grow aggressively and to create a model where anything can be fixed easily if something goes wrong. Din further stated:
“Our main aim is to simplify the movement of payments and the partnership with Ripple has changed the way they operate. We don’t just want to revolutionize the remittances to Thailand but rather create a whole new system for money to move.”
The tie-up between Ripple and SCB has been creating news recently when the cryptocurrency company announced that they would be launching a new feature for RippleNet known as multi-hop payments. This effectively means that customers on RippleNet will have eliminated the need for a direct one-to-one connection to settle payments. The feature was pioneered to combat the inefficient management of global liquidity.
The announcement by Ripple stated:
“Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions”