Thailand’s oldest bank announces stablecoin remittance services
The Siam Commercial Bank Public Company, founded in 1907, was the first bank established in the South Pacific country.
Siam Commercial Bank (SCB), Thailand’s oldest commercial bank, recently revealed it will begin offering stablecoin cross-border payment and remittance services to its clients in collaboration with fintech company Lightnet.
Adding support for stablecoin services will allow clients to send or accept cross-border transactions 24 hours a day, seven days a week — while reducing transaction costs.
These reduced transaction fees make stablecoins an attractive option for those receiving remittances from higher-value currencies. Lightnet CEO Tridbodi Arunanondchai highlighted the benefits of the tokenized fiat equivalents for all customers:
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Author: Vince Quill
