Thai Bank Partners with Blockchain Company for Optimizing Remittance Infrastructure 0 435

Thai Bank Partners with Blockchain Company for Optimizing Remittance Infrastructure

Thailand’s oldest banking institution, Siam Commercial Bank, has been putting in significant effort to improve the digital payment and remittance sector of the country. Already a part of RippleNet, the company has just signed a deal for using blockchain for this very purpose. Earlier this week, a press release confirmed that the bank has partnered with a local blockchain firm known as Lightnet Group. According to the release, remittance services will be added to all Thai bank accounts because of the partnership. It will also allow seamless integration with a payment service backed by the Thai government known as PromptPay, which ensures smooth interbank transfers. 

As far as Siam’s role is concerned, it will assist in optimizing the remittance system introduced by LightNet. The goal is to provide real-time remittances to the country from any part of the world and ensure quicker clearing of payments. The executive vice president at Siam of the company’s Payment Strategy and Digital Disruptive Technology department, Srihanath Lamsam praised the move and said that it was another step in ensuring the digital transformation of the bank. He went on to say that the partnership was aimed at revolutionizing the global remittance industry, thereby offering customers with quicker transfers for a much lower fee.

This year, one of the primary objectives of Siam has been to facilitate instant payments. In order to do so, the company had partnered with RippleNet as well, and it has been taking that agenda forward on a number of fronts. It is understandable that the mission is high on the list for the company. According to data provided by the World Bank, one of the main remittance destinations in the world is none other than Thailand, as nearly $6.7 billion is sent to the country every year. However, it is also a fact that sending and receiving money in the country is also one of the most expensive in the world.

To eliminate this problem, a number of project shave been undertaken by Siam. It introduced a mobile app in January with Ripple Labs. Powered by blockchain, the app is called SCB Easy and it allows cross-border transactions at a low cost. The senior vice president of commercial banking at SCB, Arthit Sriumporn gave a demo of the app last December at the annual customer event by Ripple and it took seconds for completing a cross-border transaction. Siam also announced that it was working on delivering EMVCo barcode payments. 

This particular payment method is quite popular in Asia and SCB is hoping to leverage its capabilities for offering micro-payment services to its clients. The Thai bank had partnered with Azimo, a digital money transfer service, in April for the purpose of launching an instant cross-border payment system. A press release said that solving expensive and unreliable global transfers was their aim. Both companies highlighted that it would take them less than a minute to process transfers from Europe to Thailand, even though it usually takes one day for them to be cleared by other means.

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MELT, GTC, PAL, and more Cryptocurrencies among Highest Gainers in Past 24-hours 0 16

In the list of highest gaining cryptocurrencies, the cryptocurrency on the top is Defrost Finance (MELT). In the past 24-hours, MELT has observed a 192.83% surge in its price, surging it all the way up to $11.97 per MELT. Similar to the price surge in the past 24-hours, MELT’s trading volume in the past 24-hours has increased to $1,177,520. MELT is currently the 3220th largest cryptocurrency in the crypto-verse in terms of its $1,401,512 market valuation.

The next cryptocurrency coming after Defrost Finance is Gitcoin (GTC). In the past 24-hours, GTC has observed a 171.08% surge in its price, surging it all the way up to $25.56 per GTC. Similar to the price surge in the past 24-hours, GTC’s trading volume in the past 24-hours has increased to $1,199,791,917. GTC is currently the 264th largest cryptocurrency in the crypto-verse in terms of its $363,625,405 market valuation.

The next cryptocurrency coming after Gitcoin is PlayAndLike (PAL). In the past 24-hours, PAL has observed a 168.43% surge in its price, surging it all the way up to $0.0000016 per PAL. Similar to the price surge in the past 24-hours, PAL’s trading volume in the past 24-hours has increased to $52,540. PAL is currently the 4780th largest cryptocurrency in the crypto-verse in terms of its $144,015,382,197 market valuation.

The next cryptocurrency coming after PlayAndLike is Elonomics ($ELONOM). In the past 24-hours, $ELONOM has observed a 131.06% surge in its price, surging it all the way up to $0.02629 per $ELONOM. Similar to the price surge in the past 24-hours, $ELONOM’s trading volume in the past 24-hours has increased to $212,424. $ELONOM is currently the 3934th largest cryptocurrency in the crypto-verse in terms of its $26,633 market valuation.

The next cryptocurrency coming after Elonomics is ICE ROCK MINING (ROCK2). In the past 24-hours, ROCK2 has observed an 85.68% surge in its price, surging it all the way up to $0.01744 per ROCK2. Similar to the price surge in the past 24-hours, ROCK2’s trading volume in the past 24-hours has increased to $67,982. ROCK2 is currently the 2229th largest cryptocurrency in the crypto-verse in terms of its $274,300 market valuation.

The next cryptocurrency coming after ICE ROCK MINING is India Coin (INDIA). In the past 24-hours, INDIA has observed a 128.93% surge in its price, surging it all the way up to $0.0000006419 per INDIA. Similar to the price surge in the past 24-hours, INDIA’s trading volume in the past 24-hours has increased to $452,332. INDIA is currently the 3571st largest cryptocurrency in the crypto-verse in terms of its $3,975,380 market valuation.

Even more cryptocurrencies are joining the ranks of top gainers and among these cryptocurrencies are KING, ALLBI, HIKO, and many more.

Crypto.com is Now First-Ever Exchange that is now Adhering to SOC 2 Standards 0 17

As per the latest reports, Crypto.com has made an announcement in regards to acquiring a new certification. Crypto.com, one of the most popular cryptocurrency exchanges has announced that it is now in full compliance with the SOC 2 standards. Crypto.com is based in Singapore and it has a global user base.

The exchange has announced that it has successfully acquired the SOC 2 certification after a successful audit. The exchange has announced that it had Deloitte carry out the audit prior to granting certification.

Deloitte is a global consulting firm that has been around since 2015, is based in the United Kingdom. It is spread all over the world, currently providing its services in over 150 countries.

The SOC is reportedly a traditional finance standard that is known all over the world. With the acquisition of the SOC 2 certification, Crypto.com has become the first-ever cryptocurrency exchange to have acquired this recognition.

The SOC 2 certification is granted to traditional financial institutions that are considered highly trustworthy in the financial sector. Prior to the granting of the certification, the operations, policies, and information practices of the company are audited and attested. If the particular company is able to pass all the audits successfully, it is granted the SOC 2 certification.

After the acquisition of the SOC 2 certification, Crypto.com has now become the securest and most trustworthy trading platform or cryptocurrencies. The exchange has even earned the title of being the only cryptocurrency exchange that is now SOC 2 certified.

With the acquisition of the SOC 2 certification, Crypto.com has set a new standard that every major exchange would want to achieve. This will increase the standards of the regulatory framework within the cryptocurrency industry. Now, the major exchanges will be competing with each other in order to acquire the SOC 2 certification.

It is being expected that with the acquisition of the SOC 2 certification, Crypto.com will be able to attract a tremendous number of users.

With the SOC 2 standard in its grasp, the exchange can confidently claim to be offering the most reliable services to users. The exchange can offer high regulatory compliance, privacy, and security to the users.

The CEO and co-founder of Crypto.com, Kris Marszalek, talked about the recent achievement of their company. He stated that with the acquisition of the SOC 2 certification, they are able to prove to the world how well their exchange has been working.

Their exchange has finally achieved a new goal, which is going to increase the competition within the crypto-verse. With the new certification, they are now able to offer a lot more to the users than any other exchange.

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