In a move to enhance global remittance services, Thunes, a leading global payments network, has expanded its collaboration with Siam Commercial Bank (SCB), Thailand’s premier digital bank. The partnership will enable SCB EASY app users to access reliable and fast international money transfers across 26 countries and 17 currencies.
Empowering SCB EASY App Users
Through this strengthened alliance, SCB EASY app users can now instantly send money to countries such as Australia, Canada, China, and India, among others, with transfers conducted in local currencies. This service will give customers real-time access to international remittances without the typical delays or excessive fees that often burden cross-border payments.
Simon Nelson, Thunes’Chief Revenue Officer for the Middle East & South Asia, expressed his enthusiasm about the enhanced partnership, stating: “We are proud to strengthen our alliance with Siam Commercial Bank… Thunes is trusted by its Members to make payments to over 7 billion mobile wallets and bank accounts in over 130 countries and 80 currencies.”
Growth of the International Remittance Market
Siam Commercial Bank’s executives are optimistic about the collaboration’s timing, given the rapid growth in the international remittance market. Thanawatn Kittisuwan, First Executive Vice President and Head of SCB’sDigital Juristic & Payment Unit, highlighted: “According to Statista Market Insights, the international money transfer market in 2024 grew by over 13% compared to 2023… Our collaboration with Thunes aims to expand our international money transfer service worldwide via the SCB EASY app.”
The digital age has driven a surge in demand for more convenient financial transactions. With more consumers gravitating towards digital platforms for their financial needs, both Thunes and SCB see this collaboration as a timely response to changing market dynamics.
Enhancing Customer Experience
A significant benefit of this enhanced service is that customers will receive the full amount transferred, without hidden fees. SCB EASY app users will also experience 24/7 access to real-time transactions, providing more convenience and dependability.
Kittisuwan further added: “SCB is committed to leveraging modern technology to develop new financial solutions… We believe this collaboration will support the demand for international financial transactions and enhance the seamless financial experience for our customers.”
Conclusion
The expanded collaboration between Thunes and SCB marks a significant step forward in the realm of international remittances. By simplifying and streamlining cross-border payments, the partnership is poised to meet the growing demand for fast, transparent, and reliable financial transactions in an increasingly interconnected world.
