Thailand-based giant Siam Commercial Bank (SCB) has recently confirmed its partnership with state oil company PTT Exploration and Production (PTTEP) for the successful trial cross-border payments using blockchain.

As stated on the bank’s official website, SCB has been conducting the project since the middle of last year. This cross-border business-to-business payments (B2B) aims at providing a more efficient and faster way of transferring payments. The successful pilot has responded to have a quicker payments transfer just in one minute while the traditional ways have to wait two days.

With this new trial, SBC can set the new standards in banking industry. Wasin Saiyawan – Siam Commercial Bank SEVP & Chief Wholesale Banking Officer – said that blockchain-based service will be carried out in all CLMV and southeast Asian countries in 2019. This will be marked as a major development for cross-border payment methods and the whole industry.  PTTEP Finance and Accounting Group executive vice president Sumrid Sumneing also shared his thought on the partnership with SCB.

Although there aren’t any announcements on whether the company cites Ripple or XRP, SBC will be part of the Ripplenet payment network because it has been the first financial institution on RippleNet since September 2018.

SCB is reported by Crunchbase to be Thailand’s first domestic bank and was Thailand largest commercial bank in 2016. Its partners’ holding company – PTT – is estimated to gain $60.5 billion in its annual revenue.

Several banks across the world also implement blockchain in its payment transaction. As The Crypto Sight reported in April, Indian leading private commercial bank Federal Bank announced its partnership with Ripple to enable cross-nation payments.