• Latest

Thailand’s Largest Company PTTEP Integrating Ripple’s Tech With SCB

April 23, 2019
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Ripple

Thailand’s Largest Company PTTEP Integrating Ripple’s Tech With SCB

coinnewsdaily by coinnewsdaily
April 23, 2019
in Ripple
0
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Ripple’s underlying blockchain products are becoming a trusted source across various banking and payment firms. According to the official post by Siam Commercial Bank (SCB) which has already integrated Ripple’s tech, is now partnering with Thailand’s PPT Exploration and Production Public Company Limited (PTTEP) to employ Ripple’s blockchain technology solution.

The news was released after SCB published a press report – the partnership is the first of its kind to employ blockchain in terms of B2B format. According, Mr. Phimonpha Santichok, Senior Vice President and CEO of Commercial Banking Solutions Siam Commercial Bank explains;

Related articles

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Mai 23, 2022
SEC can’t confirm if video of Bill Hinman is actually Bill Hinman in Ripple case

SEC can’t confirm if video of Bill Hinman is actually Bill Hinman in Ripple case

Mai 20, 2022

By signing this partnership, it is the first time that the bank decided to use the system in B2B format. “

PTTEP is a subsidiary of Thailand’s PPT Public Company Limited which was established in the year 1985. PPT Exploration or PTTEP is the petroleum exploration and production company of Thailand, headed by Somporn Vongvuthipornchai as its Current chief executive officer (CEO).

According to PTTEP’s CEO, the partnership to adopt Ripple’s tech together with SCB will boost the efficiency of the cross-border financial transactions in less time at PTTEP. He further says that;

PTTEP has collaborated with Siam Commercial Bank to implement Ripple’s Blockchain technology in international money transfer transactions, Vongvuthipornchai Said

Resulting in lower costs Which reflects PTTEP’s determination to seek new approaches or methods To increase the efficiency of work relentlessly In order to maintain business competitiveness Keep up with the changes that will always happen. “

Besides, Ripple’s technology implementation into the company’s key affairs, it is hoping to bring it across all departments. Similar to PTTEP which is the Thai based oldest ventures, Siam Commercial Bank was also founded in the year 1907 in Thailand. Per the partnership, PTTEC will work closely with SCB and employs disruptive blockchain technology for their financial transactions.

However, the press didn’t mention specific Ripple based technology to be used by PTTEP but we probably see RippleNet get onboard. This is because, in 2018, Ripple had officially released an announcement stating that ‘SCB will be the first financial institution on RippleNet to access its feature dubbed as ‘multi-hop’. The blog goes as follows;

Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment. Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.

Nevertheless, concerning SCB and PTTEP’s partnership to adopt Ripple’s tech, Marcus Treacher the Global Head of Strategic Accounts at Ripple also took to Twitter and expressed his excitement. He mentioned about RippleNet and said;

Good #RippleNet momentum in Thailand. Siam Commercial Bank & PTTEP. Great to see https://t.co/Z9zJ5r7dAp

— Marcus Treacher (@marcus_treacher) April 22, 2019

What do you think readers,? Let us know in the comment below 

Image source – Official SCB announcement post


Ads by Cointraffic



Credit: Source link

Share76Tweet48
Previous Post

Coinbase’s Political Action Committee Shuts Down Without Ever Raising a Cent

Next Post

Student Gets 10-Year Jail Term for SIM-Swap Crypto Thefts Worth $7.5 Million

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Alt Coin

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Mai 23, 2022
SEC can’t confirm if video of Bill Hinman is actually Bill Hinman in Ripple case
Ripple

SEC can’t confirm if video of Bill Hinman is actually Bill Hinman in Ripple case

Mai 20, 2022
Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Mai 19, 2022
Price analysis 5/4: BTC, ETH, BNB, SOL, XRP, LUNA, ADA, DOGE, AVAX, DOT
Bitcoin

Price analysis 5/4: BTC, ETH, BNB, SOL, XRP, LUNA, ADA, DOGE, AVAX, DOT

Mai 5, 2022
price analysis 4/20: btc, eth, bnb, xrp, sol, ada, luna, avax, doge, dot
Alt Coin

Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

April 21, 2022
ripple claims ‘a very big win’ in sec case
Ripple

Ripple claims ‘a very big win’ in SEC case

April 19, 2022
Load More
Next Post
Student Gets 10-Year Jail Term for SIM-Swap Crypto Thefts Worth $7.5 Million

Student Gets 10-Year Jail Term for SIM-Swap Crypto Thefts Worth $7.5 Million

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev