The Ripple blockchain is the solution to the problems of remittances in Southeast Asia, senior manager of Siam Commercial Bank

Ripple and XRP did well to keep the spirit of the community alive, even though they could not emulate Bitcoin's race earlier this month. Ripple spreads its wings around the world with its innovative software and other technologies. At a recent event organized by Ripple Regionals in Bangkok, several Asain bank officials explained how Ripple's technology helped them solve the problem of cross-border payments.

Paul Arriyvat, Vice President, Office of Disruptive Technologies, Siam Commercial Bank [SCB]noted that migrant workers from South-East Asia sent an accumulated amount of $ 68 billion each year to their country of origin. The Vice President drew attention not only to the need for workers to send money, but also on the requirement of speed and efficiency. However, current remittance services are failing to respond effectively to the demands of these workers, he said, adding that "this region is full of suffering", but "also full of opportunities".

The Vice President spoke of "mixing and matching" several solutions to meet the needs of workers with reduced fees. They partnered with Ripple, invested in it and worked with the company to solve this "problem". Blockchain service providers can help them process remittances in real time, while remaining accessible at all times, unlike banks. This would be an advantage for low-income users because it would be an affordable service. Arriyvat said:

"Blockchain technology has become our heart [platform] to solve this point of pain. "

He added:

"We started with Thai migrant workers living in Japan and helped them send money home through 30,000 ATMs."

At the same time, Thomas Tan Kok Kiong, a board member of Ripple, senior director of the group's treasury sales and operations at CIMB Bank, said Ripple had solutions to many of the industry's serious problems.

He also talked about the impact of the problem of remittances on "small people" and focused on how Ripple's technology could help them achieve their goal. He said:

"We are moving more and more towards white-collar workers and digital spheres. That's why it's important for us to work with Ripple. We hope your technology will help us get closer to small business and solve problems in the remittances sector. "