Thailand’s Largest Commercial Bank Retracts Tweet Indicating Plans to Use Ripple’s XRP



  • Thailand’s Largest Commercial Bank Retracts Tweet Indicating Plans to Use Ripple’s XRP

    eaca1288-dd01-4b69-8e54-df824e9e372e-image.png

    Siam Commercial Bank (SCB), Thailand’s largest commercial bank, has denied it plans to start using Ripple’s XRP token, contrary to earlier indications. The bank’s denial was communicated in a tweet published on June 7.

    The bank’s denial was prompted by an earlier post on social media dated June 5, when the bank’s official Twitter handle had responded to a user’s question regarding XRP and revealed ostensible plans to announce details of an unspecified “XRP system [...] soon.”

    With the June 5 tweet having since been deleted, SCB today has firmly stated that:

    “We are so sorry for the previous information of the previous post. As of now we have no plan on using XRP.”

    dfc767db-b37b-419f-90c2-b0cc34967b74-image.png

    SCB’s initial tweet from June 5, indicating apparent plans to begin using XRP. Source: now-deleted tweet, accessed June 7 via Google web cache

    Notwithstanding SCB’s conflicting signals this week, the bank has in fact undertaken several blockchain-related initiatives to date. In April, SCB and Thai state oil company PTT Exploration and Production Public Company Limited performed a successful test of blockchain’s use for cross-border business-to-business payments.

    While SCB’s official announcement at the time of the pilot did not specify the use of Ripple technology, the bank is reported to be a part of the RippleNet payment network.

    In September 2018, SCB had pioneered RippleNet’s multi-hop feature, which allows for the settlement of payments on behalf of other financial institutions present on the network.


  • Reward

    nice info ✊ ✊


Log in to reply
 

Suggested Topics