{"id":107475,"date":"2019-06-07T17:34:21","date_gmt":"2019-06-08T00:34:21","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=107475"},"modified":"2021-04-22T12:04:47","modified_gmt":"2021-04-22T11:04:47","slug":"thailands-largest-commercial-bank-redacts-statement-ripple-xrp","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/","title":{"rendered":"Thailand&#8217;s largest commercial bank redacts statement on integrating Ripple&#8217;s XRP"},"content":{"rendered":"<p>The Siam Commercial Bank (SCB), the largest commercial bank in Thailand, retracted a statement about using Ripple's XRP token. The bank quickly issued a correction saying it had no plans on using XRP &#8220;as of now.&#8221;<\/p>\n<h2>SCB hints at XRP integration<\/h2>\n<p>Thailand's largest commercial bank, the Siam Commercial Bank (SCB), caused quite a stir after it hinted it will soon start using <a href=\"https:\/\/cryptoslate.com\/companies\/ripple\/\">Ripple<\/a>&#8216;s XRP.<\/p>\n<p>Answering a question posted by one of its users, the bank's official Twitter account said that an &#8220;XRP system will be announced soon.&#8221; In the <a href=\"https:\/\/twitter.com\/scb_thailand\/status\/1136346348301668353\">now deleted<\/a> tweet, the bank told users to follow their official schedule on social media for more information.<\/p>\n<p>The news caused a frenzy among the <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a> community, as introducing Ripple-powered transactions would supposedly speed up cross border <a href=\"https:\/\/cryptoslate.com\/ripple-signs-on-third-largest-money-transfer-service-to-ripplenet\/\">money transfers<\/a> and settlements.<\/p>\n<p>However, when asked again on when exactly would the integration happen, the bank redacted its previous statement and said that it actually had no plans on using XRP.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are so sorry for the previous information of the previous post. As of now, we have no plan on using XRP.<\/p>\n<p>&mdash; SCB Thailand (@scb_thailand) <a href=\"https:\/\/twitter.com\/scb_thailand\/status\/1136914430669680640?ref_src=twsrc%5Etfw\">June 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Ripple-powered transactions still a possibility for SCB<\/h2>\n<p>However, many Twitter users pointed out that the bank's swift removal of any mention of XRP integration could be a result of a non-disclosure agreement it made with Ripple. The most likely explanation is that a member of SCB's social media team was unaware that such an agreement existed and acted without consulting the bank's legal team, based on the bank\u2019s previous interactions with XRP.<\/p>\n<p>This goes in line with the bank's previous statements. Earlier in May, SCB said that further announcements would be made regarding the use of XRP and added it would be using blockchain technology.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.<\/p>\n<p>&mdash; SCB Thailand (@scb_thailand) <a href=\"https:\/\/twitter.com\/scb_thailand\/status\/1131141636681900032?ref_src=twsrc%5Etfw\">May 22, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Prior to that, the bank conducted a <a href=\"https:\/\/www.scb.co.th\/en\/about-us\/news\/apr-2019\/nws-live-pilot-blockchain.html?fbclid=IwAR2eJViCcYHDRRUPN7_VQjKvedEXqC7Walz-gvGa2hNNbcDJ5KREDlUqmUI\">cross-border payment trial<\/a> using Ripple. The highly publicized trial managed to reduce transaction times from around 2 days to just 1 minute. Thailand's government has also expressed interest in distributed payment systems and <a href=\"https:\/\/www.scb.co.th\/th\/about-us\/news\/mar-2561\/blockchain-community.html\">formed<\/a> an independent organization called the Thailand Blockchain Community to experiment with the technology.<\/p>\n<p>The 22-member coalition, which consists of 14 members of the Thai Bankers\u2019 Association and 7 state-owned enterprises, was tasked with exploring how blockchain can increase efficiency and reduce the cost of money transfers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Siam Commercial Bank (SCB), the largest commercial bank in Thailand, retracted a statement about using Ripple&#8217;s XRP token. The bank quickly issued a correction saying it had no plans on using XRP &#8220;as of now.&#8221; SCB hints at XRP integration Thailand&#8217;s largest commercial bank, the Siam Commercial Bank (SCB), caused quite a stir after [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":107483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76747,60205,15323,38],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Thailand&#039;s largest commercial bank redacts statement on integrating Ripple&#039;s XRP<\/title>\n<meta name=\"description\" content=\"The Siam Commercial Bank (SCB), the largest commercial bank in Thailand, retracted a statement about using Ripple&#039;s XRP token.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thailand&#039;s largest commercial bank redacts statement on integrating Ripple&#039;s XRP\" \/>\n<meta property=\"og:description\" content=\"The Siam Commercial Bank (SCB), the largest commercial bank in Thailand, retracted a statement about using Ripple&#039;s XRP token.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-08T00:34:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-22T11:04:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/xrp-thailand-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priyeshu Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Thailand&#039;s largest commercial bank redacts statement on integrating Ripple&#039;s XRP\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priyeshu Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#person\",\"name\":\"Priyeshu Garg\",\"url\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"caption\":\"Priyeshu Garg\"},\"jobTitle\":\"Analyst\",\"description\":\"Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. 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