Azimo, the London-based international money transfer service, has collaborated with Thailand’s Siam Commercial Bank (SCB) to deliver instant funds for its customers from Europe to SCB financial institution accounts in Thailand.
According to the World Bank, Thailand is among the top remittance locations globally, with $6.7 billion acquired from abroad every year, and Azimo says it remains one of the most costly nations to send and receive cash. That’s something the U.K. fintech desires to help change, as it continues to broaden to Asia as a vital corridor.
Specifically, the SCB tie-in takes advantage of “PromptPay,” which comprises a real-time clearing and settlement infrastructure to allow instantaneous transfers to Thai bank accounts. For reference, it’s similar to the U.K.’s Faster Payments.
As well as, the new service makes use of RippleNet, the worldwide payment network that harnesses blockchain to let users observe funds, delivery time, and status.
In the meantime, the SCB partnership follows news in February that Azimo had attracted €20 million in debt from the European Investment Bank (EIB), the lending unit of the European Union.
The European Fund backs the financing for Strategic Investments (EFSI), the financial pillar of the EU’s “Investment Plan for Europe.”
Azimo has attracted $50 million of equity funding so far. Its investors include Rakuten, eVentures, Greycroft and Frog Capital. It affords low-cost worldwide payments to 200+ nations and territories worldwide and claims over 2 million registered users.