Thunes has broadened its partnership with SCB , Thailand's digital bank, to improve SCB's international remittance services through the SCB EASY app. Benefits of the expanded collaboration This partnership is designed to provide immediate, transparent, and reliable transfers to 26 countries in 17 currencies.

Therefore, users of the SCB EASY app can instantly transfer money to important destinations such as Australia, Canada, Cambodia, China, Denmark, Finland, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Sweden, and Vietnam, all in local currencies. Thunes’ extensive global reach provides speed, visibility, security, and cost efficiency for members making cross-border payments. Officials from Thunes announced that they authorise payments to over 7 billion mobile wallets and bank accounts across 130 countries and 80 currencies.

The global infrastructure, in combination with the Fortress Compliance Platform and SmartX Treasury System, helps SCB customers conduct transparent, instantaneous, and reliable international money transfers. International money transfers will increase by 13% in 2024 SCB representatives stated that according to Statista Market Insights, the international money transfer market is expected to grow by over 13% in 2024 compared to 2023. This growth reflects the increasing consumer preference for digital platforms for financial transactions in today's digital age.

SCB customers will benefit from receiving the full transferred amount without any additional fees, as well as the convenience of fast, real-time transactions available 24/7. Cross-border payments have always been a complex aspect of global finance. The necessity for efficient and secure transactions between different countries has led to the development of various technologies and systems.

In traditional banking systems, cross-border payments often involve multiple intermediaries, which can lead to delays, high fees, and a lack of transparency. Enabling direct transactions between parties, reduces the need for intermediaries, thereby speeding up the process and lowering costs. Source: Link .