Thailand’s Siam Commercial Bank (SCB) has partnered with Thunes to enable real time fund transfers to the country.

The collaboration will enable consumers and businesses located overseas send money to Thailand directly to the beneficiary’s bank account.

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The service will also support B2B transactions and enable higher-value payments compared to existing ones.

Thunes global head of networks Andrew Stewart said: “Thunes is leading the way in global cross-border payments and this is recognised by the calibre of our partners. We are now honoured by the addition of Siam Commercial Bank to our global network.

“This new partnership demonstrates our deep local knowledge of an important Southeast Asian market and builds on our experience in successfully overcoming compliance obstacles and understanding the country’s local banking landscape.”

SCB GTS and Ecosystems head, first executive vice-president Sirote Vichayabhai said: “We are pleased to enter this partnership with Thunes, a global leader in the cross-border payments landscape.

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“This latest innovative fintech solution aligns with Siam Commercial Bank’s forward-thinking strategy. Partnering with Thunes, we are putting into action our mission that aims to respond to the rapidly evolving financial services industry, which is being reshaped by digital technology, regulatory change, and new consumer behaviour.”

Thunes is a payment network that enables cross-border fund transfers. Last year, Thunes launched cash pickup service in Ethiopia with Lion Bank.