Kasikornbank, Thailand’s fourth-largest bank, has participated in the blockchain-based Visa B2B Connect program for cross-border payments, according to a local newspaper, The Nation.
As reported by The Nation, Kasikornbank will be the first bank, who uses the blockchain technology and becomes a pioneer for future blockchain usage in Thailand’s banking sector.
Visa’s country manager in Thailand, Suripong Tantiyonan, uttered his thoughts on the partnership, adding that Visa B2B will back improvements in ‘security, governance, and distributed ledger technology’.
The vice president for Kasikornbank Siriporn Wongtriphop, on the other hand, thinks that joining blockchain technology for worldwide payments will contribute to his company to become ‘the leader in the industry’ in order to have further securities for payments.
As mentioned on Visa’s website B2B Connect program was launched last year to grow the corporate cross-border payments. South Korea’s Shinhan Bank, the Union Bank of Philippines, the United Overseas Bank in Singapore as well as the U.S Commerce Bank have announced, that they could be the first partners to use Visa’s B2B technology on blockchain to implement direct transactions.
Kasikornbank is based in Bangkok, Thailand. In March 2018, the bank had $96 billion in total assets, says the new study from Moody.
Back in August, the Bank of Thailand (BoT) started letting local banks to have affiliates for dealing with digital currencies. Thailand’s regulations are allowing to issue digital tokens for Thai banks, run crypto-associated business, invest in digital currencies through subsidiaries and also give crypto brokerage services.
Author: Berna Bayindir
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