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Siam Central Bank to Create Thailand Blockchain Community Initiative

June 04, 2019 15:52
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In what will come as a surprise, Thailand is taking some decisive steps into blockchain adoption. As per a blogpost by the Siam Commercial Bank (SCB), 22 banks and enterprises from across Thailand will build a blockchain-enabled payment system.

The post said, “Thailand’s first Blockchain oversea remittance transfer was from the collaboration between Siam Commercial Bank Ripple and SBI Remit, international remittance transfer provider, a subsidiary company of SBI Group. For the first time in Thailand, real-time international remittance service has been elevated to the next level with Blockchain technology.”


Another post on the same matter said, “The organization that initiated the creation of Thailand Blockchain Community Initiative consists of Siam Commercial Bank. Bangkok Bank Krung Thai Bank Public Company Limited Krungsri Ayudhya Bank Kasikorn Bank Kiatnakin Bank CIMB Thai Bank TMB Bank, TISCO Bank, Thanachart Bank, Bank for Agriculture and Agricultural Cooperatives, UOB Bank, Standard Chartered Bank (Thai) and Government Savings Bank And 7 large businesses including Metropolitan Electricity Authority Provincial Electricity Authority Electricity Generating Authority of Thailand, PTT Global Chemical Public Company Limited, PTT Polymer Marketing, IRPC Plc.”

Last year in May, the Stock Exchange of Thailand (SET) officially launched the blockchain-based crowdfunding marketplace that is developed in support of private and public sectors. The new marketplace called as LiVE was described as a “complete startup ecosystem, inclusively from the business management education for startup and SME entrepreneurs, to assistance in connecting with institutional and accredited investors.”

At the time, SET President Kesara Manchusree had said, “LiVE” platform will be a key mechanism to help drive forward Thailand’s growth especially enabling startups and SMEs to have more financial accesses through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using partnership to expand the customer base.”

The project is currently being tested under the supervision of  of the Bank of Thailand (Regulatory Sandbox).

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