Market Analysis

Bank Of Thailand Has Joined The Blockchain-Based Visa B2B Connect Program.

According to a recent local news report by ‘The Nation’, Kasikornbank is among the prime bank within the country to use the blockchain technology, setting the stage for a additional widespread use of blockchain within the country’s banking sector.

Visa’s country manager in Thailand ‘Suripong Tantiyanon’,revealed his opinion on the partnership, noting that Visa B2B could support developments in security, governance, and distributed ledger technology [DLT].

As per the senior vp for Kasikornbank Siriporn Wongtriphop, employing blockchain for international payments could facilitate his company become the prime leader within the industry because of the extra security provided for payments.

According to Visa’s web-site, B2B Connect was launched back in the year 2017 to successfully process cross-border payments. The U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines, and therefore the United Overseas Bank in Singapore were mentioned among the primary partners that would build direct transactions from each another via Visa’s B2B technology supporting the blockchain design.

Kasikornbank, also referred as the Thai Farmers Bank, is headquartered in Bangkok. In line with Moody’s recent analysis, Kasikornbank had $96 Bln in total assets in March 2018.

As per a previous report from the month of August this year, the Bank of Thailand [BoT] began permitting native banks to line up subsidiaries for dealing in digital currencies. As per the regulations, Thai banks are permitted to issue digital tokens, offer crypto brokerage services, run crypto-related businesses, and invest in digital currencies through subsidiaries.

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