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Exploring DeFi For Improving Banking Sector – KBank Thailand.

Within a bid to grow its business, Thailand’s 4th leading bank by assets, Kasikorn [KBank], is reportedly further exploring a project that seeks to bypass financial intermediaries using DeFi [Decentralized Finance].

In collaboration with the stock market of Thailand, the project, referred to as Kubix, has been found out to run as an ICO [Initial Coin Offering] portal for digital tokens, consistent with a report by the Bangkok Post earlier on Monday.

The report outlined chairman Ruangroj Poonpol of KBank’s technology arm, KBTG [Kasikorn Business Technology Group] who added DeFi might be a “key exploration” for the banking group throughout 2021.

Moreover, the project uses smart contracts built on blockchain technology to permit users to lend and borrow funds from others without counting on brokerages, exchanges, or banks to offer traditional services.

“The project is being explored through KBTG beneath the second phase of the company’s digital transformation program,” added Ruangroj. Phase two is predicted to hide the rest of this year through to 2023 after having successfully completed its primary phase throughout 2018-2020, consistent with the report.

Ruangroj added that financial services under DeFi would likely improve Thailand’s financial exclusion for those unbanked or underbanked by permitting “better access.”

“With this asset-backed form, DeFi could also create value for Thailand,” explained Ruangroj.

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