Thailand’s fourth-largest bank, Kasikornbank has recently organized the blockchain-based Visa B2B Connect program for cross-border payments as reported by The Nation reported on 20th September.
While elaborating the subject matter, the newspaper reported that Kasikornbank is the only bank in the country that uses the blockchain technology while opening the corridor for a numerous usage of blockchain in the country’s banking sector.
Amid this, Visa’s country manager in Thailand, Suripong Tantiyanon stated that Visa B2B will support developments especially on governance, security and distributed ledger technology (DLT).
The use of blockchain for international payments will assist the entire company to be the leader in the industry due to the additional payment security in place as reiterated by senior vice president for Kasikornbank Siriporn Wongtriphop.
Besides this, the website of Visa announced that B2B Connect was introduced back in 2017 to execute corporate cross-border payments. With this, South Korea’s Shinhan Bank, all the U.S. Commerce Bank, the Union Bank of Philippines, and the United Overseas Bank in Singapore were expected to have created a partnership that would make direct transactions from one to another through Visa’s B2B technology based on blockchain system in place.
Needless to say that Kasikornbank’s headquarter is based in Bangkok and erstwhile it was known as Thai Farmers Bank. On the AUM front, Kasikornbank had $96 billion in total assets as of March 2018, as per the recent report published by Moody’s center.
Besides this, Media outlets had reported in August this year, that the Bank of Thailand (BoT) initiated to support local banks by allowing them to set up subsidiaries for dealing with cryptocurrencies.
With this, Thai banks are allowed to issue digital tokens, with the crypto brokerage services in place and able to organize crypto-related businesses. They may also invest in cryptocurrencies through subsidiaries as the law labels have certain provisions in place!!