14 Thai banks collaborate to develop shared blockchain platform

The banks make up the Thailand Blockchain Community Initiative.

Bank of Thailand, the country's central bank, announced that 14 Thai banks have joined forces to create the Thailand Blockchain Community Initiative and use blockchain technology in developing a shared trade finance platform.

Thailand's big four—Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, and Kasikornbank—are participating in the initiative which will be tested in the central bank's sandbox and will be online by September. It will be used to issue digitised Letters of Guaranee and documents, and shorten processes.

“With this infrastructure sharing, banks do not need to invest on their own. Interoperability enhances efficiency, reduces costs in our financial sector and addresses the needs of the consumer and the business sector,” Veerathai Santiprabhob, the governor of the Bank of Thailand, said at a press conference.

The initiative utilises Linux Foundation's Hyperledger Fabric as a technology platform.