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.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ZA Bank’s Devon Sin on why Web3 is key to HK’s growth
The bank has expanded services to cater to stablecoin issuers and Web3 companies. 
Retail Banking
CIMB Niaga leads the way in captivating Indonesia’s youth
The bank’s digital solutions are winning over younger generations with 3.2M mobile users and 96% digital transaction rate in 2023.
BCA sets benchmark in Indonesia’s microfinance sector
Innovative approaches reflect the bank’s commitment to pushing financial inclusion and fostering economic growth.