Thailand and Singapore Collaborate on Revolutionary Cross-Border Payment Solution

Groundbreaking Demonstration at FinTech Festival 2024

Industry Leaders Witness Transformation of Payment Systems

A remarkable cross-border payment solution was showcased at the FinTech Festival 2024, captivating the audience of top industry figures. The event saw the participation of prominent personalities such as KBank’s CEO Ms Kattiya Indaravijaya, Dr Daranee Saeju from the Bank of Thailand, KBank’s Dr Karin Boonlertvanich, Yarnvith Raksri of Orbix Technology, and Tianwei Liu from StraitsX.

Seamless Currency Conversion through Blockchain

Effortless Transactions in Thai Baht Automatically Converted to XSGD

The live demonstration illustrated the seamless process of paying in Thai baht, with automatic conversion to XSGD facilitated by blockchain technology, showcasing the future of borderless transactions.

Regulatory Advancements and Expansion Plans

Development Within Bank of Thailand’s Regulatory Sandbox Framework

The innovative payment solution is currently operating within the regulatory sandbox framework of the Bank of Thailand, setting the stage for future advancements. KBank and Orbix Technology are gearing up to expand the Q-money by KBank application to cater to foreign tourists in Thailand, enabling instant QR code payments. The collaborative effort aims to extend this payment capability across Southeast Asia, with plans for regulatory approval under review by the Bank of Thailand.

The initiative signifies a significant step towards enhancing digital connectivity between Thailand and Singapore, solidifying Thailand’s position as a frontrunner in cross-border payments within the ASEAN region.