SCBX Archives

Thailand's first stablecoin-powered cross-border payment system has been launched by Siam Commercial Bank (SCB). This creative approach seeks to streamline and accelerate international transactions in partnership with SCB 10X and Lightnet. The bank claims that using stablecoins—digital assets backed by either gold or the US dollar—allows for safer and more effective cross-border transfers. Leveraging Blockchain for Faster Payments Constructed on an open blockchain network, the system makes use of Fireblocks' state-of-the-art custody technology to guarantee asset security. The platform is always up and running, so cross-border payments can be made whenever you choose. The service lowers operating expenses while simultaneously improving capital efficiency by doing away with the requirement for banks to maintain pre-funded accounts with overseas institutions. Customers may send and receive money in local currencies thanks to the simplified system, which does away with cumbersome clearance procedures and currency conversions. As a result, handling foreign transactions is made easier and more affordable. SCB’s stablecoin project successfully passed the Bank of Thailand’s Digital Asset Regulatory Sandbox in October 2024, having first entered the testing phase in August. This sandbox allowed crypto services to be trialed under flexible regulations, promoting growth in Thailand’s digital asset market. With its official launch, SCB’s system sets a new benchmark for blockchain in finance and strengthens its role as a digital banking pioneer. Keen on making financial services more accessible and efficient, SCB continues to push boundaries with its blockchain innovations. The new payment system is expected to have a significant impact on how international transactions are conducted, not just in Thailand but throughout the region.

SCBX

Siam Commercial Bank Launches Thailand’s First Stablecoin-Based Cross-Border Payment System

Thailand’s SCBX Partners with Korea’s Hashed for Web3 Expansion