South Korea’s first internet-only lender K bank has joined hands with Kasikornbank, the largest commercial bank in Thailand, to boost cross-border remittance and payment services based on blockchain technology, the company announced Tuesday.
According to the lender, K bank signed a memorandum of understanding with Kasikornbank late last year to jointly develop blockchain-based financial technologies, including overseas remittance and payment services.
BPMG, a local technology company specializing in the application of blockchain across gaming and finance, and Orbix Technology, a wholly owned subsidiary of Kasikornbank responsible for building the group’s blockchain infrastructure, were also included in the agreement.
K bank will lead the development of the cross-border system, while Kasikornbank is to offer its self-developed blockchain-based overseas payment infrastructure to support smooth remittance services for Thai nationals residing in Korea.
The initiative is expected to reduce the time and costs of cross-border transactions and enable Korean tourists in Thailand to make payments without concerns over currency exchange or additional fees. It will also help corporate clients ensure more stable payment settlements.
The partners agreed to move forward with full-scale cooperation as soon as relevant regulatory frameworks are put in place in both Korea and Thailand.
“The goal is to deliver tangible benefits to customers in both Korea and Thailand through innovative financial infrastructure powered by blockchain technology,” K bank CEO Choi Woo-hyung said. “We will continue to expand into global markets based on a stable digital finance ecosystem.”
Karin Boonlertvanich, executive vice president of Kasikornbank, echoed the sentiment, highlighting the need to deliver fast and efficient financial experiences to customers in both countries while creating new opportunities for economic cooperation.
“The partnership with K bank marks an important milestone in advancing digital financial innovation between Korea and Thailand,” Boonlertvanich said.
