Four firms to develop instant, low-cost cross-border payment systems using blockchain technology
Kbank announced on the 3rd that it has signed a Memorandum of Understanding (MOU) with Kasikornbank, Thailand’s largest bank, to cooperate in the fields of overseas remittance and payments.
This agreement also involved blockchain companies BPMG and Orbix Technology. The four companies plan to jointly develop instant remittance, low-cost remittance, and blockchain-based financial solutions, among others.
They will proceed to verify the technological safety and business efficiency of blockchain-based cross-border remittance and payment systems. Kbank will lead the development of cross-border payment and remittance systems by handling domestic banking services in South Korea, while Kasikornbank will provide its self-developed blockchain-based overseas payment infrastructure to support smooth remittance services for Thais residing in the country.
Kbank Bank President Choi Woo-hyung stated, “Our goal is to provide tangible benefits to customers in both South Korea and Thailand through innovative financial infrastructure utilizing blockchain,” adding, “We will continue to expand our reach into the global market by establishing a stable digital financial ecosystem.”
Kasikornbank Vice President Karin Boonlertvanich remarked, “The partnership with Kbank is a significant milestone in realizing digital financial innovation between South Korea and Thailand,” adding, “We will provide fast and efficient financial experiences to customers in both countries and create new opportunities for economic exchanges between businesses.”
Meanwhile, Kasikornbank is one of Thailand’s largest commercial banks, leading in retail finance and digital banking, and is recognized as the most proactive bank in digital transformation within the country.
