22 Thai banks and foreign branches are cooperating in the development of a blockchain-powered electronic Letter of Guarantee (e-LG) network via BCI (Thailand) Co Ltd with the backing of Thailand’s central bank, the Bank of Thailand (BOT).
As reported by news portal The Nation, the initiative, touted as the first of its kind, aims to achieve a 50% increase in the use of blockchain-based e-LG by Thai businesses within the span of three years, which will also help cut operating costs.
According to BOT Governor Veerathai Santiprabhob, the network is expected to boost competitiveness for businesses and the nation overall. He further noted that the collaboration under the Thailand Blockchain Community Initiative showed tangible progress in adopting new technology in the financial and business sectors.
Predee Daochai, chairman of the Board of Directors at BCI (Thailand) and the Thai Bankers’ Association, said blockchain is becoming more widely implemented worldwide, with Thailand being actively involved in enhancing convenience and security for business operations, while reducing the amount of paperwork required.
In strengthening the partnership under the Thailand Blockchain Community Initiative, BCI (Thailand) will focus on research as well as developing technologies and innovations. With participating banks connected through a common platform, the blockchain system is expected to thrive while also advancing national infrastructure.
This will in turn promote the adoption of new technologies as well as enhance the efficiency and competitiveness of Thailand’s business sector and the economy as a whole in order to achieve sustainable growth.
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