Thai Banks Launch Blockchain Community Initiative

Asia Blockchain Review
June 3, 2019

Major banks in Thailand including Krungsri Bank, Bangkok Bank, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank, and TMB have jointly introduced the Blockchain Community Initiative (Thailand) Co. Ltd. or BCI.

Blockchain Platform to Issue Electronic Letter of Guarantee

The joint initiative’s first goal is to shorten the timeframe in which letters of guarantee (LGs) are issued, which presently take up to seven days. With blockchain, the process can be streamlined, offering greater ease of doing business for companies.

Each year, over 500,000 LGs are issued, worth a combined 1.35 trillion baht. According to Blognone, the banks expect that BCI will be able to accommodate up to 50% of all LG issuances within the next three years.

Thakorn Piyapan, Head of Digital Banking at Krungsri Bank, revealed that the banks will share a common node as well as a web portal dedicated to LG services. The system will be operational in June and fall under the jurisdiction of the Bank of Thailand’s regulatory sandbox.

Sharpening the Nation’s Competitive Edge with Blockchain

According to the official statement, 22 Thai and international banks had joined to establish the blockchain network with the aim of offering LGs, thereby enhancing the country’s competitive advantage and mobilizing the economy.

Veerathai Santiprabhob, Governor of the Bank of Thailand, revealed that this initiative was founded with the goal of increasing cooperation and expanding the blockchain community in the country to serve more businesses across different industries.

Blockchain technology will help to increase the overall competitiveness of the Thai economy,” Veerathai said. “We hope that the BCI will encourage more adoption of blockchain technology for stakeholders.”

Source: www.blognone.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

Related Article
China Races to Roll Out National Digital Currency
Following Facebook’s announcement of Project Libra, China has been more determined than ever to intr...

September 23, 2019

Crypto Exchange Hires Singapore Monetary Authority Veteran as Compliance Chief
iSTOX, a digital securities issuer and crypto exchange, announced that it has hired a 15-year vetera...

September 23, 2019

Isle of Man Issues First Token-Based Supplier License
Blockchain gambling platform FunFair has become the first company to be approved for a token-based s...

September 23, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us