Kasikornbank, the fourth largest bank in Thailand, has recently joined the blockchain-based Visa B2B Connect program for cross-border payments, local newspaper The Nation reported on Thursday, September 20.
The newspaper reported that Kasikornbank is the “first” bank in the country to use the technology, opening the gate for a more widespread usage of blockchain in the country’s banking sector.
Suripong Tantiyanon, Visa’s country manager in Thailand, noted that Visa B2B will support developments in “security, governance, and distributed ledger technology.”
Kasikornbank Aims to Take Leadership
According to senior vice president for Kasikornbank Siriporn Wongtriphop, using blockchain for international payments will help his company become “the leader in the industry” due to the additional payment security.
The website of Visa published that B2B Connect was launched back in 2017 to process corporate cross-border payments. All of The U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines, and the United Overseas Bank in Singapore were mentioned among the first partners that could make direct transactions from one to another via Visa’s B2B technology based on blockchain system.
It is worth mentioning that Kasikornbank, is headquartered in Bangkok, and was formerly known as Thai Farmers Bank.
Kasikornbank had $96 billion in total assets in March 2018, according to a study Moody centre recently conducted.
Media outlets had reported back in August, that the Bank of Thailand (BoT) began allowing local banks to set up subsidiaries for dealing with cryptocurrencies.
Thai banks are allowed to issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries- as the law labels allow.