The march around the adoption of blockchain technology in?Thailand’s mainstream financial sector seems unstoppable.
In a delivery delivered through Bloomberg ASEAN Business Summit, the governor with the?Bank of Thailand, Dr. Veerathai Santiprabhob, demonstrated that the central bank was undertaking treadmills blockchain applications for reasons for document authentication, supply chain financing and cross-border payments. That is being achieved through the central bank’s regulatory sandbox.
“The sandbox works as a platform for banks and FinTech firms to run a test new technologies and operating standards in a safe environment before the professional services are launched within the general public,”?said?Santiprabhob. “Technologies under (sic) reviewed include – blockchain applications for cross-border payments, supply chain financing, and document authentication.”
Blockchain-Powered Regional Connectivity
The governor of one’s Bank of Thailand also affirmed the central bank’s persistence for regional connectivity. In their career . achieving this, based on Santiprabhob, was by employing blockchain applications which allow cross-border payments.
Santiprabhob also asserted the central bank was trying to apply blockchain technology, besides other technologies along the lines of biometrics, in safeguarding financial information so that it will reduce fraud.
This isn’t first time that this Bank of Thailand has shown its resolve for blockchain technology. Early last month, as CCN reported, the central bank governor disclosed how the Bank of Thailand was working in hand with the country’s financial sector, within?Thailand Blockchain Community Initiative?which was launched in March at the moment, in order to harness blockchain technology in banking. The initiative brought together 14 commercial banks as well as seven private and non-private enterprises.
Central Bank Digital Currency
One of your goals of this initiative could be to provide blockchain-based letters of guarantee. The initiative also aims make use of blockchain applications get rid of the time requires to allocate bonds to retail investors to two days from 15 days.
Additionally, the governor of BoT also disclosed that this initiative ran ‘Project Inthanon’ which would consult a?central bank digital currency?launched. The CBDC would primarily be used to conduct interbank settlements.
“Another project through the pipeline is the “Project Inthanon” in which the Bank of Thailand and banks will co-develop a different way of conducting interbank settlement using wholesale central bank digital currency or CBDCs. Like other central banks, our goal will not be to immediately bring CBDC into use, however to explore its potential and implications for back-office operations,” Santiprabhob said early last month in a speech this was delivered inside the 2019 Nomura Investment Forum Asia input into?Singapore.
