Massive Blockchain Adoption in Thailand, 22 Banks and Enterprises Join Forces To Build A Blockchain Payment System For The Whole Country

Thailand, as a part of the Thailand Blockchain Community, will see a total of 22 banks and enterprises collaborate to build a blockchain payments system for the country, the Siam Commercial Bank (SCB) revealed in a blog post.

The blog post states that the Commercial Bank of Thailand is working with 14 members of the Thai Bankers Association, in addition to 7 state-owned enterprises and large business organizations to “build the Thailand Blockchain Community” and “bring Blockchain technology to enhance the efficiency and competitiveness of the business of the country.”

The post details the list of members,

The organization that initiated the creation of Thailand Blockchain Community Initiative consists of Siam Commercial Bank. Bangkok Bank Krung Thai Bank Public Company Limited Krungsri Ayudhya Bank Kasikorn Bank Kiatnakin Bank CIMB Thai Bank TMB Bank, TISCO Bank, Thanachart Bank, Bank for Agriculture and Agricultural Cooperatives, UOB Bank, Standard Chartered Bank (Thai) and Government Savings Bank.

Consultants for the effort include Accenture and IBM.

The SCB has been showing an increasing amount of interest in utilizing blockchain technology for increased efficiency and reduced costs of transfers. The bank, the largest commercial one of the nation, recently trialled a blockchain-based transfer using Ripple’s solutions, reducing a days-long transfer to 3 minutes. It has also hinted that it is considering the use of the XRP token itself in some manner, saying that users “will have to wait for an announcement.”

Thailand’s central bank, the Bank of Thailand, has also said that it would use the blockchain for interbank settlements.