According toa recent local news report by ‘The Nation’, Kasikornbankis among theprime bankwithin thecountry to use the blockchain technology, setting the stage for aadditionalwidespread use of blockchainwithin thecountry’s banking sector.
Visa’s country manager in Thailand ‘Suripong Tantiyanon’,revealed his opinion on the partnership, noting that Visa B2Bcouldsupport developments in security, governance, and distributed ledger technology [DLT].
As per the seniorvpfor Kasikornbank Siriporn Wongtriphop,employingblockchain for international paymentscouldfacilitatehis company become the prime leaderwithin theindustrybecause ofthe extrasecurity provided for payments.
According to Visa’sweb-site, B2B Connect was launched back in the year 2017 tosuccessfully processcross-border payments. The U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines,and therefore theUnited Overseas Bank in Singapore were mentioned amongthe primarypartnersthat wouldbuilddirect transactions from each anothervia Visa’s B2B technologysupporting theblockchaindesign.
Kasikornbank,also referred as the Thai Farmers Bank, is headquartered inBangkok. In line withMoody’s recentanalysis, Kasikornbank had $96 Bln in total assets in March 2018.
As per a previous report from the month of August this year, the Bank of Thailand[BoT] beganpermittingnativebanksto lineup subsidiaries for dealing indigital currencies.As perthe regulations, Thai banksare permitted to issue digital tokens,offercrypto brokerage services, run crypto-related businesses, and invest in digital currencies through subsidiaries.