During the ASEAN (Association of Southeast Asian Nations) Central Bank Governors’ Meeting in Chiang Rai, Thailand, several cross-border initiatives on cross-border payment linkages and financial innovations involving Thailand were showcased:
Interoperable QR Payment: Siam Commercial Bank (SCB) of Thailand has announced the development and testing of interoperable QR payment service based on EMV standard with its subsidiary in Cambodia.
Bank Indonesia & Bank of Thailand MOU signing on Payment systems and Financial Innovation
Indonesia and Thailand / Intra-ASEAN L/C Service on Enterprise Blockchain (Bangkok Bank (BBL) has partnered with GC Marketing Solutions Company Limited (GCM), a chemical flagship and subsidiary of PTT Global Chemical Company Limited (GC), to test 3 trade finance transactions between Thailand and Indonesia using the Voltron Application on R3 CORDA Platform. For the test, PT. Bukitmega Masabadi, a trade partner of GCM, Indonesia, would send an electronic Letter of Credit (L/C) via Bangkok Bank’s Indonesia branch to Bangkok Bank Thailand)
Bank of Lao PDR & Bank of Thailand MOU signing on Payment systems and Financial Innovation
Joint Initiative for Cross-border QR Payment (Thanachart Bank Public Company Limited (TBANK) and Banque Pour Le Commerce Exterieur Lao Public (BCEL) jointly developed a cross-border QR payment service between Thailand and Lao PDR)
Real-time International Fund Transfer for Business using Blockchain Technology (Krungsri)
Remittance powered by Everex (Krungthai Bank (KTB) of Thailand and Shwe Bank of Myanmar, in collaboration with Everex, have developed a secure, convenient and instant remittance service, using Blockchain platform, called the “Krungthai Bank and Shwe Bank Remittance powered by Everex.”)
Remittance transfer via API between Singapore and Thailand (DBS and KASIKORNBANK have jointly developed an API-based funds transfer service, the “Remittance via API: Cross-Border Payment Connectivity Platform,” that accepts remittances from Singapore to Thailand)
Cashless Experience through Cross-border QR Payment (AIS mPay has introduced GLOBAL Pay, a mobile wallet application that enables Thai customers with an e-wallet and, in the near future, with Thai bank accounts to make QR Code payments when they travel overseas through VIA, Asia’s first cross-border mobile payment alliance by Singapore’s leading telco, Singtel Group)
Interoperable QR Payment (Bangkok Bank has collaborated with Thai Payment Network and UnionPay to offer QR payment service based on EMV standard, enabling customers to make cross-border payments through UnionPay network by using BBL BeWallet application with Be1st debit card
Introduction of SpeedSend by Malaysia based CIMB Group, an international remittance service connecting the ten ASEAN countries together
(Source: Bank of Thailand)
