The push for the adoption of Blockchain technology in Thailand’s banking sector appears to be unstoppable. The Governor of the Bank of Thailand (BoT), Dr. Veerathai Santiprabhob, at the ASEN Bloomberg Business Summit, disclosed that the Central Bank was carrying out a thorough examination of blockchain applications for authentication of documents, financing of the supply chain, and cross-border payments.
“The Sandbox serves as a platform for FinTech financial institutions and firms to test new technologies and operating standards in a secure environment before products and services are released to the general public,” said Santiprabhob.
The Governor of the Bank of Thailand also asserted that there is a secure attachment on the part of the Central Bank to the region’s connectivity with the world. The Bank considers the use of Blockchain for cross-border payments as a way of enhancing the financial sector in Thailand.
Central Bank of Thailand has the goal to adopt blockchain technology for cross-border payments and back-office activities
Earlier this July, Santiprabhob announced that he was collaborating with the country’s banking sector under Thailand’s Blockchain Community Initiative to harness blockchain technology in the financial system. This effort gathered 14 commercial banks, as well as seven state and private enterprises.
The governor of the BoT also considers that Blockchain has an essential role to play in mitigating fraudulent activity and safeguarding financial information.
“The adoption of modern technologies such as biometrics and Blockchain can help safeguard financial information and reduce the number and scale of fraudulent activity,” said Santiprabhob.
“The Bank of Thailand is also undertaking regulatory reform to review obsolete rules and regulations, to facilitate trade and to ensure that our regulations do not impede competition and innovation and also contribute to the high costs of financial services,” the Governor added during the ASEN Bloomberg Business Summit.
Ultimately, the Central Bank of Thailand’s purpose would be to use blockchain technology for cross-border payments and back-office activities.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.