A Significant Development in Financial Innovation
Together, KASIKORN BANK (KBank), Orbix Technology, and StraitsX are launching a global payment system that makes use of blockchain technology. An important milestone in the financial integration of Southeast Asia, this ground-breaking project seeks to transform cross-border transactions between Thailand and Singapore.
How Smooth Cross-Border Transactions Operate
At the Singapore FinTech Festival 2024, the cutting-edge payment system was introduced, demonstrating how it may streamline transactions for Thai tourists. Using the following essential elements, the procedure enables users to send immediate payments to Singaporean retailers through a blockchain-powered application:
- Q-money is a Thai baht e-money system that uses QR code scanning to facilitate speedy transactions.
- Quarix Blockchain: The architecture of Orbix Technology guarantees safe and effective operations.
- XSGD Stablecoin: Based on the Singapore dollar, StraitsX’s stablecoin makes currency exchanges reliable and effective.
Cooperation and Skills
These three organisations’ collaboration makes use of each other’s advantages:
KBank: Manages Q-money in accordance with Bank of Thailand regulations.
sandbox and offers an easy-to-use interface for managing FX rates.
Orbix Technology: Provides the stable Quarix blockchain framework, guaranteeing seamless StraitsX integration.
By providing the XSGD stablecoin, StraitsX makes international transactions safe and effective.
Attendees at the FinTech Festival, including prominent financial figures and executives in the industry, saw firsthand how blockchain technology allowed Thai baht payments to be easily converted into XSGD.
Developments in Regulation and Upcoming Growth
At the moment, the system functions inside the Bank of Thailand’s regulatory sandbox. In the future, the partners hope to enhance the application’s functionality to enable real-time QR code payments for visitors from other countries visiting Thailand.
Plans for the Future:
Increase the system’s accessibility throughout Southeast Asia.
Obtain complete regulatory clearance to conduct business outside of the sandbox.
bolster Thailand-Singapore’s digital economic partnership.
Thailand is positioned to lead the ASEAN area in innovative cross-border payments thanks to this project.
Innovation on Display at the 2024 Singapore FinTech Festival
From November 6–8, more than 66,000 people from 150 countries attended the Singapore FinTech Festival 2024. KBank, Orbix Technology, and StraitsX used the occasion as a perfect opportunity to showcase their blockchain payment solution, highlighting the increasing significance of smooth digital economic ties in Southeast Asia.
A Dedication to Innovation in Finance
KBank, Orbix Technology, and StraitsX’s partnership is an example of their shared dedication to using innovative financial technology to improve the efficiency of cross-border transactions. In addition to bridging Thailand and Singapore’s digital economic divide, this project paves the way for blockchain payments to be widely accepted throughout Southeast Asia.
