The fourth largest bank in Thailand, Kasikornbank, will join the Visa’s B2B Connect Project with other well-respected financial institutions such as the U.S. Commerce Bank, Shinhan Bank in South Korea, the Union Bank of Philippines, and the United Overseas Bank in Singapore.
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With only five million baths of registered capital at the beginning, The Kasikornbank now has $96 billion in assets and become one of the largest banks in Thailand.
The expansion of the bank is not a surprise when Thailand has an open economy and much more pro-cryptocurrency, especially in the context of Asia. For example, China, the largest neighbour in the economy, has banned ICOs completely, even though its state-owned banks have implemented blockchain technology to optimize its operations. In contrast, the Bank of Thailand has a serious plan to issue its own state-issued cryptocurrency. The bank of Thailand is also going to allow local banks much more leeway in term of cryptocurrency- Such as allowing them to issue tokens, invest in cryptocurrency markets through subsidiaries, and even provide crypto brokerage services.
Catching up with precursors, Such as Japan declaring that Bitcoin is a legal form of payment, and mayor of Seoul expressing interest in developing his own cryptocurrency- Thailand is implementing their regulation to support Thailand to become an international hub when it comes to cryptocurrency.
Thailand may not has a powerful economy like its neighbours, but no doubt that the cryptocurrency enthusiasts and companies internationally will be attracted by this economy.
Suripong Tantiyanon, Visa’s Thailand country manager, emphasized his faith in the lead role of the Visa B2B helping the country when it comes to “security, governance, and distributed ledger technology”.
Visa’s B2B program was launched within a year but it obviously making great progress in Asia already. Stellar acquired Chain technology and used it as a platform of Visa’s B2B program, which means Visa’s B2B program can enter one of the most potential cryptocurrency sector – the corporate cross-border payment sector. Many analysts believe in the tremendous evolution of this sector, and it is also one of the main ways making many cryptocurrency enthusiasts believe cryptocurrency might lead the charge to mass adoption.
The idea is that blockchain technology will allow for faster and cheaper transactions, which will save banks massive amounts of money. Visa also believes that blockchain technology allows for the cross-border payment sector to be more transparent than ever, as well. Kasikornbank is the first Thailand bank to join the platform.
The world needs a faster and cheaper transaction, which will save banks massive amounts of money. Blockchain technology is believed that not only meets that need but also allows for the cross-border payment sector to be more transparent than ever. Thailand has the first bank catching up with global trend and will expand soon.
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