Thailand Bank SCB Unveils New Stablecoin Remittance Solution

Siam Commercial Bank (SCB) has teamed up with Lightnet to launch the first cross-border payment using stablecoins in Thailand. The new solution, created together with Lightnet, is to provide a simple and fast cross-border payment solution using stablecoins and public blockchain.

The service is available at any time of the day – the company’s clients can send and receive payments at any moment which also improves the flexibility comparing with the standard schedule of banking institutions. Since the users can transact using local currencies, the stablecoin system makes it easier to convert between the digital asset and the local currency, making the transaction seamless.

This initiative also removes the requirement of pre-funded accounts between financial partners thus enhancing capital utilization while at the same time cutting on expenses. This system is a major advancement for the financial services industry in Thailand, given the partnership between SCB and Lightnet.