Bank of Thailand Considers Blockchain Technology To Improve the Cross-Border Payments And Reduce Fraud

On July 12, at the Bloomberg ASEAN Business Summit, Dr. Veerathai Santiprabhob, the Governor of the Bank of Thailand announced that the bank is considering Blockchain technology for a number of applications during his speech.

He added that the applications include cross-border payments which would "improve regional financial connectivity and facilitate smoother cross-border financial services", supply chain financing and document authentication.

Dr. Santiprabhob also cited on the blockchain playing an important role in the financial security matters and reducing the fraudulent activities:

“Adoption of modern technologies like biometrics and blockchains can help safeguard financial information and reduce the number and magnitude of fraudulent activities.”

Along with this, the governor also mentioned that the bank's upcoming regulations will encourage "competition and innovation":

“The Bank of Thailand is also undergoing regulatory reform to review outdated rules and regulations, to facilitate ease of doing business and ensure that our regulations do not impede competition and innovation and contribute to high costs of financial services.”

Implementation of blockchain technology comes as yet another step by the Bank of Thailand, the first being- improvising the inter-bank settlements by possibly issuing the Central Bank Digital Currency. Thailand is on its way closer to a revolutionized finance handlings.



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