In April Thailand’s second largest bank Kasikornbank (KBank) partnered with JP Morgan to explore cross border payments using JPM Coin (renamed to Kinexys Digital Payments). Now KBank and group subsidiary Orbix Technology have partnered with Singapore stablecoin firm StraitsX for a different kind of cross border payment.
The April collaboration with JP Morgan was for Project Carina. KBank has issued Thai Baht ‘e-money on a blockchain’, which it calls Q-money. That’s because it uses the Quarix blockchain operated by Orbix Technology. Q-money is part of the Bank of Thailand’s regulatory sandbox. Meanwhile, with Kinexys Digital Payments, JP Morgan clients can open blockchain-based bank accounts on the bank’s private DLT.
Project Carina was to the transfer Thai Baht using Q-money to a USD bank account using Kinexys Digital Payments. The key advantages include the money arriving in minutes. Plus it allows cross border payments 24/7 without worrying about bank cut off times.
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