Siam Commercial Bank (SCB), one of Thailand’s big five banks, has launched a stablecoin solution for cross border payments, including remittances. The project graduated from the Bank of Thailand regulatory sandbox in October 2024.
The bank partnered with SCB 10X, its venture and innovation arm, and Singapore fintech Lightnet for the launch with custody technology provided by Fireblocks. We’ve requested details about the public blockchain and stablecoins being used, but didn’t receive a response in time for publication.
Cross border payments usually require banks to have pre-funded Nostro accounts at the destination. Using stablecoins this may not be needed. Plus stablecoin transfers are very inexpensive and can happen 24/7.
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