Last March, several banks created the
Thailand Blockchain Community Initiative (BCI). This week
The Nation reported that 22 banks are now involved including foreign bank branches. The first application is for Letters of Guarantee (LG). The aim is to halve the costs involved in using the trade finance tool.
Other benefits include reducing fraud and speeding up the process of issuing LGs.
Every year in Thailand, there are more than 500,000 LGs issued worth more than Baht 1.3 trillion ($43.2 billion). The aim is to digitize 50% of these within three years.
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