Last month, Siam Commercial Bank (SCB) announced it has been working with the Bank of Ayudhya (Krungsri) and 2C2P Thailand to develop a central bank digital currency (CBDC) application for the country’s digital baht. The initiative is part of the Bank of Thailand‘s (BOT) retail CBDC pilot, which is operating in a regulatory sandbox with domestic payment service providers and will run throughout the summer.
The app combines digital payment services, know-your-customer (KYC) verification, and top-up procedures. Currently it is limited to a select group of participants of approximately 10,000 individuals, which includes both users and merchants across all the payment providers, with around 3,000 employees from the SCB group. However, the BOT does not have any immediate plans to launch a digital currency.
In June, we reported the start of Thailand’s latest CBDC pilot, which involved retail payments around the Bank of Ayudhya’s offices using a mobile banking app that employees could use to pay for goods and services at participating stores. Last month, SCB confirmed it was involved in the digital currency application.
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