Large Thailand-based bank to explore DeFi offering

The project, known as Kubix, is run in collaboration with the Stock Exchange of Thailand and has been set up to run as an initial coin offering portal for digital tokens, the online publication cited a report by the Bangkok Post. Kubix uses smart contracts built on blockchain technology to allow users to lend and borrow funds from others without relying on brokerages, exchanges, or banks to provide traditional services.

The report cites chairman Ruangroj Poonpol of KBank’s technology arm, Kasikorn Business Technology Group (KBTG) who said DeFi is a ‘key exploration’ for the banking group throughout 2021. Ruangroj added that financial services under DeFi would likely boost Thailand’s financial inclusion for those unbanked or underbanked by enabling ‘better access’.