Thailand to implement blockchain in financial services

Wednesday 18 July 2018 09:29 CET | News

Bank of Thailand has announced at the Bloomberg Asian Business Summit that the government is looking to embrace blockchain technology.

In order to support financial innovations, the Bank of Thailand has developed a platform, called the Sandbox, which helps fintech companies to test new technologies and operating standards in a safe environment before the products and services are launched to the general public.

Some of the technologies being currently reviewed are blockchain applications for cross-border payments, supply chain financing, and document authentication. Furthermore, the Bank of Thailand is currently undergoing regulatory reform, which will review outdated rules and regulations, particularly those that hindered financial innovation.

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Keywords: Thailand, Bank of Thailand, blockchain, financial services, cross-border payments, supply chain financing, document authentication, regulatory reform
Countries: World

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