Photo Release: Concerted effort of 14 Thai banks to develop the first Thailand Blockchain Community Initiative

Monday 19 March 2018 14:44
Recently, at Bank of Thailand (BOT) Learning Center, Mr. Veerathai Santiprabhob, BOT Governor, Mr. Predee Daochai, Thai Bankers' Association Chairman, and representatives from 14 commercial banks in Thailand joined hands with seven state enterprises and large business corporations to unveil Thailand Blockchain Community Initiative by using blockchain technology to upgrade the business efficiency and competitiveness. The initiative kicks off with Thailand's first project of blockchain-based letters of guarantee (LGs), fully integrating the LG system worth THB1.35 trillion into the era of electronic documentation wherein the operating costs will be cut by half. The system is now in the testing process of BOT's regulatory sandbox, which assists in development of innovative and standardized services for maximum benefits of all users and the Thai economy, and is expected to start in the third quarter of this year.