The Bank of Thailand to Test CBDC
Main page News, Fintech, Tech, Thailand, CBDC

Thailand's central bank, the Bank of Thailand (BOT), will develop a prototype of the payment system for businesses using central bank digital currency (CBDC).

The prototype will reportedly be built upon knowledge from Project Inthanon.

According to an official announcement, the BOT recognizes and supports "the important roles of financial innovation and technology in enhancing the competitiveness and readiness of the business sector entering the digital age."

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Developed by the BOT, CBDC will be integrated with the procurement and financial management systems of the Siam Cement Public Company Limited and its suppliers developed by Digital Ventures Company Limited.

"The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers, or delivering faster and more agile payments between suppliers," the announcement says.

It is expected that the project will begin in July 2020 and the deadline is set at the end of the year, after which the BOT will publish the project summary and outcome accordingly.

In January, Thailand's largest commercial bank (in total assets) Siam Commercial Bank (SCB) signed a partnership with Ripple to help bring the company into the digital age and develop a mobile application that runs on Ripple, called SCB Easy, the official press release states.

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