Kasikornbank KPCPY and SCBX, two of Thailand’s largest banks, are diving into stablecoin-powered remittance services to enhance cross-border transactions.
Kasikornbank recently partnered with Japan’s G.U. Group to explore stablecoin solutions for remittances between the two countries, capitalizing on the high number of Japanese businesses operating in Thailand, reported Nikkei on Wednesday.
SCBX introduced Thailand’s first international stablecoin remittance platform, enabling 24/7 transactions with reduced fees. With a robust mobile payment infrastructure and a significant migrant workforce, Thailand is poised for stablecoin adoption.
However, questions about regulation and stability loom over this shift in financial technology.
Read Next:
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
