The adoption of blockchain technology in the mainstream financial sector in Thailand seems unstoppable.

In a speech at Bloomberg’s ASEAN Business Summit, Dr. Veerathai SanTIprabhob, Governor of the Bank of Thailand, revealed that the Bank of Thailand is reviewing blockchain applications for document authentication, supply chain financing and cross-border payments. This is implemented through the central bank's regulatory sandbox.

SanTIprabhob said: "Sandbox is a platform for financial institutions and fintech companies to test new technologies and operating standards in a safe environment before products and services are opened to the public." "The technologies reviewed by (sic) include...cross-border payments , Blockchain applications for supply chain financing and document authentication."

The Bank of Thailand is reviewing blockchain applications

Blockchain-driven regional connection

The governor of the Bank of Thailand also reiterated the central bank's commitment to regional connectivity. According to SanTIprabhob, one way to achieve this goal is to implement cross-border payments through the use of blockchain applications.

SanTIprabhob also stated that the Bank of Thailand is studying the use of other technologies such as blockchain technology and biometrics to protect financial information to reduce fraud.

This is not the first time the Bank of Thailand has disclosed its commitment to blockchain technology. Earlier last month, according to foreign media reports, the governor of the Bank of Thailand disclosed that the Bank of Thailand is working hand in hand with the country’s financial sector. The Thai Blockchain Community Project launched in March this year advocated the use of blockchain technology in the banking industry. This positive proposal brings together 14 commercial banks and 7 public and private companies.

Central Bank Digital Currency

One of the goals of the initiative is to provide a guarantee based on blockchain. The plan also aims to use blockchain applications to reduce the time for allocating bonds to retail investors from 15 days to 2 days.

In addition, the BoT Bank President also revealed that the team is currently advancing the "Inthanon Project", which will launch the central bank's digital currency. CBDC will be mainly used for settlement between banks.

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