KBank Partners with Orbix Technology and StraitsX to Showcase Blockchain Cross-Border Payments Innovation at Singapore FinTech Festival 2024

KASIKORNBANK (KBank), in collaboration with Orbix Technology and StraitsX, is demonstrating an innovative cross-border payments solution through the Q-money by KBank app, powered by Quarix, Thailand’s own blockchain infrastructure. This initiative, currently operating under the Bank of Thailand’s regulatory sandbox, is a key driver for seamless cross-border payments. Leveraging the expertise of StraitsX, a Singapore-based fintech company, Thai tourists can use the Q-money app to make real-time payments with QR codes at merchants in Singapore. This solution paves the way towards a more interconnected digital economy between Thailand and Singapore, while facilitating convenient and secure cross-border transactions.

Dr. Karin Boonlertvanich, Executive Vice President of KBank, said: “KBank is committed to developing digital technologies and cross-border payment innovations through blockchain technology for real-time transactions. This is a fundamental step in the transformation of financial transactions so that they are more convenient, faster and safer. Our achievement stems from the collaboration of KBank, Orbix Technology and StraitsX in developing a blockchain-based payment solution tailored to Thai tourists traveling to Singapore, allowing them to make seamless payments to local merchants. This serves as a milestone for KBank and our partners as we jointly drive innovations for customers while paving the way for future financial services. “Our collaboration underscores our commitment to advancing Thailand’s digital financial economy to compete on the global stage.”

Yarnvith Raksri, CEO of Orbix Technology and Innovation Co. Ltd. (Orbix Technology), noted that advances in blockchain technology have triggered the creation of financial innovations to meet the increasingly diverse needs of users. More recently, Quarix has played a major role in driving the Q-money by KBank app and integrating it with the StraitsX system to enable seamless cross-border payments via blockchain, making them as convenient as domestic transactions. This represents a significant innovation in cross-border payments, improving speed, security and reliability.

Orbix celebrates its first anniversary with world-class safety standards

Mr. Tianwei Liu, Co-Founder and CEO of StraitsX, added that the foreign exchange process involving the conversion of Thai Baht in the form of Q-money into the Singapore Digital Stable Currency or XSGD, issued by StraitsX, based on Blockchain technology allows instant settlement between the Thai Baht and the XSGD.

Singapore merchants will then receive real-time payments in the Singapore dollar, their chosen currency. This solution significantly improves the stability and convenience of cross-border payments.

The entire payment scanning process takes less than a minute, giving users the convenience and speed of making payments as if they were in their own country. The steps are as follows: Users open the Q-money by KBank app and scan the PayNow or Grab QR code belonging to Singapore merchants to pay in Thai baht, without having to manually search for exchange rates. Once users confirm the exchange rate displayed in the app, the Quarix and StraitsX blockchain systems work together to enable real-time settlement between Q-money and XSGD. Merchants then receive instant payments in their chosen currency, eliminating the need to manage exchange rates themselves.

Quarix has played a major role in powering the Q-money by KBank app and integrating it with the StraitsX system to enable seamless cross-border payments via blockchain.

Additionally, this initiative, which operates under the regulatory framework of the Bank of Thailand, serves as a testing ground designed to safely test new projects in accordance with regulatory guidelines.

Finally, Yarnvith noted that KBank and Orbix Technology plan to develop the Q-money by KBank application to help foreign tourists visiting Thailand make real-time payments with QR codes to Thai merchants conveniently and securely. The ultimate goal of the project is to expand the Q-money by KBank app to facilitate QR code payments across Southeast Asia, enabling seamless cross-border payments and improving the efficiency of interconnected payment systems across the region. The above innovation is currently being reviewed by the Bank of Thailand for implementation under the regulatory sandbox.