Thailand’s KBank To Trial Visa’s Blockchain B2B Payments Platform

Blockchain, News | September 24, 2018 By:

Kasikornbank (KBank), a major banking group in Thailand, has joined the Visa B2B Connect pilot program designed to simplify cross-border business-to-business (B2B) payments.

KBank is the fourth largest commercial bank in Thailand as measured by total assets, loans, and deposits, with the market shares of 14.5%, 14.6% and 15.3% respectively. It offers consumer banking such as credit card services, and mortgage lending, wealth management, corporate banking services including cash management, international trade financing, lending, deposit-taking, supply chain financing, Bancassurance, FX and derivatives, investment banking, custodian services, asset management, securities service, and factoring.

First announced in October 2016, Visa B2B Connect is a platform for banks to make payments and settle funds across borders using Chain Core, the blockchain infrastructure developed by Chain. It aims to significantly improve the way international B2B payments are made by offering clear costs, improved delivery time and visibility into the transaction process.

KBank will be the first Thai bank to be included in the pilot program, which was launched in November 2017. Other participants in the trial include Commerce Bank in the US, South Korea’s Shinhan Bank, Union Bank of the Philippines, and United Overseas Bank in Singapore.

Siriporn Wongtriphop, First Senior Vice President of KBank, said that the bank is dedicated to delivering new and innovative solutions for their customers, and that they are excited to be participating in the Visa B2B Connect pilot.

“The Visa B2B Connect pilot is the first step of a new paradigm in reimagining cross-border payment transactions,” Siriporn said. “As the first mover in Thailand, we believe that KBank will be a leader in the industry which benefits KBank’s enterprise clients in terms of more secured payment.”

Suripong Tantiyanon, Country Manager of Visa Thailand, said that Visa’s focus is to provide their financial institution partner with access to their products, tools and expertise that will enable their growth and success.

“With our technological capability and network, we are pleased to partner with Kasikornbank to create a more efficient, transparent way for business-to-business payments to be made across the world,” said Suripong.