Bank claims reduced transaction costs
The Bank of Thailand is working with three payment service providers to launch its retail central bank digital currency (CBDC), a novel financial infrastructure it claims will improve the convenience and efficiency of financial transactions with lower costs.
The central bank is collaborating with Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co to test the retail CBDC.
Testing in a regulatory sandbox is expected to take place from June to August this year, said Sam Tanskul, managing director of Krungsri Innovate, a corporate venture capital arm under Krungsri.
Krungsri is one of the first financial institutions to start operating a pilot test for retail CBDC.
In the pilot test,…
