PANews reported on October 17 that according to Cryptoslate, Siam Commercial Bank (SCB), Thailand's fourth largest and oldest bank, has become the country's first financial institution to provide stablecoin-based cross-border payment and remittance services. The stablecoin remittance service will be provided in cooperation with fintech company Lightnet. The move aims to reduce transaction fees and provide customers with faster international transfers.
The introduction of a stablecoin-based service will enable SCB customers to send and receive payments around the world 24 hours a day, 7 days a week. The service was piloted through the Bank of Thailand's digital asset sandbox to ensure that the system meets regulatory standards and has the flexibility to expand in the future. The move is expected to further promote the development of Thailand's digital economy and make SCB an important player in the future financial services sector.