BANGKOK, Sept 19 (Xinhua): The Thai central bank governor on Friday (Sept 18) said in a fintech forum that his team is in the midst of trialling a prototype payment system for businesses using the Central Bank Digital Currency (CBDC).
"The Bank of Thailand (BoT) is now conducting test runs to integrate CBDC with companies' payment platforms," said Veerathai Santiprabhob, BoT governor.
Speaking at the "Bangkok FinTech Fair 2020" on Friday, Veerathai said the central bank places importance in enhancing competitiveness amongst international players, as the world is now shifting towards a digital age.
"This digital currency payment system marks an important step in broadening CBDC's scope and adoption to wider audiences, starting with large corporates," said Veerathai, adding that the CBDC prototype will be integrated with the procurement and financial management systems of several Thai suppliers.
"The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers, or delivering faster and more agile payments between suppliers," said the BoT governor.
He also said that his team had already begun conducting feasibility studies since July and test runs are expected to conclude by the end of the year.
However, Veerathai said he does not want to see BoT developing the digital currency payment system alone.
The BoT remains open to private sector engagements to further promote innovation and explore potential uses for future adoptions, he said at the forum, with an emphasis on digital transformation suiting the current new normal under the pandemic era. - Xinhua
"The Bank of Thailand (BoT) is now conducting test runs to integrate CBDC with companies' payment platforms," said Veerathai Santiprabhob, BoT governor.
Speaking at the "Bangkok FinTech Fair 2020" on Friday, Veerathai said the central bank places importance in enhancing competitiveness amongst international players, as the world is now shifting towards a digital age.
"This digital currency payment system marks an important step in broadening CBDC's scope and adoption to wider audiences, starting with large corporates," said Veerathai, adding that the CBDC prototype will be integrated with the procurement and financial management systems of several Thai suppliers.
"The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers, or delivering faster and more agile payments between suppliers," said the BoT governor.
He also said that his team had already begun conducting feasibility studies since July and test runs are expected to conclude by the end of the year.
However, Veerathai said he does not want to see BoT developing the digital currency payment system alone.
The BoT remains open to private sector engagements to further promote innovation and explore potential uses for future adoptions, he said at the forum, with an emphasis on digital transformation suiting the current new normal under the pandemic era. - Xinhua
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