🇹🇭 Thai Bank Launches International Payment Service Using Stablecoins

Siam Commercial Bank (SCB), Thailand’s oldest bank, has become the first financial institution in the country to offer cross-border remittance and payment services using stablecoins after months of testing.

SCB has partnered with Lightnet and Fireblocks to build a custody and payment infrastructure that will reduce costs, speed up international transactions, and operate 24/7.

This is an important milestone, affirming Thailand’s ambition to lead the application of crypto into the traditional financial system in Southeast Asia.