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Jaimes R. C. Sumbilon
Jun 1, 2019
by Jaimes R. C. Sumbilon

Thai banks, partners form blockchain network

blockchain
Top financial institutions in Bangkok have assembled together to establish a Bank of Thailand (BOT)-backed blockchain financial network, local reports said.

In a report from Thai broadsheet The Nation, 22 banks and foreign branches forged an alliance recently to operate an electronic Letter of Guarantee or e-LG network on blockchain under the Thailand Blockchain Community Initiative (BCI).

The daily said that the initiative is eyeing to attain a 50 percent rise in blockchain-based e-LG usage by Thai enterprises within three years.

The Nation added that BOT Governor Veerathai Santiprabhob has fully supported the initiative, saying the cooperation is expected to boost competitiveness between the government and private businesses. The top banking official also believes that the said network showed “tangible progress in embracing the new technology in the financial and business sectors.”

To bolster the cooperation, BCI (Thailand) is focusing on research and developing technologies with the help of its partners and financiers.

BCI (Thailand) has initial capital from six banks, namely, Bangkok Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial, TMB and Krungthai.

Sixteen participating banks have also pledge their support and service to the company. They are Sumitomo Mitsui Banking Corp., Kiatnakin Bank, Citibank, Industrial and Commercial Bank of China (Thai), Tisco, BNP Paribas, Thanachart, Bank for Agriculture and Agricultural Cooperatives, CIMB Thai, Export-Import Bank of Thailand, United Overseas Bank (Thai), Standard Chartered (Thai), Land and Houses Bank, Government Savings Bank, Hongkong and Shanghai Banking Corporation and Mizuho Bank.

Six partners – IBM Thailand, Accenture Solutions, Baker and McKenzie, Processing Center, Kasikorn Business-Technology Group. and TBN Software – will provide BCI (Thailand) with tech and legal support.

Meanwhile, nine entities and government businesses were named as beneficiaries of the initiative. They are GC Marketing Solutions, Electricity Generating Authority of Thailand, Metropolitan Electricity Authority, PTT, Thai Oil, SCG, PTT Global Chemical, IRPC and Provincial Electricity Authority.

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Thai banks, partners form blockchain network
Jaimes R. C. Sumbilon
For over a decade, JRCS has gained a vast experience from inside and outside of a newsroom during his stint as a deskman and writer of The Daily Tribune, one of the Philippines' major daily broadsheets published in English. He held some of the newpaper's vital sections such as Metro, Nation, World and even Frontpage. He also wrote feature articles for Lifestyle section for the past years. Aside from writing and copy editing tasks, the author has also excelled in layout and proofreading.

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