Kbank said on the 3rd that it signed a memorandum of understanding (MOU) with Kasikornbank, Thailand's largest bank, to cooperate in overseas remittances and payments.
Blockchain companies BPMG and Obics Technology also joined the agreement. The four companies plan to jointly develop services for instant remittances, low-cost remittances, and Blockchain-based financial solutions.
They will verify the technological safety and business efficiency of a Blockchain-based cross-border remittance and payment system. Kbank will handle banking services in Korea, leading the development of the cross-border payment and remittance system, and Kasikornbank will provide its self-developed Blockchain-based overseas payment infrastructure to support smooth remittance services for Thai nationals residing in Korea.
Choi Woo-hyung, Kbank's CEO, said, "The goal is to provide tangible benefits to customers in both Korea and Thailand through innovative financial infrastructure using Blockchain," adding, "We will continue to expand into the global market by building a stable digital financial ecosystem."
Karin Boonruttanapitak, Kasikornbank's deputy president, said, "The partnership with Kbank is an important milestone in realizing digital financial innovation between Korea and Thailand," noting, "It will provide fast and efficient financial experiences to customers in both countries and create new opportunities for economic exchanges among corporations."
Meanwhile, Kasikornbank is one of the largest commercial banks in Thailand, leading retail finance and digital banking and regarded locally as the most proactive bank in digital transformation.