BANGKOK, May 29 (TNA) – Thai banks and foreign-bank branches join a blockchain network for electronic Letter of Guarantee (e-LG) with support from the Bank of Thailand (BOT).
The use of blockchain-based e-LG which will help cut operating costs will be operated by BCI (Thailand) Co Ltd.
BOT Governor Veerathai Santiprabhob said at the blockchain network launching ceremony on Wednesday that Thailand Blockchain Community Initiative was aimed to draw 50 percent of Thai businesses to capitalize this service that would increase their competitiveness in three years.
Twenty two Thai banks and foreign-bank branches have participated in the initiative
The BOT as regulator believes the technology will improve the efficiency and competitiveness of the Thai business sector and the national economy.
According to the newly-formed BCI, blockchain technology has become widely accepted and increasingly adopted worldwide and Thailand can take advantage to enhance convenience and security of business operations.
The e-LG on blockchain will be in place in June under the BOT’s regulatory sandbox. (TNA)
