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Thai travellers can now use KASIKORNBANK’s Q Wallet to pay merchants in Singapore by scanning GrabPay QR codes.
The service allows users to make payments through the Q Wallet by KBank app without exchanging cash or opening a bank account overseas.
KBank is rolling out the service in collaboration with StraitsX and Grab. Payments are accepted through Grab’s merchant network in Singapore.
Under the arrangement, Q-money, KBank’s blockchain-based e-money, is used as the settlement medium.
The system runs on Quarix, a blockchain platform developed by Orbix Technology & Innovation, a company under KASIKORNBANK FINANCIAL CONGLOMORATE.
The project is operating under the Regulatory Sandbox of the Bank of Thailand and builds on Q Wallet’s earlier rollout for international tourists in Thailand.
StraitsX and Grab hold Major Payment Institution licences issued by the Monetary Authority of Singapore under the Payment Services Act 2019.
Dr. Karin Boonlertvanich
Dr. Karin Boonlertvanich, Executive Vice President of KBank, said,
“By applying blockchain technology alongside real-world financial systems, we aim to provide greater convenience for Thai travellers, enabling secure mobile payments abroad without reliance on cash.
Singapore has been selected as our first overseas pilot market, allowing us to further develop cross-border payment models through digital financial systems while supporting the advancement of next-generation financial infrastructure that connects the regional digital economy.”
Tianwei Liu
“Travellers shouldn’t have to think about currencies when they cross borders.
By connecting Q-money with XSGD, we’re enabling instant blockchain settlement between Thailand and Singapore, demonstrating how stablecoins can power the next generation of cross-border payments in Southeast Asia.”
said Tianwei Liu, CEO and Founder of StraitsX.
StraitsX and KBank are also participating members of the MAS’ BLOOM initiative.
Featured image: Edited by Fintech News Singapore, based on image by fahroni via Freepik
