Thailand's central bank sat down this week with Vitalik Buterin and executives from Omise to explore blockchain's role in the country's payment and financial systems. Omise, founded in 2013, spent fou
Thailand's central bank sat down this week with Vitalik Buterin and executives from Omise to explore blockchain's role in the country's payment and financial systems. Omise, founded in 2013, spent four years building payment infrastructure across Asia with backing from the region's major investment firms. The startup lists Joseph Poon, co-author of Bitcoin's Lightning Network paper, as an advisor, along with Ethereum co-founders Gavin Wood and Buterin.
OmiseGO is Omise's Ethereum-based platform, designed to handle a range of financial services. The company describes the platform's scope: "Through the OmiseGO network connected to the Ethereum mainnet, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way."
During the meeting, Bank of Thailand officials and Omise representatives discussed how Ethereum could strengthen the country's banking infrastructure. Coordinating decentralized systems and data infrastructure demands the right blockchain technology. Thailand's central bank sees Ethereum as a way to test blockchain's use in financial tasks that now require heavy manual labor and verification.
Kasikornbank, Thailand's largest bank by assets, has started down this path. IBM and Kasikornbank partnered to integrate Hyperledger Fabric blockchain into the bank's systems for processing letters of guarantee. "Blockchain technology is applied to create highly secure networks of document filing and retrieval. As Thailand's largest issuer of Letters of Guarantee, KBank is working with IBM to implement this innovative technology to further define and articulate our leadership in this market," said Pipit Aneaknithi, the bank's president.
Parnsiree Amatayakul, managing director at IBM Thailand, framed blockchain as essential to regional growth. "As IBM continues to support KBank's important initiatives in Blockchain, the value this technology can bring to the bank and its clients is becoming increasingly clear and can redefine the way businesses in the region operate and grow," he said. Banks and customers need networks that deliver transparency, security, and decentralization, Amatayakul argued.
Thailand's pivot reflects a broader shift across Asia. Governments in China, South Korea, and Japan have announced plans to test Ethereum's usefulness in their financial systems and infrastructure. China is developing a digital version of its national currency using Ethereum. The central bank's adoption of Ethereum will likely spur demand across Asia-Pacific.
