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Bank Negara Malaysia and the Bank of Thailand launched a cross-border QR payment linkage between Malaysia and Thailand. Under this first phase, users in Thailand can use their mobile payment applications to scan DuitNow QR codes to make payment to merchants in Malaysia. Under phase two, users in Malaysia will be able to use their mobile payment applications to scan Thai QR codes to make payment to merchants in Thailand. The last phase of the linkage will be expanded to include cross-border remittances.

The HKMA and the Bank of Thailand launched the FPS x PromptPay Link for cross-border QR payment between Hong Kong and Thailand. This provides a fast, secure and easily accessible cross-border retail payment service to people travelling between Hong Kong and Thailand, who will be able to make retail payments by using their mobile payment applications to scan the Hong Kong FPS QR code and Thai PromptPay QR Code displayed by merchants respectively. Merchants will be able to receive their funds immediately.

The Bank of Thailand will reportedly be launching a three-month retail central bank digital currency (CBDC) in June 2023, in collaboration with three payment service providers (Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co). For example, Krungsri will be inviting up to 2,000 of its staff and approximately 100 merchants near Krungsri's headquarters to participate in testing the digital currency. Krungsri has not set a limit in terms of transaction value, focusing instead on testing the stability of the system, particularly during peak periods. This will be part of the central bank's "foundation track" testing of Giesecke+Devrient's Filia CBDC platform. https://www.bot.or.th/en/news-and-media/news/news-20220805.html

The Thailand Bond Market Association plans to issue cryptocurrency to facilitate bond trading, and connect its system with the central bank's cryptocurrency project. The Bank of Thailand and commercial banks are currently experimenting using digital currency for interbank settlement. The coverage includes inter-bank bond trading, repurchase transactions and regulatory compliance and data reconciliation.

The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) launched the linkage of Singapore's PayNow and Thailand's PromptPay real-time retail payment systems. Customers of participating banks in Singapore and Thailand will be able to seamlessly and securely transfer funds of up to S$1,000 or THB25,000 daily across the two countries, using just a mobile number. The fees will be affordably priced and transparently displayed to senders prior to confirming their transfers.

ConsenSys has joined the Bank of Thailand to explore the potential of blockchain technology in the development of a proof-of-concept prototype for a Central Bank Digital Currency (CBDC) project, alongside SCG and Digital Ventures (DV). The private-permissioned network on Hyperledger Besu will be designed to meet both the functional and non-functional requirements of a retail CBDC. One of the business cases will test the use of a CBDC to simulate daily commerce, automate payments, and support procurement and financial management system called Procure-to-Pay (B2P) developed by DV. In the exploration, CBDC will be tested and issued using ERC20 smart contracts. In partnership with Thailand partner Atato, ConsenSys will architect a solution using its Enterprise Ethereum stack, including ​Codefi​ and ​MetaMask​

Cambodian tourists visiting Thailand will now be able to use the mobile payment app to scan QR codes in Thailand, whereas Thai tourists should expect to be able to scan QR codes in Cambodia by the third quarter of 2020.

As a follow-up to the MoU signed between the HKMA and the Bank of Thailand in May 2019, the two authorities are conducting a joint research project named Project LionRock-Inthanon to study the application of Central Bank Digital Currency (CBDC) to cross-border payments, with a view to facilitating HKD-THB payment-versus-payment (PvP) among banks in Hong Kong and Thailand. A joint report is scheduled to be released in Q1 2020.

Bank of Thailand to Develop CBDC Prototype ​The Bank of Thailand (BOT) has announced the project to develop the prototype of a CBDC-based payment system for businesses, which will build upon knowledge from Project Inthanon. The feasibility study will integrate CBDC with the procurement and financial management systems of the Siam Cement Public Company and its suppliers to increase fund transfer flexibility, and deliver faster and more agile payments between suppliers. It will begin in July 2020 and run to the end of the year. Also, the BOT, the Hong Kong Monetary Authority and the participating financial institutions will continue to their Project Inthanon CBDC collaboration and experimentation for cross-border transfer use cases.

The State Bank of Vietnam (SBV) and the Bank of Thailand (BOT) have launched a joint QR payment service as an alternative means of cross-border payments between the two countries, first announced in March 2021. The central banks in ASEAN have been actively working towards achieving true payment connectivity in the region. Most recently, Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and BOT had inked a MoU for cross border payments.

The Bank of Thailand and its private-sector partners have developed their first prototype for a blockchain-based system to enable digital currency for interbank settlements between the BoT and eight commercial banks.

Deutsche Bank's Bangkok Branch launched PromptPay instant payments for corporations in Thailand. PromptPay collections use either an account number or a corporate tax ID number to receive incoming payments nationwide, as well as corporate income tax refunds from the Revenue Department without any additional charges.

The Bank of Thailand has set its agenda for a retail central bank digital currency (CBDC) with preliminary testing protocols scheduled to begin in Q2 2022. As part of its plans, the central bank published a preliminary report detailing its CBDC thesis. The main motivations are increasing financial inclusion and reducing the risk that private stablecoins underming the central bank's "monetary sovereignty and financial stability." The central bank will begin its CBDC developmental efforts by engaging with stakeholders followed by cost-benefit analysis to ascertain the opportunities, risks and challenges.

The Bank of Thailand (BOT) and the State Bank of Vietnam (SBV) have deployed a retail payment connectivity system that makes use of an interoperable QR Code in order to simplify cross-border payments between the two countries. In the first phase of the project, Thai tourists can use the BOT mobile app to scan VietQR for payment at TPBank's and BIDV's payment sites in Vietnam. Meanwhile, Vietnamese visitors can also use the mobile apps of TPBank and Sacombank to scan ThaiQR for payment in Thailand. https://sbv.gov.vn/webcenter/ShowProperty?nodeId=/UCMServer/SBV442613//idcPrimaryFile&revision=latestreleased

The Bank of Thailand is moving towards introducing stablecoin regulations as soon as this year. They will only cover stablecoins, and not crypto-assets like Bitcoin and Ethereum. However, the purview of the framework will not only include Thai baht-backed stablecoins, but also such digital currencies backed by foreign currencies and other assets. https://www.bot.or.th/English/PressandSpeeches/Press/2021/Pages/n1664.aspx

The monetary authorities of Hong Kong and Thailand are poised to roll out a two-tier digital token, part of the process for creating a prototype for cross-border fund transfers between the two economies.

The Bank of Thailand issued a circular to businesses looking to apply for digital loan business licences that approved the use of alternative data which includes utility bills and online shopping information. Greater use of alternative data will help service providers to analyse the ability and willingness of borrowers' debt payment based on information-based lending. It will also pave the way for the unbanked to get access to personal loans. https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n6463.aspx

Under its DLT Scripless Bond Project, the Bank of Thailand (BOT) has successfully launched a new blockchain-based platform for government savings bond issuance. It aims to enhance investors' buying experience, improve operational efficiency and reduce overall cost. It is a collaborative effort among eight institutions, which are BOT, Public Debt Management Office, Thailand Securities Depository Co., Ltd, Thai Bond Market Association and selling-agent banks, including Bangkok Bank, Krungthai Bank, Kasikorn Bank, and Siam Commercial Bank. In the next phase, the infrastructure will expand to support all government bonds, both retail and wholesale.

The Bank of Thailand reportedly launched the world's first blockchain-based government savings bond issuance platform using IBM's blockchain technology. Within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds. The use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant validation of documents involved in bond issuance. https://www.prnewswire.com/news-releases/bank-of-thailand-launches-worlds-first-government-savings-bond-on-ibm-blockchain-technology-301145253.html

Bank Indonesia and the Bank of Thailand launched a cross-border QR code-based retail payments linkage pilot between Indonesia and Thailand. Marking a key milestone in the ASEAN Payment Connectivity initiative, the full commercial phase will be launched in the first quarter of 2022. In the future, the service will be expanded to enable users in both countries to make real-time fund transfers by referencing the recipient's mobile phone number.