Thai Bank Announces Stablecoin Remittance Services

Siam Commercial Bank (SCB), Thailand’s oldest commercial bank, has announced plans to offer stablecoin-based cross-border payment and remittance services to its clients.

In partnership with Lightnet, a fintech company, SCB aims to provide customers with 24/7 access to international transactions at reduced costs.

Stablecoins, which are digital assets pegged to traditional currencies, offer several advantages for cross-border remittances, particularly for those receiving funds from higher-value currencies. Lightnet CEO Tridbodi Arunanondchai emphasized the benefits of these tokenized fiat equivalents for all customer segments, including retail, corporate, and institutional clients.

Arunanondchai highlighted the lower capital requirements per transaction, which can promote financial inclusion.