Bank of Thailand’s fourth-largest asset bank, Kasikorn (KBank), is exploring the possibility of eliminating financial intermediaries using Decentralized Finance (DeFi).
In cooperation with the Thailand Stock Exchange, KBank created the Kubix project, which was originally initiated to act as a platform for the initial public offering of tokens.
Ruangroj Poonpol, head of technology at KBank Kasikorn Business Technology Group (KBTG), said DeFi is a “key discovery” this year for the banking group.
The Kubix project uses smart contracts on the blockchain so that users can lend and borrow money from each other without the involvement of brokerage companies, exchanges or banks. Ruangroi said:
“The project is being developed through KBTG as part of the second phase of the company’s digital transformation program.”
The first stage was successfully completed in 2020, and the second stage will be implemented until 2023. Ruangroi added that the new DeFi services are likely to improve access to financial services in Thailand for those currently facing restrictions in this area.
“DeFi projects like these can also create economic value for Thailand,” Ruangroi said.
As a reminder, back in 2017, KBank intended to transfer bank guarantees to the Hyperledger blockchain.
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