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You are here: Home / Archives for Thailand

Thailand

Thailand’s Central Bank Rolls Out First-Of-Its-Kind Govt Bonds On IBM Blockchain

October 6, 2020 by Sahana Kiran

The entire globe is steering towards digitalization. The mass adoption of blockchain technology stands as substantial proof. Over the past few months, several countries have been seen embracing the technology as a few others continue to jump the bandwagon. The latest news from Thailand reveals that the country has been taking a huge leap in the same direction.

Thailand Collaborates With IBM

A recent press release shared by the multinational American company, IBM, highlights its latest collaboration with the central bank of Thailand. The Bank of Thailand reportedly rolled out a blockchain platform on which government savings bonds worth about $1.6 billion were issued. The government saving’s bond issued on IBM Blockchain is reportedly the first of its kind.

The IBM blockchain has been around for quite some time and has lured in prominent clients. IBM’s latest venture with the Thai central bank aims to deliver faster bond issuance services. Usually, bond issuance takes about fifteen days, however, with the incorporation of the IBM blockchain, the Bank of Thailand could deliver this service in just two days.

The VP for Indochina Expansion and MD of IBM Thailand, Patama Chantaruck commented on the platform’s latest collaboration. She said,

“Bank of Thailand’s success with the government savings bond project is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes resulting in fast, transparent, secured and efficient multiparty collaboration,”

Furthermore, the incorporation of blockchain tech for issuing bonds not only speeds up the process but also deteriorates the cost involved in issuing the same. The press release further suggested that the speedy and cost-efficient process now allows Thai investors to buy bonds up to the maximum value. However, keeping in mind the individual earmarked quota from a single bank. After this dipping its toes into blockchain tech, the central bank is reportedly gearing up for the expansion of blockchain to several other government bonds. Both, retail and wholesale investors are said to be the top priority of the bank.

The entire process of developing this blockchain-based bond issuance system involved about eight entities, namely, ‘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, with IBM Blockchain as technology and cloud platform partner.” The Bank of Thailand was certainly one among the aforementioned entities.

Pointing out the capabilities of IBM blockchain, Chantaruck further added,

 “IBM is proud to bring our world-class blockchain platform and IBM Cloud to support Bank of Thailand, and work side-by-side with them in achieving this important milestone for Thailand’s financial industry.”

Filed Under: Blockchain, News Tagged With: Blockchain, IBM, Thailand

Power Ledger Announces Plans to Create Renewable Energy Credit Marketplace in SE Asia

August 26, 2020 by Reena Shaw

Heralded as the next chapter in smart technology, many startups, as well as big firms are now gearing up to unlock the potential that blockchain holds to bolster the shift to green energy.

In recent developments, Australia-based energy trading company Power Ledger and Thai renewable energy company BCPG have announced plans to expand their long-standing partnership with the launch of the Renewable Energy Certificate [REC] market for Thailand and South East Asia.

BCPG is the renewable energy arm of the Thai state-controlled energy firm, the BCP Group which operates in a number of Southeast Asian countries, including Vietnam and Indonesia.

According to the official announcement, BCPG will generate RECs based on meter readings derived from Power Ledger’s peer-to-peer [P2P] platform already in use by the Thai company. In addition, the entire process of issuing, trading, as well as retiring RECs will be stored on Power Ledger’s blockchain.

Power Ledger also claims to be able to process high-volume REC transactions, which can help companies meet their greenhouse gas emission targets.

Dr. Jemma Green, who is the Power Ledger Co-Founder and Executive Chairman said,

“Power Ledger and BCPG are creating the first REC marketplace of its kind in Asia, bridging the gap between buyers and sellers by providing an end-to-end solution that tracks REC generation, trading and retirement through one integrated online system without the need for a broker.”

The blockchain energy firm had previously partnered with the Midwest Renewable Energy Tracking System [M-RETS] in a bid to launch a REC marketplace in the United State. Green further revealed that Power Ledger was looking forward to building on the work in the United States and deploy a similar model in the wider Asian market.

The two firms have previously worked together in a number of initiatives. One such project is the P2P energy trading network in the T77 urban precinct in Bangkok that dates back to 2018.

Similarly, Power Ledger has previously worked alongside Japanese energy firm Kansai Electric Power Company [KEPCO] to promote green energy use by creating and tracking renewable energy certificates along with solar energy trading.

Filed Under: Blockchain, News Tagged With: power Ledger, Thailand

Thai Central Bank Developing Payments Systems Prototype Using CBDC

June 19, 2020 by Arnold Kirimi

Thai central bank has become the latest financial watchdog to join the Central Bank Digital Currency (CBDC) bandwagon. The Bank of Thailand (BoT) announced its project to build a decentralized payments system prototype for commercial use.

According to the announcement, the CBDC prototype will be hosted by the Inthanon Project, the blockchain infrastructure inaugurated by the Bank of Thailand. This will be achieved through a partnership with the country ‘s eight leading financial institutions.

The entire project involves carrying out a feasibility study and creating a procedure for linking Central Bank Digital Currency to the Business Payments System, as per the Thai Central Bank. The prototype project is set to start in July and will continue until the end of the year. The findings of the scheme will then be outlined by the Thai central bank to the public.

Thai Central Bank making a step forward in driving CBDC adoption

The Bank of Thailand sees the project as a significant step forward in expanding the CBDC ‘s realm and driving its adoption to a broader audience, starting with big corporations. The payment system will be linked to the procurement and financial management systems of Siam Cement Public Company and its stockists,

The Thai central bank anticipates that the CBDC prototype will facilitate coherent and more flexible transactions or a faster and more flexible settlement between suppliers. In addition , the Bank of Thai also noted that proof of concept for local wholesale revenue; was finalized in January alongside the cross-border transfer prototype; developed in partnership with the Hong Kong Monetary Authority (HKMA).

Development of CBDC’s worldwide

Different central financial authorities are keenly exploring the development of CBDC’s around the world. For instance, the Bank of Korea (BoK) recently established a legal advisory panel for the development of digital currencies.

Furthermore, the Bank of France has partnered with local private banks to run a pilot test for state-issued cryptocurrencies in Europe.

Filed Under: Industry Tagged With: CBDC, central bank, cross-border payment, Digital payment, Thailand

Thailand to Leverage Blockchain to Promote Use of Green Energy

May 27, 2020 by Arnold Kirimi

Australian blockchain company Power Ledger is teaming up with Thailand to leverage blockchain technology to set up a digital energy company in the Asian nation. Power Ledger announced on 25 May a new partnership with Thai Digital Energy Development (TDED) – a public-private joint venture – to develop Thailand ‘s digital energy platform.

The new platform will make it easier for environmental commodities and peer-to-peer energy trading to promote the adoption of renewable energy sources. Indeed, by 2037, the country plans to produce 25% of its electricity from renewable energy sources.

Thailand leverages blockchain to advocate the use of green energy

TDED is a joint venture between a public agency, Thai energy authorities, and a private renewable energy company named BCPG. Collaboration with the Australian blockchain firm will take advantage of the blockchain technology used by BCPG; run four of its clean power projects, such as energy and carbon management; and run 12MW Smart Campus at Chiang Mai University.

In addition, Power Ledger’s transactive energy solution, based on blockchain, includes P2P energy trading and virtual power plants, as well as the use of renewable energy certificates (REC) and carbon credits for trading. Indeed, Power Ledger and BCPG have been working together for about two years now, and have even set up a similar peer-to-peer energy trading trial within Bangkok ‘s central confines.

Partnership structure open for new partners in the energy business to join

Furthermore, Power Ledger is also keen to leverage the BCPG partnership structure to reach other energy market participants in Thailand, who may be interested to use its energy trading technology based on blockchain. 

Later this year, the Australian blockchain firm will introduce its TraceX REC trading platform giving carbon credits and RECs traders a market place. In addition, the platform will facilitate P2P trading for individuals who both generate and use energy; and sell excessive energy within their locality.

Filed Under: Blockchain Tagged With: Australia, Blockchain, Energy Trading, Green Energy, power Ledger, Thailand

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