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December 4, 2023

On the wires

October 5, 2023

On the web

September 26, 2023

On the web

mBridge CBDC Project Nearing Commercialization


"Eddie Yue, the CEO of Hong Kong’s central bank, expects that the mBridge CBDC project will gradually transition to commercialization. In a keynote speech at the 2023 Bund Summit, he detailed plans for the platform, which China, Thailand, Hong Kong and the United Arab Emirates are jointly developing in partnership with the Bank of International Settlements."

August 25, 2023

On the web

November 8, 2022

On the web

PayPal Thailand to Cut Off Most Users, All Foreigners Next Month


“The majority of PayPal users in Thailand will no longer be able to use the service next month unless they jump through a series of byzantine and bureaucratic steps that are only available to citizens. A year after it first warned of the change and several subsequent delays, PayPal notified customers this morning that they will not be able to use the service after Dec. 15 unless they take “certain actions” that, while mystifying and poorly explained, will likely be out of reach to most. To comply with a change in regulations meant to combat money laundering by reining in electronic transfers, the global finance giant will shut off private account holders who are not registered under a government digital identity program.”

September 6, 2022

On the web

Thailand’s Central Bank to Pilot CBDC at End of 2022

Tech in Asia

“The Bank of Thailand will be conducting a pilot program for a retail central bank digital currency (CBDC) at the end of 2022, Fintech Singapore reported. The central bank will be cooperating with the private sector to further retail CBDC development and to test the system through real-life applications. However, the trials will be limited to about 10,000 retail users. The central bank also clarified that it has no plans to issue a retail CBDC at this time. The pilot program will be in two phases, with the first phase analyzing the CBDC’s efficiency in real-life scenarios, such as paying for goods and services, and is slated to run between the end of 2022 to mid-2023. The second phase aims to develop innovative use cases for CBDCs and to help the central bank create a design that fits the needs of the country. This includes running a hackathon, where winners will receive mentorships from participants of Thailand’s previous CBDC program, Project Inthanon.”

July 21, 2022

On the web

Central Banks in Five SE Asian Countries to Create Common Contactless QR Payments Zone


“The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand are to develop an interoperable cross-border payments system that will enable residents of each country to use their mobile banking app to make QR code-based payments for goods and services when visiting any of the other territories. The integrated system will enable visitors to another of the participating countries to make transactions in local currency that will then be settled in their own without having to be exchanged via an intermediary currency such as the US dollar. Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand announced that they are preparing to sign a general agreement on payment connectivity that will establish a framework for the system later this year at a seminar during a meeting of G20 finance ministers and central governors in Bali.”

October 15, 2021

On the web

Thai Digital Payments Surge From Pre-coronavirus Level


“Digital payments in Thailand have quadrupled from pre-pandemic levels, the central bank said on Monday, as the Southeast Asian country’s longest-running wave of infections accelerates demand for online services. Thailand’s latest outbreak started in April, accounting for more than 98% of its COVID-19 cases and deaths, prompting tougher restrictions in July and August that reduced mobility.”

August 10, 2021

On the wires

Rapyd to Enable PromptPay Payments for Thailand’s Google Play Users

“Today, Rapyd rolled out PromptPay on the Google Play Store, enabling Thailand’s national payment method to support app downloads and in-app purchases for games, music, movies, video streaming, books, magazines, and other content purchases from Google Play Store. Rapyd, a global Fintech as a Service platform supports local payments for Google in Thailand through its collaboration with GB Prime Pay, a leading Thai payment solution provider. Launched in 2017, PromptPay is one of the most commonly used payment methods in Thailand. It allows its users to make real-time interbank mobile payments or transfer funds by linking the user’s bank account to the mobile number or national ID.”

June 21, 2021

On the web

Thailand, Malaysia C.banks Launch Cross-border QR Payment Linkage


“The central banks of Thailand and Malaysia launched on Friday a cross-border QR (Quick Response) payment linkage to enable consumers and merchants in both countries to make and receive instant cross-border QR code payments. The move is the first phase in linking the real-time retail payment systems of Malaysia’s RPP/DuitNow and Thailand’s PromptPay, they said in a statement. ( https://bit.ly/3gAlG4k )”

February 3, 2021

On the wires

ACI Worldwide Powers Real-Time Payments Growth for Thailand’s National Interbank and Transaction Management and Exchange (ITMX)

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions , today announced that Thailand’s National Interbank Transaction Management and Exchange (ITMX) has successfully implemented ACI’s real-time payments solution to modernize Thailand’s bulk payments processing system and support continued real-time growth.”

December 10, 2020

On the web

PayNow and Thailand’s PromptPay to link up next year in trailblazing move

The Business Times

“FROM mid-2021, users of Singapore’s PayNow and Thailand’s equivalent PromptPay will be able to send money instantly and securely across the two countries with their mobile phone numbers at “competitive rates”, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). This linkage between two countries’ national faster payment systems will be the first of its kind in the world, noted Mr Menon on the second day of the Singapore Fintech Festival x Singapore Week of Innovation and TeCHnology.”

June 18, 2020

On the wires

The Bank of Thailand Announces the Prototype Development Project of Central Bank Digital Currency (CBDC)

“The Bank of Thailand (BOT) has announced the project to develop the prototype of the payment system for businesses using Central Bank Digital Currency (CBDC), which will build upon knowledge from Project Inthanon. The project scope will include conducting a feasibility study and developing a process to integrate CBDC with the business’ innovative platform. The BOT recognizes and supports the important roles of financial innovation and technology in enhancing the competitiveness and readiness of the business sector entering the digital age. The project marks an important step in broadening CBDC’s scope and adoption to wider audiences, starting with large corporates.”

April 17, 2020

On the wires

Deutsche Bank Launches PromptPay Instant Payments in Thailand

“Deutsche Bank AG, Bangkok Branch today announced the launch of PromptPay instant payments in Thailand. As part of the phase one roll-out, the bank will be offering its clients instant collections throughout Thailand. Later in the year, phase two will enable instant payments to be made throughout the country. PromptPay collections for corporates are fast and secure and use either an account number or a proxy-id (corporate tax ID number) to receive incoming payments nationwide, as well as corporate income tax refunds from the Revenue Department without any additional charges. PromptPay is part of a government-led payments modernization program aimed at supporting financial inclusion and the roll-out of electronic payments. The system is operated by National ITMX Ltd, a national payments service provider in Thailand.”

May 14, 2019

On the web

Mastercard, Amadeus, and Elavon Team up for Thai Airways Payments

Electronic Payments International

“Mastercard has collaborated with tech firm Amadeus and global payments company Elavon to deliver a payments platform for Thai Airways. The Amadeus B2B Wallet Partner Pay solution is currently on trial with Thai Airways and Sweden-based travel agency Select Travel. As a result, it has already reduced cost and complexity for making payments. When the agency initiates payments with Thai Airways, it uses a virtual Mastercard card. Elavon is the acquirer in the process so the airline can accept payments from a variety of issuers within Mastercard’s network.”

August 22, 2018

On the web

Thailand’s Central Bank Is Developing a Digital Currency Based on R3 Tech


“The Bank of Thailand (BoT) has announced it expects to complete the first phase of a proof-of-concept trial for a central bank digital currency (CBDC) by March 2019. The Thai central bank said in a release on Tuesday that it has partnered with eight financial institutions in the country in a bid to create a CBDC based on Corda, a distributed ledger technology (DLT) platform developed by the enterprise-focused consortium startup R3.”

March 30, 2018

On the web

March 19, 2018

On the wires

MasterCard upbeat on devices trend

Nation (Thailand)

“Mastercard believes that a trend for electronic payments made via devices such as wearable items is rapidly gaining ground in the Asia-Pacific region, including in Thailand. Benjamin Gillbey, senior vice president, digital payment and labs for Asia Pacific at Mastercard, said that device-based payment, which encompasses payments with a range of devices such as wearables and those for the Internet of Things (IoT), was starting to see rapid growth around the world.

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