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Thailand's leading banks to share blockchain platform

Digital issuance of letters of guarantee will speed up trade finance

A woman stands in front of a Siam Commercial Bank branch in Bangkok.   © Reuters

BANGKOK -- Fourteen Thai banks will join hands to develop a shared trade finance platform based on blockchain technology, the central bank said Monday.

To start with, the banks including the big four -- Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and Kasikornbank -- are scheduled to launch electronic letters of guarantee on a shared blockchain platform. The service will be tested in a regulatory sandbox and come online by September.

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