BANGKOK -- Siam Commercial Bank on Wednesday launched Thailand's first cross-border payments solution using stablecoins, or digital assets pegged to gold or the dollar, in a bid to secure the country's regional lead in banking and financial innovation.
The technology will allow faster, round-the-clock international transactions for retail customers of SCB, Thailand's oldest and fourth-largest lender by assets. Cross-border payments typically involve several layers of clearance, including currency conversions borne by customers and requiring banks to maintain balances with each other.
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