Kasikornbank (KBank) has developed its Letter of Guarantee (LG) service in the market with the introduction of the world’s first blockchain-based LG's.
Four state enterprises and private businesses have participated in the development of the innovation, which is aimed at an increase in LG issuance via electronic channels to 35 percent at the end of next year.
KBank is upbeat that its «Enterprise Letter of Guarantee on Blockchain,» the first of its kind in the world, will be upgraded into a new international standard, given that blockchain is useful for all parties in the connection system.
Last year The Bank of Thailand announced that it would open the way for financial-technology product experimentation under its regulatory «sandbox».
finews.asia also reported recently that Thailand's Bangkok Bank has partnered with corporate innovation partner Nest to kick-start its international fintech startup program.
Lombard Odier A Partner
KBank has also been upping its wealth management profile and wants to add 300 new customers to its private banking business this year. Its total private banking customer base last year was 10,000.
The bank has also been working closely with Switzerland's Lombard Odier, the two have jointly developed financial products to serve Kasikornbank clients
Bangkok based Kasikornbank has introduced the world’s first blockchain-based letter of guarantee service