Featured Product

    BOT to Develop Prototype for Payment System Using CBDC

    June 18, 2020

    BOT announced a project to develop the prototype of a payment system for businesses using Central Bank Digital Currency (CBDC); this prototype will build on the knowledge from "Project Inthanon." Project Inthanon is a collaborative effort between BOT and eight leading financial institutions to study and develop the proof-of-concept for domestic wholesale funds transfer using the wholesale CBDC. The scope of the prototype development project will include conducting a feasibility study and developing a process to integrate CBDC with the innovative platform of business. The project will begin in July 2020 and is expected to conclude by the end of the year, after which BOT expects to publish the project summary and outcome.

    In this project, CBDC prototype will be integrated with the procurement and financial management systems of "Siam Cement Public Company Limited" and its suppliers. The systems will be developed by "Digital Ventures Company Limited." The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers or delivering faster and more agile payments between suppliers. In addition, Project Inthanon has been accomplished in January 2020 with the successful completion of the cross-border transfer prototype co-developed with HKMA. In the next step, BOT, HKMA, and the participating financial institutions will continue to collaborate and experiment with CBDC, for other use cases in cross-border transfers, the details for which which BOT will announce later. BOT remains open to private-sector engagements to further promote innovation and explore potential uses cases for future adoption.

     

    Related Link: Press Release

     

    Keywords: Asia Pacific, Thailand, Banking, Securities, CBDC, Digital Currency, Fintech, Project Inthanon, Regtech, PMI, HKMA

    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821