Thailand’s Kasikornbank and IBM Team up to Tackle Blockchain

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Thailand’s Kasikornbank,  formerly known as the Thai Farmers Bank a leading banking group in Thailand – is teaming up with IBM in order to work on Blockchain solutions to help cut operational costs related to ledgers, according to a report in Reuters. The bank, one of the largest in Thailand, is reportedly looking to officially integrate the document certification service sometime next year.

“Kasikornbank is also in talks with other Thai banks to share the Blockchain network,” according to Somkid Jiranuntarat, vice chairman of Kasikornbank’s technology group.

More from Reuters:

The technology will be used to certify original documents by using IBM’s Hyperledger infrastructure. At the initial stage, a system called OriginCert API is used to certify letters of guarantee (LG), which helps simplify and speed up the LG issuance process for customers, according to a joint statement.

Kasikornbank, Thailand’s fourth-largest lender by assets, is the leader in digital banking with a market share of almost 40 percent. It aimed to spend 5 billion baht ($143 million) to develop information technology, it said in April.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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