ChainCatcher news, Thailand's established bank Siam Commercial Bank (SCB) announced a partnership with fintech company Lightnet to provide customers with stablecoin cross-border payment and remittance services. The service allows customers to conduct cross-border transactions 24 hours a day, 7 days a week, significantly reducing transaction costs.It is reported that the service has passed the regulatory sandbox testing by the Bank of Thailand.

ChainCatcher Highlights, according to Nikkei Asia, the Japanese fintech company Soramitsu will establish a stablecoin trading platform in Japan to provide cross-border payment services. For example, if a consumer in Thailand wants to make a QR code-based payment to purchase goods from a Japanese e-commerce site, the payment will be sent to the trading platform in the form of a dollar-denominated Bakong and converted into a yen-denominated stablecoin.It is reported that Soramitsu supports the Bakong payment system developed by the National Bank of Cambodia and the digital Kip (the official currency of Laos). Bakong has been used for QR code-based digital payments between Cambodia and Malaysia, Thailand, and Vietnam. The company is working to provide similar cross-border payment services for countries like India and Laos, and hopes to include Japan in this network.