SCB 10X CEO Kaweewut Temphuwapat is excited about the potential where AI, crypto and Web3 come together as Thailand prepares new rules. He believes using cryptocurrencies as part of their holdings is possible for Thai banks because of regulatory sandboxes, trending towards a new direction.
Key-Takeaways:
- Thanks to Kaweewut Temphuwapat of SCB 10X, Thailand is adopting AI, cryptocurrency and Web3 by giving banks permission to hold Bitcoin and other stablecoins in regulatory sandboxes.
- Institutions are making Thailand Southeast Asia’s key crypto hub with activities such as rapid USDC transfers and increasing stablecoin trading.
Vision for Making AI and Crypto Work Together
While speaking to CoinDesk recently, the SCB 10X CEO mentioned investing in AI and cryptocurrency together. Stablenotes mentioned AI, cryptocurrencies and how they work together as top investments to consider.
He said, “We are shifting more toward AI and using AI with crypto as well.” It means they are working hard to link these technologies. He wants to bring banking forward into the digital age. The idea is to build all the necessary Web3 building blocks for the future.
The SCB 10X CEO referenced the company’s earlier investments in Ripple, over a decade back. For the past five to six years, SCB has relied on Ripple technology in their mobile app to demonstrate practical blockchain use.
It helps the CEO gain understanding of what is going on. It will inform future work on cryptocurrency adoption in Thai banking.
The SCB 10X CEO referenced the company’s earlier investments in Ripple, over a decade back. For the past five to six years, SCB has relied on Ripple technology in their mobile app to demonstrate practical blockchain use.
It helps the CEO gain understanding of what is going on. It will inform future work on cryptocurrency adoption in Thai banking.
The SCB 10X CEO referenced the company’s earlier investments in Ripple, over a decade back. For the past five to six years, SCB has relied on Ripple technology in their mobile app to demonstrate practical blockchain use.
It helps the CEO gain understanding of what is going on. It will inform future work on cryptocurrency adoption in Thai banking.
Implementing the Regulatory Sandbox Framework
According to the SCB 10X CEO, the first cryptocurrencies the bank will hold will be large assets only used in tested environments. An evaluation of banks will happen before they can take part in the full rollout.
Initially, he stated sandbox testing would begin with the Bitcoin network and SEC-backed stablecoins such as USDC and USDT. It results in careful behavior and following policies.
Trading USDC and USDT on licensed exchanges in Thailand is now allowed by the Securities and Exchange Commission. As a result, the SCB 10X CEO’s goals will be clearer to follow at the regulatory level.
The CEO is following a plan that fits Thailand’s goal of being a top digital asset hub. It also guarantees good control and adherence to the rules. The new steps improve upon the digital asset framework launched by Thailand in 2018. Current innovation projects are built on this basic framework by the SCB 10X CEO.
Creating Modern Infrastructure and Merging Various Marketplaces
As outlined by the SCB 10X CEO, their objective is to develop safeguarded deposit systems and use blockchain for settling transactions. They demonstrate that he supports tying traditional finance systems to new technologies in Web3.
He gave special weight to setting up platforms that respect Bank of Thailand safeguards. As well as this, they will focus on what the market requires.
With the SCB 10X CEO’s help, the current prototypes use USDC for quick settlements of letters of credit between Thai exporters and Malaysian buyers. Because of this, transactions complete quickly in just minutes.
The strategy brings genuine advantages to the $500 billion Thai export sector. It explains ways regulations can be turned into helpful solutions for businesses.
It has been confirmed by the SCB 10X CEO that major Thai banks have successfully done technical proof-of-concept as part of their ongoing development programs. He will now put the systems through real-world tests to confirm they are secure during market disruptions and potential cyber threats.
Approval from regulators on the SCB 10X CEO’s initiatives has driven up trading in stablecoins in Thailand by 47% over the last quarter. They believe his extensive strategy is what led to this growth.
The Thai baht’s ties to crypto markets have grown by 22% since March. As a result, the firm is heading toward merging traditional and digital assets under his leadership.
Experts view the SCB 10X CEO slow approach as much like that of Singapore’s. Instead, he believes that digital assets should work with everyday commercial activities. He thinks Thailand’s cryptocurrency future will be advanced with new derivatives products. Full market participation is being prepared by banks.
Conclusion
SCB 10X CEO Kaweewut Temphuwapat is helping Thailand lead in the adoption of cryptocurrency by banks and institutions using regulatory sandboxes and proper infrastructure. Thanks to his leadership, Thailand handles difficulties in the rules while protecting its citizens. As a result, Thailand is considered South Asia’s easiest crypto destination for banks.
