Bangkok, Thailand – KASIKORNBANK (KBank) has broadened the capabilities of its Q Wallet service to support cross-border transactions between Thailand and Singapore, enabling Thai travellers to make payments at Singaporean merchants by scanning GrabPay QR codes through the bank’s mobile application.
The development reflects rising regional travel demand alongside ongoing inefficiencies in cross-border payment systems, where users often rely on cash exchanges, multiple platforms or incur foreign exchange and settlement costs.
The service operates on a blockchain-enabled settlement framework developed in collaboration with StraitsX, allowing transactions to be processed in real time without the need for currency conversion or overseas account setup.
“By applying blockchain technology alongside real-world financial systems, we aim to provide greater convenience for Thai travellers, enabling secure mobile payments abroad without reliance on cash,” Dr Karin Boonlertvanich, Executive Vice President of KBank, stated.
“Singapore has been selected as our first overseas pilot market, allowing us to further develop cross-border payment models through digital financial systems while supporting the advancement of next-generation financial infrastructure.”
The initiative is supported by a partnership involving StraitsX, Grab and KASIKORNBANK, with both StraitsX and Grab holding Major Payment Institution licences issued by the Monetary Authority of Singapore under the Payment Services Act 2019. StraitsX and the bank also participate in the Monetary Authority of Singapore’s BLOOM initiative.
StraitsX facilitates settlement through its Singapore dollar-backed stablecoin, XSGD, enabling interoperability between payment systems in both countries. On the merchant side, transactions are accepted through the Grab ecosystem, providing users with access to a broad network of businesses across Singapore.
“Travellers shouldn’t have to think about currencies when they cross borders,” Tianwei Liu, CEO and Founder of StraitsX, commented.
“By connecting Q-money with XSGD, we’re enabling instant blockchain settlement between Thailand and Singapore, demonstrating how stablecoins can power the next generation of cross-border payments in Southeast Asia.”
The system uses Q-money, a blockchain-based electronic money issued by the bank, as the medium for settlement. Transactions are processed through Quarix, a blockchain infrastructure developed by Orbix Technology & Innovation, part of the KASIKORNBANK financial group.
Integration with StraitsX enables Q-money to interact with XSGD, incorporating Purpose Bound Money mechanisms to support transaction controls and traceability. This framework allows for immediate and transparent settlement, with merchants receiving funds without delay while maintaining a streamlined user experience for travellers.
The expansion forms part of broader efforts to enhance cross-border financial connectivity, promote digital payment adoption and support the development of regional financial infrastructure.
