Blockchain-Powered Cross-Border Payment Innovation Showcase at SFF 2024

Orbix Technology, in collaboration with KASIKORNBANK (KBank) and StraitsX, demonstrated an innovative blockchain-based cross-border payment solution using the Q Wallet application at the Singapore FinTech Festival 2024.

The solution leverages Quarix, our blockchain infrastructure, by integrating with StraitsX’s platform, Thai travelers will be able to make real-time payments via QR codes at merchants in Singapore, providing a seamless bridge for the digital economy between the two countries.

Dr. Karin Boonlertvanich, Executive Vice President of KASIKORNBANK, said “We are committed to developing digital technologies and blockchain-powered cross-border payment innovations that enable fast, secure, and convenient transactions. This collaboration with Orbix Technology and StraitsX strengthens our commitment to bringing forward an innovative international payment solutions for Thai travelers.”

Mr. Yarnvith Raksri, Managing Director of Orbix Technology, added “Quarix plays a critical role in powering Q Wallet and Q-money, enabling seamless cross-border payments as if users were paying locally. Blockchain technology ensures speed, security, and reliability in these transactions, opening new possibilities for financial innovation.”

Mr. Tianwei Liu, Co-Founder and CEO of StraitsX, explained the currency conversion process “The system converts Thai Baht in Q-money to XSGD, StraitsX’s Singapore dollar-backed digital currency. Blockchain ensures real-time settlement between Q-money and XSGD, with merchants receiving funds in SGD immediately, eliminating exchange rate concerns.”

The payment process takes less than one minute. Users simply open the Q Wallet app, scan the merchant’s PayNow or Grab QR code, confirm the exchange rate displayed, and the system handles real-time settlement automatically.

This initiative is part of the Regulatory Sandbox under the Bank of Thailand, providing a safe environment to test new financial solutions.

Looking ahead, KBank and Orbix Technology plan to extend Q-money to international visitors in Thailand, enabling real-time QR code payments at local merchants. The ultimate goal is to create a seamless cross-border payment network across Southeast Asia, enhancing convenience and efficiency in regional digital payments.