[Digital Today Reporter Hyunwoo Choo] It is news that Kasikorn Bank, one of Thailand’s major banks, is expanding its business to the DeFi (decentralized finance) field.
According to local media such as Bangkok Post on the 12th (local time), Thailand’s Kashikon Bank is known to be promoting the DeFi project led by the Fintech subsidiary, Kashikon Business Technology Group.
It is a method of using financial services such as opening a savings account or receiving loans by building an online financial system based on a block chain without using bank branches or counters.
In addition, there is a plan to expand the system to allow transactions of funds or virtual assets other than fiat currency. The DeFi project will start this year and operate a pilot service by 2023.
Kashicon Bank’s DeFi project aims to reduce financial accessibility through the provision of decentralized financial services. It also includes securing a foundation to provide new financial services to the provinces of Thailand and neighboring Southeast Asian countries, where bank account holdings are low.
“DeFi is one of Kashicon Bank’s major business projects this year,” said Ruanlogi Punpol, chairman of the Casicon Business Technology Group.
Kashikon Bank is known as the leading bank in the digital banking sector in Thailand. With more than 16 million banking app users, Kashikon Bank accounts for 40% of digital banking transactions in Thailand. It is called one of the four largest banks in Thailand based on its asset holdings.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.