{"id":107163,"date":"2023-07-25T14:21:54","date_gmt":"2023-07-25T07:21:54","guid":{"rendered":"http:\/\/www.thestorythailand.com\/?p=107163"},"modified":"2023-08-02T14:37:01","modified_gmt":"2023-08-02T07:37:01","slug":"scb-and-bot-collaborate-to-launch-retail-cbdc-scb-app-pilot-project","status":"publish","type":"post","link":"https:\/\/www.thestorythailand.com\/en\/scb-and-bot-collaborate-to-launch-retail-cbdc-scb-app-pilot-project\/","title":{"rendered":"SCB and BOT collaborate to launch retail CBDC SCB App pilot project"},"content":{"rendered":"\n

Siam Commercial Bank (SCB) and the Bank of Thailand (BOT) are working together to support the advancement of the country’s digital currency infrastructure. Their latest endeavor involves the development of the CBDC SCB application, aimed at facilitating a retail CBDC (Central Bank Digital Currency) usage test. This pilot program is limited to a select group of whitelisted participants who will have the opportunity to try out the app’s features, including topping up funds, scanning, making payments, transferring money, and converting CBDC back into regular currency. The entire process is conducted with the utmost care and adherence to safety standards, ensuring the test participants receive the same level of security as the bank’s customers. This initiative showcases SCB’s strength in digital technology, financial expertise, and available resources, as well as their commitment to collaborating with the BOT to build Thailand’s future financial innovation infrastructure.<\/p>\n\n\n\n

Dr. Chalee Asavathiratham<\/strong>, Senior Executive Vice President and Chief Digital Banking Officer at Siam Commercial Bank, noted that, \u201cThe Bank is dedicated to contributing its digital technology capabilities, financial expertise, and available resources to support the Central Bank Digital Currency (CBDC) project in partnership with the Bank of Thailand. We have developed the CBDC SCB application to test its functionalities, which include basic features such as topping up funds, making payments, transferring money, and converting CBDC back into regular currency. Testing for the application began in the Bank of Thailand premises in February 2023 and has since expanded to shops within Siam Commercial Bank’s Headquarters premises at the end of May 2023. <\/p>\n\n\n\n

The testing phase will continue until around the third quarter of 2023, with over 3,000 participants in a limited circle, composed of employees of SCB and SCBX group companies. Participants on the whitelist are eligible to download the CBDC SCB app from the App Store or Play Store for registration. This app is specifically designed for the whitelist group, ensuring its exclusive usage. By connecting it to the SCB EASY app, whitelist participants can convert CBDC back into the corresponding amount of money in their accounts during the entire testing period, with one CBDC being equal to one baht. The safety standards applied to this process mirror those provided to the bank’s regular customers.\u201d<\/p>\n\n\n\n

\u201cFurthermore, the bank, in collaboration with the BOT and other CBDC service providers, is actively exploring additional innovations and advancements in the CBDC system to address various business challenges. It’s important to note that this innovation track is solely a closed system test and does not involve application to project participants or shops. Currently, the retail CBDC remains a project under study, aligned with the BOT’s principle of “Pilot to Learn, Not Pilot to Launch. The ongoing test involves a limited group of users and merchants on the whitelist, totaling approximately 10,000 individuals among CBDC service providers, with no immediate plans for actual implementation,\u201d said Dr. Chalee.<\/strong><\/p>\n\n\n\n

To enhance the user experience and prioritize safety standards during the Retail CBDC usability testing, the bank has implemented the following improvements:<\/p>\n\n\n\n