Thailand's SCB Bank to launch stablecoin cross-border payment service

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On October 17, Thailand's veteran bank Siam Commercial Bank (SCB) announced that it will collaborate with the fintech company Lightnet to provide stablecoin cross-border payment and remittance services for its customers. The service supports cross-border transactions 24 hours a day, 7 days a week, and significantly reduces transaction costs.

Reportedly, the service has passed the regulatory sandbox test of the Bank of Thailand.

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