Kasikornbank (KBank) has expanded its Q Wallet app so Thai travelers can now pay in Singapore by scanning GrabPay QR codes. This is a big step for cross-border digital payments.
The system uses blockchain-based Q-money to complete transactions. It works together with the XSGD stablecoin from StraitsX.
Monetary Authority of Singapore regulates StraitsX, ensuring the system is safe and follows proper rules.
This service means travelers don’t need to exchange currency or open a bank account abroad. Payments become quick and easy.
Singapore is the first country where this service is being tested. The project runs under the Bank of Thailand sandbox, and both KBank and StraitsX are part of MAS’s BLOOM initiative.
This innovation focuses on the settlement layer, which is the backend system that moves money between banks. Even though QR payments feel instant the actual transfer between banks can take a few days. This new system aims to make payments reach merchants almost instantly.
The system uses two blockchain networks. Q-money runs on the Quarix network in Thailand, while in Singapore, payments use XSGD on an Avalanche blockchain. This helps make transactions faster and more efficient.
The idea is based on earlier collaboration between Kasikornbank and Grab, which began working together in 2018.
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