Proceed as planned!!! Bank of Thailand Entering the “Innovation level” testing period on CBDC Retail or digital baht, the latest has selected the top 10 teams of developers from a total of 102 teams, open for submissions on October 22 , 65 before announcing the winners on October 28 y c.
It is known that the Bank of Thailand (BOT) is in the process of preparing a pilot test to use the digital baht with the public. which is proof “Basic level”(Base track) Expected to start later this year with 3 financial institutions and a sample of 10,000.
* Related news: The Bank of Thailand will test the use of “digital bath” at the end of the year 65, trial 10,000 people, join 3 private sector.
not only this But there is another test that will be done side by side is the test. “Level of innovation”(Innovation track), which is proof ofprogrammability (Programmability) to be added to CBDC Retail or digital baht which will allow digital baht to do more than just spend in “Basic Level” or transfer payment for goods and services
proof “Level of innovation”(innovation track) will write instructions on the digital baht to work in complex functions. This will create new financial services that meet the needs of a wide range of users. different from the basic test which is a simple function
In order to test this level of innovation, the BOT has opened up the private sector and the general public to participate in introducing business models (Use cases) in the development of the digital baht through the project. “CBD Hackathon”
Recently, 10 teams were selected from a total of 102 teams. There will be a presentation on October 22, 65 and the winners will be announced on October 28 from a list of 10 teams that have passed.
1.Smart Deep Layer Team
2. The team that has been waiting for (N)
3. TEXTKX Innovation Team for SMEs
5. LIFELINE team, loan for life
Wallet Team 6.Grow Up
7.Smart Insurance Platform Team
Team 8.ThaiTrip – Wallet for tourists
9.Green Wallet Team
10.Bao Boon team
***BOT is open to technology This can be DLT and non-DLT.
Mr Napongtawat Phothikit, Director of the Payment Systems Policy Department of the Bank of Thailand, explained what is expected from the innovation competitors that CBDC retail applications will need digital wallet service providers (wall Let), which can be a commercial bank. or non-bank companies, where the innovation on the CDBC will be done at the level of the digital wallet, that is, orders must be programmed to the layer of the digital wallet (wallet).
Bank of Thailand is open to technology. This could be DLT and non-DLT, as well as CDBC development abroad which continues to study and compare which technologies are appropriate.
***Pilot digital baht Vs digital yuan
Mr Kasidit Tansanguan, Group Director of Bank of Thailand’s Corporate Strategy explained that although Thailand is in the process of piloting projects, which is the same stage as China. But what is different is Thailand. Make sure you have a clear schedule of when to start and when to stop testing. As China continues to pilot projects, it is expanding widely. spread in many cities
“Our test has a start date and an end date. but did not release a pilot as far as China. because we want to see the test results Should we continue to develop or will it stop and turn to large scale transactional CBDCs? How, etc. So it doesn’t mean that once we finish our Retail CBDC trials, we will be able to enable CBDCs.” Kasidit said
***Worldwide is aimed at CBDC, but few countries actually use it.
Currently, around 80-90 central banks around the world are focusing on studying and developing the CBDC, with each country at a different stage. Some countries are working on a proof of concept, others are passing a proof of concept to test or pilot projects, while others have already announced a CBDC.
But the vast majority of countries issuing CBDCs are small countries, such as the Bahamas. As the majority of the population do not have access to financial services, ie without bank accounts, the CDBC is a bridge for people in the country to access it. Financial Services. This is in contrast to Thailand where around 80-90% of the population have access to financial services from banks. There is no need or urgency to issue a CDBC at all.
Recently, I went to see work in Germany. There was also some discussion about the small countries that issue CBDCs and that there is still a problem. especially for scaling or simultaneous use in large quantities wide acceptance learn how to use They are still a problem. People still can’t use it.” Director of the Corporate Strategy Group, Bank of Thailand
Therefore, the pilot test uses the digital Thai baht. Therefore, it is a preparation for setting up a payment infrastructure. But he is not preparing to release the digital baht anytime soon. this in any way
Reporters reported that on the side of Wholesale CBDC or digital baht used for large transactions for cross-border payment purposes The Bank of Thailand has joined 3 other central banks, namely the Hong Kong Central Bank, the Central Bank of China Digital Currency Institute, and the Central Bank of the Emirates United Arab. And 20 commercial banks have “successfully” piloted using four central bank digital currencies (CBDC) for real-world money transfers and foreign exchange transactions for the first time!
* Related news: The Bank of Thailand is very proud! Thailand-China-Hong Kong-UAE Successfully tested 4 CBDC currencies