Thailand’s Kasikornbank, formerly known as the Thai Farmers Bank a leading banking group in Thailand – is teaming up with IBM in order to work on Blockchain solutions to help cut operational costs related to ledgers, according to a report in Reuters. The bank, one of the largest in Thailand, is reportedly looking to officially integrate the document certification service sometime next year.
“Kasikornbank is also in talks with other Thai banks to share the Blockchain network,” according to Somkid Jiranuntarat, vice chairman of Kasikornbank’s technology group.
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The technology will be used to certify original documents by using IBM’s Hyperledger infrastructure. At the initial stage, a system called OriginCert API is used to certify letters of guarantee (LG), which helps simplify and speed up the LG issuance process for customers, according to a joint statement.
Kasikornbank, Thailand’s fourth-largest lender by assets, is the leader in digital banking with a market share of almost 40 percent. It aimed to spend 5 billion baht ($143 million) to develop information technology, it said in April.