SCB 10X, a subsidiary of SCBX Group, has launched Rubie Wallet, a digital wallet specifically designed for international visitors attending Devcon 2024 and related side events in Bangkok.
Rubie Wallet marks Thailand’s first implementation of Purpose-Bound Money (PBM), introduced under the regulatory sandbox framework established by the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC).
The wallet facilitates transactions using PBM and was unveiled at the Ethereum Foundation’s conference.
Rubie Wallet enables attendees to convert regulated US dollar-pegged stablecoins into THBX, a Thai Baht stablecoin.
This provides a practical advantage for international visitors, eliminating the need to carry cash, wait in long queues at currency exchanges, or incur high transaction fees associated with credit cards.
Developed in collaboration with Siam Commercial Bank (SCB), InnovestX, Fireblocks, Elliptic, Circle, and Base, the wallet offers a streamlined alternative to traditional currency exchange methods.
Utilising the Base blockchain allows for low-cost transactions.
Fireblocks provides the secure wallet-as-a-service infrastructure for the platform, while Elliptic provides blockchain analytics to ensure transaction transparency.
Operating within the regulatory sandbox framework established by the Bank of Thailand and the Securities and Exchange Commission, Rubie Wallet aims to provide a secure and efficient payment solution.
Users can make instant mobile payments via a closed-loop QR code system.
This system allows for direct payments at approximately 100 participating merchants, further streamlining the payment process and promoting the adoption of digital currencies within Thailand.
The Rubie Wallet app is available for download here. Users must complete Know Your Customer (KYC) verification to ensure security and compliance.
The pilot programme will run from 5 to 25 November 2024, coinciding with Devcon 2024.
“At SCB 10X, we believe that participating in BOT & SEC regulatory sandbox will be a significant move for financial innovation to global financial inclusion as well as the Thai digital asset ecosystem.
THBX is designed to provide international visitors with a seamless payment experience, and we are proud to be at the forefront of this transformation in Thailand’s digital economy.”
said Mukaya Tai Panich, CEO and CIO of SCB 10X.
