Siam Commercial Bank (SCB) and the Bank of Thailand (BOT) have developed an app as part of a retail Central Bank Digital Currency (CBDC) pilot project.
The pilot programme is limited to a select group of whitelisted participants who will have the opportunity to try out the CBDC SCB app available for download at the App Store or Play Store.
The app’s features include topping up funds, scanning, making payments, transferring money, and converting CBDC back into regular currency.
The bank has made it mandatory for the eligibility screening of test participants where the KYC identity verification and top-up procedures are conducted via integration with the SCB EASY application.
The CBDC SCB application also provides access to historical financial transactions for users. Additionally, the participants can test the CBDC transfer feature using My QR, which allows them to conveniently save QR codes for future transactions. The pilot project also offers a direct contact channel for support and assistance.
SCB said that the bank will organise activities to promote CBDC usage within its premises, encouraging project participants to actively engage and support the BOT’s project in achieving the test objectives.
Dr. Chalee Asavathiratham
Dr. Chalee Asavathiratham, Senior Executive Vice President and Chief Digital Banking Officer at Siam Commercial Bank said,
“Testing for the application began in the Bank of Thailand premises in February 2023 and has since expanded to shops within Siam Commercial Bank’s Headquarters premises at the end of May 2023. The testing phase will continue until around the third quarter of 2023, with over 3,000 participants in a limited circle, composed of employees of SCB and SCBX group companies.
This app is specifically designed for the whitelist group, ensuring its exclusive usage. By connecting it to the SCB EASY app, whitelist participants can convert CBDC back into the corresponding amount of money in their accounts during the entire testing period, with one CBDC being equal to one baht.”
Furthermore, SCB in collaboration with the BOT and other CBDC service providers, is actively exploring additional innovations and advancements in the CBDC system to address various business challenges.
Currently, the retail CBDC remains a project under study, aligned with the BOT’s principle of “Pilot to Learn, Not Pilot to Launch.
The ongoing test involves a limited group of users and merchants on the whitelist, totaling approximately 10,000 individuals among CBDC service providers, with no immediate plans for actual implementation.
