Kasikornbank has identified asset-backed DeFi as having the potential to create economic value for Thailand.
Kasikornbank, or KBank, one of Thailand’s largest banks has begun experimenting with DeFi services as part of its business expansion plan.
According to a report by Bangkok Post, the bank’s DeFi exploration is being spearheaded by Kbank’s tech subsidiary Kasikorn Business Technology Group, or KBTG.
Commenting on KBank’s DeFi plans, KBTG chairman Ruangroj Poonpol said:
“DeFi is a key exploration for KBank Group this year […] The project is being explored through KBTG under the second phase of the company's digital transformation programme.”
According to Poonpol, DeFi could hold the key to improving financial inclusion for people in Thailand via access to innovative financial services, adding, “With this asset-backed form, DeFi could also create economic value for Thailand.”
Asset-backed DeFi comes with regulatory hurdles given its interaction with real-world assets.