Thailand’s KBank Launches Cross-Border QR Payments in Singapore for Thai Travelers via Grab Network

Brickinfo News Agency – KASIKORNBANK (KBank) has officially expanded its Q Wallet service to facilitate seamless cross-border payments between Thailand and Singapore. This initiative allows Thai travelers to make instant payments to Singaporean merchants by scanning GrabPay QR codes directly through the Q Wallet application. The system leverages blockchain-based infrastructure to eliminate the need for physical currency exchange or the opening of overseas bank accounts, addressing the long-standing fragmentation of payment methods within Southeast Asia.

The service is the result of a strategic partnership between KBank, StraitsX, and Grab. Both StraitsX and Grab operate under Major Payment Institution licenses from the Monetary Authority of Singapore (MAS), while KBank and StraitsX are participants in the MAS BLOOM initiative. By using blockchain technology, the collaboration ensures real-time settlement between the Thai and Singaporean payment ecosystems. On the merchant side, the Grab ecosystem provides Thai travelers with access to a vast network of service providers and retailers across Singapore.

“The expansion of Q Wallet marks another important milestone in our development of digital payment infrastructure that connects international spending,” said Dr. Karin Boonlertvanich, Executive Vice President of KBank. “By applying blockchain technology alongside real-world financial systems, we aim to provide greater convenience for Thai travellers, enabling secure mobile payments abroad without reliance on cash. Singapore has been selected as our first overseas pilot market, allowing us to further develop cross-border payment models through digital financial systems while supporting the advancement of next-generation financial infrastructure that connects the regional digital economy.”

The technical foundation of this service utilizes Q-money, KBank’s blockchain-based e-money, as the settlement medium. This system operates on Quarix, a blockchain infrastructure developed by Orbix Technology & Innovation Co., Ltd. Through integration with StraitsX, Q-money interoperates with the XSGD stablecoin, utilizing “Purpose Bound Money” protocols to ensure transparent, traceable, and instantaneous transactions. This allows merchants within the Grab network to receive payments immediately while providing a frictionless experience for users.

“Travellers shouldn’t have to think about currencies when they cross borders,” stated Tianwei Liu, CEO and Founder of StraitsX. “By connecting Q-money with XSGD, we’re enabling instant blockchain settlement between Thailand and Singapore, demonstrating how stablecoins can power the next generation of cross-border payments in Southeast Asia.”

Currently, the project is operating under the Regulatory Sandbox of the Bank of Thailand. This expansion follows the initial launch of Q Wallet services for international tourists within Thailand and reflects a broader commitment to strengthening regional financial connectivity and supporting the sustainable growth of the digital economy through financial innovation.