Kasikornbank (KBank), one of the most important banks in Thailand, has announced it has started experimenting with DeFi services as part of its plan to expand its business. This will be led by Kasikorn Business Technology Group (KBTC), a tech subsidiary of KBank.
The chairman of KBTG, Ruangroj Poonpol, declared:
“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 program.”
Poonpol believes that DeFi may hold the key to improving financial inclusion for Thai people through access to innovative financial services, adding: “With this asset-backed form, DeFi could also create economic value for Thailand.”
Asset-backed DeFi has its own regulatory obstacles, as a result of its interaction with real-world assets. Some industry participants, like Rune Christensen of MakerDAO, have already started asking for engagement between DeFi stakeholders and regulators if DeFi is to continue its ascent into the mainstream.
KBank is looking to expand its presence in SE Asia by using DeFi, especially in countries such as Vietnam, where around two-thirds of the citizens are unbanked.
Source: Cointelegraph.com