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Thailand’s Kasikornbank, also known as KBank, has&nbsp;<a href="https://x.com/avax/status/1998060435057107375" rel="noopener noreferrer nofollow">partnered</a> with StraitsX and <a href="https://bsc.news/post/avalanche-deep-dive-technical-ecosystem-analysis" rel="noopener noreferrer nofollow">Avalanche</a> to streamline cross-border payments between Thailand and Singapore. The initiative, unveiled at the Singapore FinTech Festival 2025, aims to allow real-time settlement of blockchain-based e-money for tourists and merchants.
<div>
 <blockquote class="twitter-tweet">
 The institutions are here. Thailand’s second-largest bank, KBank, is integrating <a href="https://twitter.com/StraitsX?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@StraitsX</a> to run cross-border payments between Thailand and Singapore. This builds on Alipay+’s live use case for 1.6B+ tourists to pay at any GrabPay merchant in Singapore. Powered by Avalanche: <a href="https://t.co/eHcBgnPABS" rel="noopener noreferrer nofollow">pic.twitter.com/eHcBgnPABS</a>— Avalanche🔺 (@avax) <a href="https://twitter.com/avax/status/1998060435057107375?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 8, 2025</a>
 </blockquote>
</div>
The&nbsp;<a href="https://x.com/AvaxTeam1/status/1998055864612069452" rel="noopener noreferrer nofollow">project</a>, called “Seamless Travel Payments on Chain,” enables Thai tourists to pay in Singapore using KBank’s Q Wallet app. Transactions are converted into XSGD, the Singapore Dollar-pegged&nbsp;<a href="https://bsc.news/post/understanding-stablecoins-how-they-work-guide" rel="noopener noreferrer nofollow">stablecoin</a> issued by StraitsX, ensuring merchants receive funds in local currency instantly.
<h2 id="span-span-strong-how-does-the-kbank-straitsx-integration-work-strong-span-span">How Does the KBank-StraitsX Integration Work?</h2>
The integration is built around three key phases designed to enable cross-border payment interoperability while adhering to regulatory standards.
Phase 1: Outbound Tourists
<ul>
 <li>Thai travelers visiting Singapore can use Q Wallet by KBank, which holds Q-money, to pay at GrabPay-supported merchants and select PayNow-enabled merchants.</li>
 <li>Payments are converted in real time to XSGD, settling immediately in Singapore dollars.</li>
 <li>This phase is under testing in the Bank of Thailand’s Regulatory Sandbox, with an expected launch by Q2 2026.</li>
</ul>
Phase 2: Inbound Tourists
<ul>
 <li>Singaporean visitors to Thailand will be able to pay in Thai Baht using their local wallets holding XSGD.</li>
 <li>Funds are converted to Q-money for merchants, allowing instant settlement without traditional currency conversion delays.</li>
 <li>Phase 2 is pending regulatory approvals in both countries.</li>
</ul>
Phase 3: Cross-Border KYC Verification
<ul>
 <li>The final phase introduces cross-border Know Your Customer (KYC) verification.</li>
 <li>This ensures international identity verification standards align with both Bank of Thailand and Monetary Authority of Singapore requirements.</li>
 <li>Regulatory approvals are expected in the first half of 2026.</li>
</ul>
<h2 id="span-span-strong-why-avalanche-was-chosen-strong-span-span">Why Avalanche Was Chosen</h2>
Avalanche provides the underlying technology for StraitsX’s XSGD token and enables the integration with KBank’s Quarix blockchain developed by Orbix Technology. Key features include:
<ul>
 <li>Custom Permissioned Chains: Allows banks to configure privacy, regulatory compliance, and access control.</li>
 <li>Interoperability: Connects Quarix and XSGD for seamless settlement between e-money systems.</li>
 <li>Real-Time Settlement: Eliminates delays of traditional cross-border payments, which can take days and hide fees.</li>
 <li>Transparency and Security: Blockchain tracks and verifies transactions to meet institutional standards.</li>
</ul>
Avalanche’s network provides a controlled environment for regulated digital currencies while allowing scalability for regional payment corridors.
<h2 id="span-span-strong-who-are-the-key-partners-strong-span-span">Who Are the Key Partners?</h2>
The project brings together leading financial and technology players from Thailand and Singapore:
<ul>
 <li>Kasikornbank (KBank): Thailand’s second-largest bank, provider of Q Wallet, driving digital financial infrastructure.</li>
 <li>Orbix Technology: KBank group company developing Quarix blockchain.</li>
 <li>StraitsX: Singapore-based MAS-licensed Payment Institution issuing XSGD, pegged 1:1 to Singapore dollars and backed by reserves at DBS, Standard Chartered, and CIMB.</li>
 <li>Avalanche (Ava Labs): Blockchain network enabling real-time settlement and interoperability between systems.</li>
</ul>
Government representatives also participated, including the Bank of Thailand’s Deputy Governor for Financial Stability and MAS officials.
<h2 id="span-span-strong-how-the-system-handles-cross-border-payments-strong-span-span">How the System Handles Cross-Border Payments</h2>
The integration uses blockchain to link regulatory-compliant digital money from each country. Tourists can scan QR codes at merchants and pay using familiar wallet apps. The conversion and settlement occur instantly on-chain, removing the need for multiple intermediaries.
<ul>
 <li>Efficiency: Cross-border transactions that normally take days are completed in seconds.</li>
 <li>Compliance: Permissioned chains with governance measures meet institutional and regulatory requirements.</li>
 <li>User Experience: Travelers pay through familiar interfaces, reducing friction in foreign transactions.</li>
</ul>
<h3 id="span-span-strong-comparison-with-traditional-systems-strong-span-span">Comparison With Traditional Systems</h3>
Traditional cross-border payments often involve multiple banks and intermediaries. Transactions appear instant but may take days to settle and include hidden fees. The KBank-StraitsX-Avalanche system provides:
<ul>
 <li>Direct settlement between e-money systems.</li>
 <li>Real-time currency conversion and merchant settlement.</li>
 <li>Transparent transaction tracking.</li>
</ul>
This model resembles other regional blockchain initiatives. For example, Alipay+ supports payments for 1.6 billion tourists across Southeast Asia, including GrabPay merchants in Singapore.
<h2 id="span-span-strong-regional-implications-strong-span-span">Regional Implications</h2>
This corridor forms part of Project BLOOM (Borderless, Liquid, Open, Online, Multi-currency), led by the Monetary Authority of Singapore. The initiative aims to establish a secure and scalable digital financial system for Southeast Asia.
StraitsX recently announced plans to extend its network across Thailand, Singapore, Taiwan, and Japan, enabling real-time cross-border settlement with XSGD as the core settlement asset.
<h2 id="span-span-strong-recent-developments-for-avalanche-strong-span-span">Recent Developments for Avalanche</h2>
<ul>
 <li>Securitize EU TSS: Securitize is&nbsp;<a href="https://bsc.news/post/avalanche-securitize-eu-trading-settlement-system" rel="noopener noreferrer nofollow">launching</a> a regulated pan-European Trading and Settlement System on Avalanche, allowing tokenized securities to trade and settle across all 27 EU states.</li>
 <li>Bitwise AVAX ETF: Bitwise&nbsp;<a href="https://bsc.news/post/bitwise-files-avax-etf" rel="noopener noreferrer nofollow">filed</a> an S-1 amendment for a spot Avalanche ETF incorporating staking, expected on NYSE Arca in Q1 2026.</li>
</ul>
<h2 id="span-span-strong-conclusion-strong-span-span">Conclusion</h2>
KBank’s partnership with StraitsX and Avalanche establishes a functioning cross-border payment corridor between Thailand and Singapore. The system allows instant settlement of Q-money and XSGD, maintains regulatory compliance, and enables tourists and merchants to transact efficiently. Permissioned chains, real-time settlement, and interoperability with existing banking systems ensure a secure and transparent payment experience, laying the foundation for a broader regional digital financial infrastructure.
<h2 id="span-span-resources-span-span">Resources</h2>
<ol>
 <li><a href="https://x.com/avax" rel="noopener noreferrer nofollow">Avalanche on X</a>: Announcements on November 27</li>
 <li><a href="https://securitize.io/learn/press/Securitize-Wins-Full-EU-Regulator-Approval" rel="noopener noreferrer nofollow">Press release by Securitize</a>: Securitize Wins Full EU Regulatory Approval and Selects Avalanche for Initial Deployment of European Trading &amp; Settlement System</li>
 <li><a href="https://www.coindesk.com/business/2025/11/27/avalanche-etf-race-heats-up-as-bitwise-becomes-first-to-add-staking" rel="noopener noreferrer nofollow">Coindesk Article</a>: Avalanche ETF Race</li>
 <li><a href="https://www.sec.gov/Archives/edgar/data/2086017/000121390025115003/ea0267008-s1a1_bitwise.htm" rel="noopener noreferrer nofollow">SEC Document</a>: Bitwise S-1 Amendment</li>
</ol>

Avalanche Enables KBank and StraitsX to Streamline Payments Between Thailand and Singapore

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