Thailand’s KASIKORNBANK (KBank) has teamed up with Singapore’s StraitsX and Grab to expand Q Wallet to enable Thailand–Singapore cross-border payments.
StraitsX said in a statement on Tuesday that cross-border travel in Southeast Asia continues to grow, but payments often remain fragmented, with travelers still needing to exchange cash, manage multiple payment apps, or face high foreign exchange and settlement costs.
To address this challenge, KBank has expanded Q Wallet to enable seamless Thailand–Singapore payments, allowing Thai travelers to pay Singapore merchants by scanning GrabPay QR codes directly from the Q Wallet by KBank application.
The service is powered by blockchain-based settlement infrastructure developed in partnership with StraitsX, enabling real-time transactions between Thailand and Singapore without requiring travelers to exchange currency or open overseas bank accounts.
This initiative is made possible through a strategic collaboration between StraitsX, Grab, and KBank.
StraitsX and Grab are holders of Major Payment Institution licences issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, with StraitsX and KBank being participating members under the MAS BLOOM initiative.
As the issuer of the XSGD stablecoin, StraitsX powers blockchain-based settlement between the Thai and Singapore payment ecosystems.
On the merchant side, payments are accepted through the Grab ecosystem, giving travelers access to a large network of merchants across Singapore.
“The expansion of Q Wallet marks another important milestone in our development of digital payment infrastructure that connects international spending,
“By applying blockchain technology alongside real-world financial systems, we aim to provide greater convenience for Thai travelers, enabling secure mobile payments abroad without reliance on cash,” said Dr. Karin Boonlertvanich, Executive Vice President of KBank.
According to him, Singapore has been selected as the firm’s 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.
Under the service, Q-money, `KBank’s e-money on blockchain, is used as the settlement medium, enabling blockchain payments that are fast, transparent, and fully traceable.
The system operates on Quarix, a blockchain infrastructure developed by Orbix Technology & Innovation Co., Ltd., a company under KASIKORNBANK FINANCIAL CONGLOMORATE.
Through integration with StraitsX, Q-money interoperates with the XSGD stablecoin and is implementing Purpose Bound Money in the flows to ensure robust controls, enabling real-time blockchain settlement between the two payment systems.
This interoperability ensures transactions are processed instantly and transparently, allowing merchants within the Grab network to receive payments immediately while providing travelers with a seamless cross-border payment experience
“Travelers shouldn’t have to think about currencies when they cross borders,
“By connecting Q-money with XSGD, we’re enabling instant blockchain settlement between Thailand and Singapore, demonstrating how stable coins can power the next generation of cross-border payments in Southeast Asia,” said Tianwei Liu, Chief Executive Officer and Founder of StraitsX.
The project is currently being operated under the Regulatory Sandbox of the Bank of Thailand and builds upon the earlier launch of Q Wallet services for international tourists in Thailand.
This expansion reflects KBank’s continued commitment to advancing financial innovation and developing digital payment infrastructure that supports cross-border payment, while also fostering the sustainable growth of the digital economy and strengthening regional financial connectivity, said the statement.