KBank Expands Q Wallet to Enable Thailand–Singapore
Cross-border travel in Southeast Asia continues to grow, but payments often remain fragmented, with travellers still needing to exchange cash, manage multiple payment apps, or face high FX and settlement costs. To address this challenge, KASIKORNBANK (KBank) has expanded Q Wallet to enable seamless Thailand–Singapore payments, allowing Thai travellers 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 travellers 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 travellers access to a large network of merchants across Singapore.
Dr. Karin Boonlertvanich, Executive Vice President of KBank, said, “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 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.”
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 travellers with a seamless cross-border payment experience
“Travellers shouldn’t have to think about currencies when they cross borders,” said 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.”
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.
