SCB 10X, a subsidiary of SCBX Group, has launched Ruby Wallet, a digital wallet specifically designed for international visitors attending Devcon 2024 and related side events in Bangkok.
Ruby Wallet is Thailand’s first implementation of a purpose-built currency (PBM) introduced under the regulatory sandbox framework established by the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC).
The wallet uses PBM to facilitate transactions and was announced at the Ethereum Foundation conference.
Ruby Wallet allows participants to exchange regulated USD-pegged stablecoins for THBX, a Thai Baht stablecoin.
This is a practical benefit for international visitors, who no longer have to carry cash, wait in long lines at exchange offices, or incur high transaction fees associated with credit cards.
Joint development with Siam Commercial Bank (SCB), InnovestX, Fireblocks, Elliptic, Circle, Base, this wallet offers a reasonable alternative to traditional currency exchange methods.
By utilizing the Base blockchain, low-cost transactions are possible.
Fireblocks provides a secure Wallet-as-a-Service infrastructure for the platform, and Elliptic provides blockchain analytics to ensure transaction transparency.
Rubie Wallet operates within the framework of the regulatory sandbox established by the Bank of Thailand and the Securities and Exchange Commission and aims to provide a secure and efficient payment solution.
Users can make instant mobile payments through a closed-loop QR code system.
The system will enable direct payments at approximately 100 participating merchants, further streamlining the payment process and facilitating the adoption of digital currency in Thailand.
Ruby Wallet app is available for download here. Users must complete Know Your Customer (KYC) verification to ensure security and compliance.
The pilot program will run from November 5 to 25, 2024, in conjunction with Devcon 2024.
“At SCB 10X, we believe that joining the BOT and SEC regulatory sandboxes will be an important move for global financial inclusion and financial innovation into Thailand’s digital asset ecosystem.
THBX is designed to provide a seamless payment experience for international visitors and we are proud to be at the forefront of this transformation in Thailand’s digital economy. ”
Mukaya Tai Panich, CEO and CIO of SCB10X.
