The Thai Bond Market Association says that government bonds dominate the Thai market. The outstanding value of bonds in the Thai market was reportedly $157 billion in 2019. An impressive 37% of the total outstanding Thai bond market. To address this market, Bank of Thailand (BOT) has launched the world's first blockchain-based platform for government savings bonds. The central bank of Thailand will be issuing a total of $1.6 billion within two weeks through this platform.
The central bank’s platform for government savings bonds will leverage blockchain technology on the IBM Cloud. This brand new platform aims to help investors acquire government bonds. They will now be able to buy government bonds in just 2 days. The process of bond issuance took 15 days on an average in the country previously.
“Bank of Thailand's success with the government savings bond project is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes resulting in fast, transparent, secured and efficient multiparty collaboration,” said Patama Chantaruck, VP for Indochina Expansion and MD of IBM Thailand.
The platform will reduce the operational complexity and overall cost of issuing bonds for the central bank of Thailand. IBM worked with eight institutions including BOT, Public Debt Management Office, Thailand Securities Depository Co., Ltd, Thai Bond Market Association and selling-agent banks, including Bangkok Bank, Krungthai Bank, Kasikorn Bank, and Siam Commercial Bank to make this platform happen.
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