Payment Problem Across Borders
Cross-border payments in ASEAN still rely on fragmented rails. A Thai consumer paying in Singapore faces multiple pain points: manual currency conversion, settlement delays, and lack of real-time transparency. These frictions limit both user convenience and merchant confidence.
The Solution
To address these inefficiencies, Quarix, KBank, and StraitsX collaborated on a blockchain-based pilot that links regulated e-money in Thailand with regulated stablecoin in Singapore. At the center of this design, Quarix acts as the financial-grade infrastructure that powers the Thai side of the flow.
How Quarix Powers the Flow
• Regulated e-Money Integration: Through the Q-Money app by KBank, Quarix enables digital financial transactions to be carried out quickly, securely, and under the oversight of the Bank of Thailand’s regulatory sandbox.
• Interoperability Layer: Quarix connects with StraitsX, enabling instant settlement into a StraitsX's XSGD.
• Transparency and Trust: Each transaction is verifiable, giving regulators and corporates a clear audit trail.
The Pilot in Practice
At Singapore FinTech Festival 2024, the cross-border payment system was showcased live to a global audience. Using the Q-Money application, a Singapore merchant’s QR code was scanned to initiate payment in Thai baht, which was automatically converted into XSGD and settled in Singapore as SGD through StraitsX.
The entire process was completed in less than a minute. The demonstration proved that a cross-border payment can be as seamless as a local QR transaction, with merchants receiving immediate settlement and users experiencing transparent currency conversion without added complexity.
Why Quarix Matters
Without Quarix’s financial-grade blockchain layer, the pilot could not have ensured both regulatory compliance and technical interoperability. By embedding compliance logic and enabling cross-chain settlement, Quarix made it possible for domestic e-money and international stablecoins to work together as part of a real-world cross-border payment system.
Future Outlook
This pilot lays the foundation for broader ASEAN payment corridors. Future phases may extend to inbound payments, multi-currency support, and applications beyond consumer payments, such as tourism and retail. Quarix provides the infrastructure to scale these use cases securely and reliably.
