SCB 10X Unveils Thailand’s First Purpose-Bound Money Initiative Under Bank of Thailand and SEC’s Regulatory Sandbox


  • The Purpose-Bound Money in the form of programmable payment will be launched at Ethereum Foundation’s Devcon 2024, offering seamless regulated US-dollar pegged Stablecoin-to-THBX conversion and secure mobile payments. 


BANGKOK, THAILAND – November 11, 2024 – SCB 10X, the disruptive technology investment and innovation arm of SCBX Group, in collaboration with SCB, InnovestX , Fireblocks, Elliptic, Circle and Base, announces the launch of Rubie Wallet, a digital wallet application designed to facilitate a seamless closed-loop QR payments experience using regulated USD-pegged stablecoin (Regulated USD Stablecoin) and THBX (Thai Baht Stablecoin) for foreign visitors attending Devcon 2024 in Bangkok during November 5 to 25, 2024. Foreign visitors will be able to use the Rubie Wallet to convert regulated USD Stablecoin into THBX in real-time, offering a faster, cost-effective alternative to traditional currency exchanges. Rubie Waller is developed and operated under the regulatory sandbox’s framework and conditions prescribed by the Bank of Thailand and the Securities and Exchange Commission.

 

The Rubie Wallet showcases Purpose-Bound Money’s (PBM) practical applications, simplifying the payment process for international attendees. Purpose-Bound Money with THBX, Thailand’s first programmable stablecoin, addresses challenges such as inconvenience from carrying cash and changes, long queues at FX kiosks, and transaction fees from FX risks when using credit cards, by enabling seamless payments through regulated USD Stablecoin-to-THBX conversions and secure mobile closed-loop QR payment transactions. Under the regulatory sandbox’s framework of the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC), the Rubie Wallet aspired to offer a secure, efficient payment solution.

 

The PBM initiative will run from November 5 to 25, 2024, with key activations taking place during Devcon and related side events. Rubie Wallet’s application is available for installation at https://rubie.io/ from November 5, and users must complete Know Your Customer (KYC) verification to ensure security and compliance. Once the onboarding process is completed, users can convert regulated USD Stablecoin into THBX and make instant mobile payments via closed-loop QR codes across approximate of 100 participating merchants.

 

SCB 10X's Rubie Wallet’s 'Scan-to-Pay' system in collaboration with SCB, the leading Thai commercial bank, offers closed-loop QR codes payment for users, accelerating the adoption of digital payments in Thailand. The application is designed specifically for Thai Baht Stablecoin transactions. This marks the first live demonstration of Purpose-Bound Money using THBX via Rubie Wallet, with lower-fee transactions on the Base chain.


Rubie Wallet is powered through Fireblocks' wallets-as-a-service infrastructure, with Elliptic providing blockchain analytics to monitor transactions for transparency. Using regulated USD Stablecoin and Base, layer 2 blockchain, Rubie Wallet app integrated with InnovestX, the digital asset brokerage arm of SCBX Group, to enable US-dollar pegged Stablecoin-to-THBX conversions seamlessly.

 


“At SCB 10X, we believe that participating in BOT & SEC regulatory sandbox will be a significant move for financial innovation to global financial inclusion as well as the Thai digital asset ecosystem,” said Mukaya Tai Panich, CEO and CIO of SCB 10X. “THBX is designed to provide international visitors with a seamless payment experience, and we are proud to be at the forefront of this transformation in Thailand's digital economy.”

 

"We are thrilled to collaborate with industry leaders like Fireblocks, Circle, and Base to bring the Rubie Wallet app to life. By integrating with Elliptic's pioneering blockchain analytics, we are able to deliver a solution that balances innovation with integrity,” said Yvonne Ng, Regional Director, APAC of Elliptic. “Elliptic’s proven capabilities in detecting illicit activities ensure our users experience the highest standards of security and transparency. This partnership underscores our commitment to leading the charge in seamless and secure digital transactions, setting a new benchmark in the digital asset landscape."

 

“At Fireblocks, we are committed to providing secure and scalable infrastructure for using of digital asset, and our collaboration with SCB 10X on the Rubie Wallet is a testament to that mission,” said Michael Shaulov, Co-founder and CEO of Fireblocks. “By leveraging our wallets-as-a-service technology, we’re ensuring that every transaction made with THBX is safeguarded, driving the next wave of innovation in programmable stablecoins.”



SCB 10X is setting the stage for future fintech innovations in Thailand and beyond, with THBX poised to revolutionize Thailand’s tourism and retail sectors by bridging traditional finance and digital currencies.

For more information about Rubie Wallet, please visit https://rubie.io/  


About SCB 10X
SCB 10X, a subsidiary of the SCBX Group, was established in January 2020 with a “Moonshot Mission” to achieve exponential growth through technology innovation and investment, focusing on disruptive technologies such as Web 3 (Blockchain, Digital Assets, Metaverse), Deep Tech AI/ML, and Fintech. For more information, please visit https://scb10x.com/.

Website | X | Facebook | LinkedIn

 

About Elliptic

Elliptic is the global leader in crypto asset risk management for crypto businesses, governments, and financial institutions worldwide.Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.Elliptic is headquartered in London with offices in New York, Singapore, UAE and Tokyo. To learn more, visit www.elliptic.co.

 

About Fireblocks

Fireblocks is an easy-to-use platform to create new blockchain-based products, and manage day-to-day digital asset operations. Exchanges, banks, PSPs, lending desks, custodians, trading desks, and hedge funds can securely scale their digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of organizations in the financial, payments, and web3 space, has secured the transfer of over $6 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. Find out why CISOs and Ops Teams love Fireblocks at www.fireblocks.com.