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StraitsX and KASIKORNBANK will pilot stablecoin-settled QR payments between Singapore and Thailand. The project links Thailand’s national QR network with Singapore’s SGQR so people can pay through local wallets while merchants receive money in their own currency. In the first phase, Thai travelers in Singapore will pay via KBank’s Q Wallet, with funds settled instantly in SGD using StraitsX infrastructure.
Fintech News Singapore said the scheme will enable interoperability between PromptPay and SGQR and explore XSGD as the settlement asset, starting with GrabPay and PayNow merchants in Singapore (Fintech News Singapore). The second phase would allow Singapore users to pay Thai merchants, creating a two-way corridor that keeps the familiar scan-to-pay experience while moving settlement onto blockchain rails.
The pilot builds on earlier work in the Bank of Thailand sandbox. In 2024, KBank, Orbix Technology, and StraitsX demonstrated solution where Q-money in Thailand converted in real time to StraitsX’s XSGD for Singapore merchants. That showcase showed how a wallet in one country could scan a foreign QR and complete a payment without manual FX, while the merchant received local-currency settlement.
“The currency exchange process… enables instant settlement between Thai baht and XSGD. Merchants in Singapore receive payments in SGD in real time,” said Tianwei Liu, Co-Founder and CEO of StraitsX, referencing the earlier sandbox demo. If the new pilot scales, it could set a template for stablecoin-enabled QR payments that connect retail wallets, banks, and on-chain markets in Southeast Asia.
