A New Thailand to Singapore Cross Border Settlement Experience Emerges With KBank and StraitsX, Powered by AvaCloud

A meaningful moment in Southeast Asia’s digital payments landscape has emerged with the introduction of a new cross border payment experience between Thailand and Singapore. KASIKORNBANK, Orbix Technology, and StraitsX jointly unveiled the development of Seamless Travel Payments onchain during Singapore FinTech Festival 2025. The project drew significant attention for its vision to simplify cross border payments through regulated e-money and blockchain technology. Although the consumer facing experience remains familiar, the underlying infrastructure reflects a shift toward more purpose built, transparent, and efficient cross border settlement.

KBank, one of Thailand’s leading financial institutions, is collaborating with StraitsX, the regulated issuer of XSGD. XSGD is a Singapore dollar pegged stablecoin that is fully backed one to one with reserves and issued under a Major Payment Institution license. All Singapore side settlement in this new corridor takes place on the dedicated Avalanche L1 chain that StraitsX launched through AvaCloud, which provides a controlled and purpose built environment suited for regulated digital money settlement. The project sits under BLOOM, an international collaboration led by the Monetary Authority of Singapore that explores the real world use of regulated digital money across borders.

The collaboration was announced on stage by executives and regulators including representatives from KBank, Orbix Technology, StraitsX, the Bank of Thailand, and the Monetary Authority of Singapore. They shared a unified perspective on how travel and commerce are increasingly supported by digital payment experiences that feel effortless for consumers. KBank highlighted its long term vision of competing on customer experience and trust, supported by decades of regulatory expertise and deep relationships across Thailand. StraitsX emphasized the importance of regulated digital money and clear reserve backing. Orbix Technology reinforced the role of blockchain infrastructure in connecting regulated assets with modern payment experiences.

Seamless Travel Payments on Chain brings together three key contributors. KBank is the pioneer behind Q money, a regulated form of e money issued on blockchain and used within its Q Wallet application. StraitsX is the licensed issuer of XSGD, with custody reserves held with major banking partners. Orbix Technology is the developer behind Quarix, the blockchain network that supports KBank’s regulated digital money environment. Together these organizations are preparing for a future where cross border spending can move with greater speed, clarity, and operational confidence.

The core motivation behind the project is grounded in the reality of cross border QR payments today. While these payments may appear instant to consumers, settlement between financial institutions can take several days and involves reconciliation processes that create delays and hidden costs for merchants. These friction points led to the development of Seamless Travel Payments onchain, which aims to demonstrate how regulated digital money can support a payment experience that is simple for travelers while maintaining required levels of oversight in both jurisdictions.

The updated payment flow begins when a Thai traveler uses KBank’s Q Wallet to scan a merchant QR code in Singapore. The traveler pays with Q money, the regulated e-money issued by KBank. The transaction is processed through Quarix, the blockchain network operated by Orbix Technology. StraitsX then receives the value in Singapore and settles the payment using XSGD on its dedicated Avalanche L1 chain deployed by AvaCloud. The Singapore merchant receives funds in Singapore dollars without managing currency conversion or delays. This structure allows both institutions to maintain their existing systems while using a blockchain based settlement layer that improves transparency and speed.

The choice to use a dedicated Avalanche L1 reflects a shared belief among the partners that regulated digital money benefits from predictable and controlled execution environments. StraitsX deployed this chain through AvaCloud to obtain a purpose built setting for settlement that supports deterministic performance and dedicated throughput. This aligns with earlier work StraitsX carried out with partners under MAS Project Orchid, including deployments with Grab and Alipay Plus. Those experiences showed that regulated digital money can operate reliably in production environments. The new KBank and StraitsX corridor extends those learnings into bank initiated cross border payments.

The collaboration roadmap introduced at Singapore FinTech Festival outlines three envisioned phases, each subject to regulatory approval. The first phase focuses on outbound tourists where Thai travelers can pay Singapore merchants instantly with Q money and merchants receive funds in SGD. A second phase envisions inbound tourists from Singapore making payments in Thailand with similar ease. A third phase introduces cross border identity verification to strengthen security. The first phase is currently operating in the Bank of Thailand regulatory sandbox, with additional phases planned for exploration in 2026.

The activation of this payment corridor signals the growing regional commitment to preparing for regulated digital money at scale. Rather than redesigning existing payment systems, the partners introduced a targeted settlement layer that carries only the regulated digital instruments used in the cross border experience. This reduces integration complexity and supports interoperability across both markets. The message is clear. Financial institutions in Southeast Asia are no longer exploring digital money only in isolated pilots. They are building real systems that demonstrate how modern payment rails can operate. They are now building the foundation of what comes next.

About KBank

KBank is one of Thailand’s largest financial institutions and a regional leader in digital financial services. The bank serves millions of customers across retail, SME, and corporate segments and has been a central participant in Thailand’s national payment modernization efforts.

KBank has invested in blockchain and cross-border payment innovation through projects such as its Q-money system and collaborations with partners including StraitsX and Orbix Technology. The bank is focused on improving settlement efficiency, regulatory alignment, and user experience across regional payment flows, supporting its broader strategy for digital transformation across Thailand.

About AvaCloud

AvaCloud is the leading managed blockchain service empowering organizations to effortlessly build, deploy, and scale high-performance decentralized Layer-1 networks. With a no-code platform, automated infrastructure, and enterprise-grade support, AvaCloud enables businesses to focus on innovation without the complexity of blockchain management.