SCB 10X, SCBX Group’s innovation arm, has partnered with SCB, Innovest X, Fireblocks, Elliptic, Circle, and Base to introduce Rubie Wallet, a new digital wallet that brings purpose-bound money (PBM) to life.
Users of the wallet can make a secure QR payment using regulated USD Stablecoin and Thai Baht Stablecoin (THBX).
Rubie Wallet will be present at Devcon 2024 in Bangkok from November 5 to 25, offering overseas attendees to convert USD Stablecoin to THBX. This means a quicker and more affordable alternative to the usual currency exchange process. And, since Rubie Wallet operates under the Bank of Thailand’s (BOT) and the Securities and Exchange Commission’s (SEC) regulatory sandbox, users can be sure that their transactions are safe and compliant.
Rubie Wallet uses THBX, Thailand’s first programmable stablecoin, to make payments easier, especially for international visitors. By bypassing the usual issues with cash handling, FX kiosks, and credit card fees, it lets users convert USD Stablecoin to THBX in real-time and make mobile payments through closed-loop QR codes.
From November, customers can download the app and get started with Rubie Wallet by completing a quick Know Your Customer (KYC) verification. Once that’s done, they can instantly convert USD Stablecoin to THBX and start making mobile payments at around 100 participating merchants.
Rubie Wallet’s ‘Scan-to-Pay’ system, developed with Thailand’s commercial bank SCB, is set to speed up the country’s adoption of digital payments. It supports THBX transactions and is the first live demonstration of purpose-bound money using THBX through Rubie Wallet, offering lower-fee transactions via the Base blockchain.
Behind the scenes, Rubie Wallet is powered by Fireblocks’ wallet-as-a-service infrastructure, and Elliptic is on board to provide blockchain analytics that ensure full transparency in every transaction. The integration with InnovestX, SCBX’s digital asset brokerage arm, simplifies the USD Stablecoin-to-THBX conversion process.
Mukaya (Tai) Panich, CEO and CIO of SCB 10X, emphasised the value of its involvement in the BOT and SEC regulatory sandbox. He stated, “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.” He said, “THBX is designed to provide international visitors with a seamless payment experience. We are proud to be at the forefront of this transformation in Thailand’s digital economy.”
Yvonne Ng, Regional Director of APAC at Elliptic, shared her enthusiasm: “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.
“This partnership underscores our commitment to leading the charge in seamless and secure digital transactions, setting a new benchmark in the digital asset landscape.”
Michael Shaulov, Co-Founder and CEO of Fireblocks, added: “At Fireblocks, we are committed to providing secure and scalable infrastructure for the use of digital assets, and our collaboration with SCB 10X on the Rubie Wallet is a testament to that mission.” He concludes, “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 paving the way for the next wave of fintech innovations in Thailand and beyond. With THBX, it’s in position to be able to change Thailand’s tourism and retail sectors by bridging the gap between traditional finance and digital currencies.
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