Krungsri (Bank of Ayudhya PCL) teams took first and third place at a Bank of Thailand Hackathon aimed at developing ideas for Retail CBDC. Focusing on innovation of financial services, the Krungsri employees developed a CBDC-enabled wallet to boost financial literacy and financial management skills among children and parents, and a CBDC-enabled ecosystem to encourage carbon footprint tracking to reduce greenhouse grass emissions between buyers and sellers.
The innovative ideas are the latest demonstration of Krungsri’s support of financial innovation. For example, the Krungsri Innovation Center is a knowledge hub for Tech Community and a space for people to develop innovative digital financial solutions to drive Thailand’s digital economy goals. Krungsri Finnovate is a venture capital that aims to accelerate fintech development partnerships between financial institutions, startups, and tech firms. Recently, Krungsri became one of the first financial institutions in Thailand to partner with the Bank of Thailand (BoT) in the pilot test of Retail CBDC.
Internally, Krungsri encourages digital and innovative knowledge for financial technology development among its teams that can help develop Thailand’s financial innovation respond to the dynamic changes and demands of customers, including the development of CBDC or digital currency-related technology. Krungsri provided space where people can share and exchange knowledge about CBDC and provided the opportunity for employees to participate in the CBDC Hackathon and create ideas on how digital currency can be used to improve Thailand’s financial system as part of Programmability Payment, a highlight of potential CBDC applications.
· Winning Team: Grow Up Wallet
The team used a CBDC-enabled wallet to boost financial literacy and financial management skills among children and parents.
Green Wallet, third place team of the CBDC Hackathon
presenting ideas at the Digital Finance Conference 2022
· Third place Team: Green Wallet
The Green wallet idea creates an ecosystem for buyers and sellers to track their carbon footprint so they can be motivated to choose products which can reduce greenhouse gas emissions and reduce global warming.
The Bank of Thailand (BOT) organized the CBDC Hackathon to encourage ideas and use cases for further CBDC development. From more than 100 teams who entered the competition, the top ten were selected for the final round, including three teams from Krungsri. Two of the Krungsri teams took prizes, placing first and third, demonstrating Krungsri’s commitment to taking Thailand’s financial innovation to the next level.
