SCB 10X, the disruptive technology investment and innovation arm of SCBX Group, has launched Rubie Wallet, a digital wallet application designed to facilitate seamless QR payments using USDC and THBX (Thai Baht Stablecoin). Its key activation will be for foreign visitors attending DevCon 2024 in Bangkok. The stablecoin was developed in collaboration with Elliptic, Circle, Base, SCB, and InnovestX, with Fireblocks providing Wallets-as-Service infrastructure for the platform.
The Rubie Wallet showcases Purpose-Bound Money’s (PBM) practical applications, simplifying the payment process for international attendees by eliminating the need for traditional currency exchanges. Developed under the regulatory framework of the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC), the Rubie Wallet offers a secure, efficient payment solution.
About Rubie Wallet
The PBM initiative will run from November 5-25, 2024, with key activations during DevCon (Nov 12-15). DevCon attendees will be able to use the Rubie Wallet to convert USDC into Thai Baht Stablecoin (THBX) in real time, offering a faster, cost effective alternative to traditional currency exchanges. The project is secured with Fireblocks Wallets-as-a-Service infrastructure.
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 higher transaction fees from FX risks when using credit cards by enabling seamless stablecoin payments through USDC-to-THBX conversions and secure mobile QR payment transactions.
“At SCB 10X, we believe that participating in the Bank of Thailand & Thai SEC’s regulatory sandbox will be a significant move for financial innovation, global financial inclusion, and the Thai digital asset ecosystem. 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.”
Available for installation at https://rubie.io/ starting November 5, 2024, users must complete Know Your Customer (KYC) verification using passport and facial recognition to ensure security and compliance. Once the onboarding process is completed, users can start converting to THBX and making instant mobile payments via QR codes across 100 participating merchants.
SCB 10X’s ‘Scan-to-pay’ system offers competitive credit card rates for users and merchants, accelerating the adoption of digital payments in Thailand. At DevCon, attendees will experience THBX payments via existing QR codes. The application is designed specifically for 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.
Interested in learning more about Fireblocks Wallets-as-a-Service? Request access today to see the platform in action.
