BANGKOK, THAILAND – November 11, 2024 – SCB 10X, the disruptive technology investment and innovation arm of SCBX Group, in collaboration with SCB, Innovest X, Fireblocks, Elliptic, Circle and Base, announced the launch of Rubie Wallet. This digital wallet showcases how purpose-bound money (PBM) can  facilitate a seamless closed-loop QR payments experience. These secure transactions use regulated USD Stablecoin and Thai Baht Stablecoin (THBX).

Foreign visitors attending Devcon 2024 in Bangkok will be able to use the Rubie Wallet from 5 to 25 November. Specifically, they can convert regulated USD Stablecoin into THBX in real-time. As a result, they will benefit from a faster, cost-effective alternative to traditional currency exchanges. Rubie Wallet is developed and operated under the regulatory sandbox framework and conditions prescribed by the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC).

Also read: SCB and Lightnet to revolutionise cross-border payments and remittances with stablecoin, powered by Fireblocks

The Rubie Wallet: A purpose-bound money application

The Rubie Wallet demonstrates purpose-bound money’s practical use by streamlining payments for international attendees. Using THBX, Thailand’s first programmable stablecoin, it addresses issues like cash handling, foreign exchange (FX) kiosk lines, and credit card FX fees. The solution allows seamless regulated USD Stablecoin-to-THBX conversions and secure mobile closed-loop QR payments. Operating under the BOT and SEC regulatory sandbox, Rubie Wallet clearly provides a secure, efficient payment option.

Throughout most of November, the purpose-bound money initiative’s key activations will take place at Devcon and related side events. Rubie Wallet’s application is available for installation at https://rubie.io/ from November 5. Users must first complete Know Your Customer (KYC) verification to ensure security and compliance. Then, once users complete the onboarding process, they can convert regulated USD Stablecoin into THBX. Furthermore, they can make instant mobile payments via QR codes across approximately 100 participating merchants.

The ‘Scan-to-Pay’ system by SCB 10X’s Rubie Wallet

SCB 10X’s Rubie Wallet’s ‘Scan-to-Pay’ system was made in collaboration with SCB, the leading Thai commercial bank. Notably, it offers closed-loop QR codes payment for users, accelerating the adoption of digital payments in Thailand. The application is designed specifically for THBX transactions. This marks the first live demonstration of purpose-bound money using THBX via Rubie Wallet, with lower-fee transactions on the Base chain.

Rubie Wallet is powered through Fireblocks’ wallets-as-a-service infrastructure, with Elliptic providing blockchain analytics to monitor transactions for transparency. Using regulated USD Stablecoin and Base, a layer 2 blockchain, Rubie Wallet app integrated with InnovestX. The latter is the digital asset brokerage arm of SCBX Group. Together, they enable regulated USD Stablecoin-to-THBX conversions seamlessly.

“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,” said Mukaya (Tai) Panich, CEO and CIO of SCB 10X. “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.”

Also read: Thai bank SCB’s venture arm launches new US$50M VC fund for blockchain, DeFi, digital assets

A collaboration among industry leaders

“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,” said Yvonne Ng, Regional Director of APAC of Elliptic.

“Elliptic’s proven capabilities in detecting illicit activities ensure our users experience the highest standards of security and transparency. This partnership underscores our commitment to leading the charge in seamless and secure digital transactions, setting a new benchmark in the digital asset landscape,” she continued.

“At Fireblocks, we are committed to providing secure and scalable infrastructure for use of digital assets, and our collaboration with SCB 10X on the Rubie Wallet is a testament to that mission,” said Michael Shaulov, Co-Founder and CEO of Fireblocks. “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 setting the stage for future fintech innovations in Thailand and beyond. Evidently, THBX poised to revolutionize Thailand’s tourism and retail sectors by bridging traditional finance and digital currencies.

For more information about Rubie Wallet, please visit https://rubie.io/  

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This article is sponsored by SCB 10X

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Featured Image Credit: SCB 10X

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About SCB 10X

SCB 10X, a subsidiary of the SCBX Group, was established in January 2020. Its “Moonshot Mission” is to achieve exponential growth through technology innovation and investment. It focuses on disruptive technologies such as Web 3 (Blockchain, Digital Assets, Metaverse), Deep Tech AI/ML, and Fintech. For more information, please visit https://scb10x.com/.

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About Elliptic

Elliptic is the global leader in crypto asset risk management for crypto businesses, governments, and financial institutions worldwide. It is recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures. Elliptic has assessed risk on transactions worth several trillion dollars. It has uncovered activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, UAE and Tokyo. To learn more, visit www.elliptic.co.

About Fireblocks

Fireblocks is an easy-to-use platform to create new blockchain-based products, and manage day-to-day digital asset operations. Exchanges, banks, PSPs, lending desks, custodians, trading desks, and hedge funds can securely scale their digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of organizations in the financial, payments, and web3 space. It has secured the transfer of over $6 trillion in digital assets.  It also has a unique insurance policy that covers assets in storage & transit. Find out why CISOs and Ops Teams love Fireblocks at www.fireblocks.com.