Blockchain company BPMG said on Monday it signed a memorandum of understanding with internet-only bank K bank, Thailand's Kasikornbank and Orbix Technology to cooperate in overseas remittance and payments.

Kasikornbank is a Thai commercial bank founded in 1945 and is regarded as active in digital transformation. Orbix Technology is a company under the Kasikornbank financial group and is the developer of Quarix, a blockchain infrastructure designed to support financial use cases and promote blockchain innovation in Thailand.

Under the agreement, the four companies decided to cooperate on developing services and technologies related to blockchain-based remittance and payments. They plan to work on concrete, real-world service cases, including account issuance and blockchain-based remittance services for Thai workers who have obtained work visas in South Korea, and foreign exchange and payment services for South Korean tourists visiting Thailand. The project is currently in the research stage, and whether it will be introduced will be decided through further discussions with relevant regulators and approval procedures.

BPMG Chief Executive Ji-hoon Cha (차지훈) said, "As a blockchain technology company, we will create best-practice cases for financial services applying stablecoins." He added, "Through cooperation with Thailand, where cross-border movement is frequent and remittance demand is high, we will build a stable and convenient global remittance environment."

K bank Chief Executive Woo-hyung Choi (최우형) said, "Our goal is to provide tangible benefits to customers in both South Korea and Thailand through an innovative financial infrastructure using digital assets." He added, "We will continue to expand into global markets based on building a stable digital financial ecosystem."

BPMG and K bank plan to launch a pilot project from 2026 to build a blockchain-based remittance service linked to bank accounts following the agreement.