Russia and Thailand Seek Joint Payment Innovation to Boost Trade

A panel at the Russian-Thai Investment Forum proposed a jointly supervised regulatory sandbox to test new cross-border payment solutions and support trade between the two nations. The initiative aims to address the limitations of current payment channels, which are unable to manage the rapid growth of bilateral trade and face high transaction costs ranging from 5 to 8 percent.

Participants suggested creating a "middle layer" to connect existing national payment systems, such as Thailand's PromptPay and Russian networks, to improve efficiency. This approach would serve as a middle-layer link, enabling smoother and more cost-effective transactions without requiring a complete overhaul of current systems.

The proposal also included the use of digital assets, including stablecoins, as a complementary method to ease payments. A "tourist sandbox" was specifically mentioned to facilitate payments for visitors, highlighting the potential of digital assets in enhancing cross-border financial services.