Thailand’s Bank pilots cross-border transaction using Interledger blockchain
Krungsri (Bank of Ayudhya PCL) revealed a successful pilot test for the real-time international remittance from Thailand to Singapore using the cutting-edge technology Krungsri Blockchain Interledger. The pilot test was conducted in joint effort with MUFG Bank, Mitsubishi Corporation (MC), and Standard Chartered Bank (Standard Chartered) Singapore. The innovation has helped MC further improve its liquidity management efficiency and reduce their cost management. The pilot test was under the BOT’s Regulatory Sandbox guidelines.
Mr. Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division said; Krungsri once again achieves a success in the realtime cross-border funds transfer service based on Krungsri Blockchain Interledger. This time we have gained trust from Japan-based Mitsubishi Corporation (MC), one of Fortune Global 500 companies. In the pilot test, the Thailand-based MC subsidiary sent money from its Krungsri account to Standard Chartered account of the Singapore-based MC subsidiary via the Krungsri Blockchain Interledger technology. Successfully completed in a matter of seconds, the technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.
In September 2017, Krungsri marked a significant change in the financial landscape for the business sector with a success of using Krungsri Blockchain Interledger for Thailand’s first real-time cross-border funds transfer. The first transaction deployed the technology for the money transfer between IRPC and its overseas trading partners. Based on the successful result, the Bank won the Most Innovative Emerging Digital Technologies Project at The Asset Triple A Digital Awards 2017. The award reflects our leading position in blockchain technology in Thailand.