Thailand’s Bank of Ayudhya Pilots Cross-Border Transaction Using Its Own Blockchainbr>
Bank of Ayudhya (Krungsri), Thailand’s fifth largest bank by total assets, successfully completed a cross-border payment pilot using blockchain technology.
Krungsri conducted the blockchain pilot with Japan’s Mitsubishi Corporation (MC), MUFG Bank and Standard Chartered Singapore bank. The pilot, conducted under the guidelines of the Bank of Thailand’s regulatory sandbox, involved international remittance from Thailand to Singapore and used Krungsri Blockchain Interledger.
In the pilot, Krungsri claims that its Blockchain Interledger technology enabled a transfer of funds from a Krungsri account belonging to a Thailand-based Mitsubishi subsidiary to the Standard Chartered account of a Singapore-based Mitsubishi subsidiary in “a matter of seconds.” Krungsri added that the innovation has helped MC further improve its liquidity management efficiency and reduce their cost management.
“Krungsri once again achieves a success in the real-time cross-border funds transfer service based on Krungsri Blockchain Interledger,” said Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division. “This time we have gained trust from Japan-based Mitsubishi Corporation (MC), one of Fortune Global 500 companies.”
In September 2017, Krungsri had used its Blockchain Interledger for Thailand’s first realtime cross-border funds transfer. The transaction transferred money between Thai petroleum firm IRPC and its overseas trading partners.