Thai Bank Pilots Cross-Border Transaction Using Blockchain

Thailand’s Bank of Ayudhya PCL successfully conducted a cross-border transaction with a bank in Singapore using a blockchain, the bank announced Tuesday.

The bank, also known as Krungsri, announced it committed a real-time international remittance in concert with MUFG Bank, Mitsubishi Corporation and Standard Chartered Bank (Singapore) using the Krungsri Blockchain Interledger. Specifically, the bank used its blockchain to facilitate a transfer from Mitsubishi’s Krungsri account to its Standard Chartered account, according to a press release.

Using this technology in the future will allow Mitsubishi, and presumably other companies, “further improve its liquidity management efficiency and reduce their cost management,” the bank said.

Krungsri Consumer Group and digital banking and innovation head Thakorn Piyapan said the successful trial helped the bank gain the trust of Mitsubishi going forward, adding:

“Successfully completed in a matter of seconds, the technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

The bank previously trialed its blockchain in a cross-border test in September 2017, according to the release.

Bank of Ayudhya notably is also trialing Ripple’s xCurrent blockchain to also transfer payments between Thailand and Singapore, as previously reported by CoinDesk. As with its own blockchain platform, the bank hopes to test “high-speed cross-border payments between independent banks.”

Earlier this week, Banco Masventas in Argentina also trialed a cross-border payment – though it specifically used bitcoin through cryptocurrency startup Bitex to facilitate the transaction.

Krungsri Bank image via photobyphm / Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Like it? Share with your friends!

22145 shares, 853 points

What's Your Reaction?

Fake Fake
Epic Epic
Like Like

Comments 0

Your email address will not be published. Required fields are marked *

Thai Bank Pilots Cross-Border Transaction Using Blockchain

MainStreet Econ

Join the MSE Community

reset password

Back to
MainStreet Econ
Choose A Format
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Open List
Open List
Ranked List
Ranked List
Youtube, Vimeo or Vine Embeds
Photo or GIF
GIF format

Send this to a friend