Thailand bank tests blockchain technology for transaction

Reported by: |Updated: May 25, 2018

Some leading Asian banks have participated in a successful pilot test for real time international remittance from Thailand to Singapore using the blockchain Interledger of Bank of Ayudhya Public Company, which is known as Krungsri. According to reports, the pilot was a joint effort with MUFG Bank, Mitsubishi Corporation and Standard Chartered Bank Singapore under the Bank of Thailand’s regulatory sandbox guidelines. Krungsri said the Thailand-based Mitsubishi subsidiary sent money from its Krungsri account to Standard Chartered account of the Singapore-based Mitsubishi subsidiary via the Krungsri Blockchain Interledger technology in a matter of seconds. In September 2017, Krungsri had used its Blockchain Interledger for Thailand’s first real-time cross-border funds transfer. The transaction transferred money between Thai petroleum firm IRPC and its overseas trading partners.