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KRUNGSRI TESTS THE FIRST CROSS-BORDER PAYMENT USING BLOCKCHAIN TECHNOLOGY

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Last updated on December 31st, 2019 at 07:02 am

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THAI BANK
Krungsrithe current Thailand’s fifth largest bank by total assets reports on May 22nd 2018 that major global banks have successfully and efficiently conducted a cross-border payment pilot test using Thai bank Krungsri’s (Bank of Ayudhya) Blockchain Interledger,

The cross-border payment test conducted in the Bank of Thailand’s (BOT) a regulatory body, was done by Japan’s Mitsubishi Group, the Japan Mitsubishi banking unit MUFG Bank, and the Standard Chartered Bank of Singapore.

The test involved sending money within seconds from a Thailand-based Mitsubishi Group subsidiary to the Standard Chartered account of a Singapore-based Mitsubishi Group Subsidiary, in which the Kungsri’s Interledger tech.

Thakorn Piyapan, head of the Krungsri Consumer Group and the Digital Banking and Innovation Division, commenting on the successful conduct of the cross-border payment test that the “technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

The MUFG member Bank – which is Japan’s largest bank , and the fifth largest bank in the world by total assets recently – announced their partnership with major U.S.-based Cloud Delivery Platform Akamai Technologies for the release of a blockchain-based global payment network. MUFG Bank also reported last week that it plans to test its own cryptocurrency by 2019.

The Asian country Thailand had been predominantly remarkable in Crypto Activities around the world. The recent development from the region is a tangible one which is been geared to Cryptocurrency growth and adoption worldwide.

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By Tony Chimdiuto

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