Several banks in Asia have successfully conducted a pilot test for the real time international remittance from Thailand to Singapore using the blockchain Interledger of Bank of Ayudhya Public Company Ltd, known as Krungsri.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, according to Krungsri’s announcement.
In the test, 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.
Thakorn Piyapan, head of digital banking and innovation division at Krungsri said the technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.
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.
Krungsri is the fifth largest financial group in Thailand in terms of assets, loans, and deposits.