Bank of Ayudhya PCL issued a press release in which it announced that has successfully conducted cross-border transaction from Thailand to Singapore through the blockchain.
This translation was made as part of a pilot test that the Bank, known as Krungsri, in Association with the MUFG Bank, Mitsubishi Corporation and Standard Chartered Bank.
According to the information provided in the press release, the Bank used “advanced technology” Krungsri Interledger Blockchain that was already tested last September, having made a translation between Thai company IRPC and its foreign partners.
Head of digital banking and innovation Krungsri Thakorn Piyapan (Thakorn Piyapan) told about the details of the new test:
“Krungsri once again succeeded in cross-border transfer of funds committed in real-time using the service, created on the basis of Krungsri Blockchain Interledger. In the experiment, the Thai branch of Mitsubishi sent the money from your account at Krungsri standard chartered through its subsidiaries, located in Singapore. The translation was done in a matter of seconds. Such transactions will help Mitsubishi improve the financial liquidity of its subsidiaries by increasing flexibility and efficiency.”
Recall that a couple of days ago we wrote about the fact that Argentine Bank Banco Masventas also announced the Commission of cross-border payments using cryptologie. However, unlike their Thai colleagues, not at the stage of tests and in practice.