Business News

First cross country crypto remittance in South East Asia


Now, anyone can transfer funds in real time from Thailand to Singapore! Thanks to the joint effort taken by the major banks in Southeast Asia to incorporate the amazing blockchain technology with the online banking system.

On 22 May 2018, Thailand’s bank of Ayudhya successfully conducted aa pilot test. The test was an international payment from domestic bank account in Thailand to a Standard Chartered account in Singapore. The transaction was done using its own blockchain, called Krungsri Blockchain Ledger, as bank of Ayudhya is popularly known as Krungsri. The bank claims that the transaction was completed in few seconds. The account in both the countries belonged to Mitsubishi subsidiaries in Thailand and Singapore.

Apart from Bank of Ayudhya, this endeavour involved Japan’s largest bank and independent working group company MUFG (Mitsubishi UFJ Finance Group), Japanese multinational company, Mitsubishi Corporation and Singapore-based Standard Chartered. This pilot test was conducted under the Bank of Thailand’s regulatory sandbox regulations.

Krungsri, 74 years old, is one of the Thailand’s domestic systemically important banks. It is recognized as the fifth largest financial group in Thailand, in terms of loans and assets. It covers almost all financial services including financial asset management, investment and consumer finance. It has almost 35,000 service outlets all across Thailand.

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