Mitsubishi, MUFG Conduct Successful Pilot Payment With Major Thai Bank’s Blockchain

Several major global banks have successfully completed a cross-border payment pilot test using Thai bank Krungsri’s (Bank of Ayudhya) Blockchain Interledger, according to a press release May 22.

The pilot, conducted in the Bank of Thailand’s (BOT) regulatory sandbox, was executed by Japan’s Mitsubishi Group, their banking unit MUFG Bank, and the Standard Chartered Singapore bank.

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

Thakorn Piyapan, head of the Krungsri Consumer Group and the Digital Banking and Innovation Division, said of the pilot that the “technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.” […]

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