Mitsubishi MUFG completes successful cross-border blockchain payment pilot with major Thai banks

August 7, 2018

According a press release from Thai bank – Krungsri (Bank of Ayudhya), MUFG Bank, Mitsubishi Corporation (MC), and Standard Chartered Bank Singapore has been successfully pilot tested for the real-time oversea remittance from Thailand to Singapore using Krungsri Blockchain Interledger.

This pilot was executed in Bank of Thailand’s (BOT) regulatory sandbox: Mitsubishi Group tried to send their money in a matter of seconds from a Thai subsidiary of Mitsubishi Group to an account of Singapore-based Mitsubishi Group Subsidiary at Standard Chartered bank, using Krungsri’s Interledger.

In a statement, Mr. Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division said:

“The technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

Krungsri is reported to be the 5th largest bank in Thailand in terms of total assets.

Earlier this year, the MUFG Bank – which is Japan’s largest bank – announced about their partnership with major US-based cloud delivery platform Akamai Technologies for the launching a blockchain global payment network. MUFG Bank also revealed that their expected test plan of its own cryptocurrency will occur by 2019.

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