Krungsri becomes the first bank in Thailand offering real-time international funds transfer based on Blockchain’s Interledger for corporate customers

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Mr. Thakorn PiyapanApproved by the Bank of Thailand, Krungsri (Bank of Ayudhya Pcl.) has developed financial innovations under the Regulatory Sandbox guidelines and becomes the first bank in Thailand to introduce real-time global funds transfer service based on the Blockchain’s Interledger technology for the business and industry sector.

Mr. Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division, said “The Blockchain’s Interledger is the cutting-edge technology focusing on privacy, which lies at the heart of business operation. Krungsri places considerable emphasis on applying technologies in response to consistently rising customer demand in global funds transfer. Equipped by this technology, each international funds transfer transaction could be completed in a matter of seconds, rather than two-three days as before. Widely recognized as the most secure technology, this Blockchain’s Interledger-based service will enhance the Bank’s international funds transfer service, while cutting financial transaction costs for the Bank’s customers and the entire supply chain of business, from upstream to downstream.

Entrusted by customers which are leading organizations at home and abroad, Krungsri participates in the Blockchain’s Interledger-based network in offering global funds transfer under the BOT’s Regulatory Sandbox guidelines.

Achieving the success of this technology-based enhancement, Krungsri has been supported by companies under Mitsubishi UFJ Financial Group (MUFG), Japan’s biggest and among top 5 largest financial groups in the world, in strengthening connectivity with the global network and realizing the real-time global funds transfer service. In addition, under the Global Payment Steering Group, a body joined by other six leading financial institutions, MUFG played a key role in establishing necessary framework and guidelines related to Blockchain’s Interledger to facilitate international funds transfer transactions.”


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