In a breakthrough of digital transformation based on the Blockchain technology, Krungsri
(Bank of Ayudhya PCL) and IRPC
(IRPC Public Company Limited) jointly announced the successful deployment of Krungsri Blockchain’s Interledger, marking Thailand’s first real-time international funds transfer for oil trading transactions between IRPC and its foreign business partners.
Mr. Noriaki Goto, Krungsri President and Chief Executive Officer
said; “Krungsri is the first bank in Thailand offering the real-time cross border funds transfer service for the business sector through Krungsri Blockchain’s Interledger. We have gained trust from IRPC, our long-time major business partner, to deploy Krungsri Blockchain’s Interledger for the money transfer between IRPC and its overseas trading partners. The transactions were successfully completed within a few seconds versus at least 1-3 business days under the previous system. This reflects the innovative strength of Krungsri Blockchain’s Interledger technology that will drive the Thai business sector towards faster expansion.”
The success of money transfer via Krungsri Blockchain’s Interledger was achieved in the past week to serve the international petrochemical business between IRPC and its business partner; Bouasavanh Power Sole Co., Ltd.
“The breakthrough marked a significant change in the financial landscape. It will be a catalyst to utilize financial innovations in delivering the cross border funds transfer service to other business partners. Krungsri can reap benefits from extensive global networks of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s five largest financial institutions, with more than 2,000 branches in over 50 countries to ensure Krungsri’s excellent provision of the real-time international funds transfer service to serve corporate customers’ needs and increase their competitive advantage,” Mr. Goto said.
Mr. Sukrit Surabotsopon, President of IRPC,
said “In a bid to meet business demand efficiently, IRPC has deployed the digital innovation in cross border funds transfers based on Krungsri Blockchain’s Interledger technology. This breakthrough will lead to international business transformation. The faster process of international funds transfers has helped increase our competitive edge in the business arena, support the business growth potential and enhance the logistics and shipping management in a faster and more systematic manner.”
“More importantly, the faster process in international money transfers has helped our customer, which is leading oil trader in Lao PDR; Bouasavanh Power Sole Co., Ltd, to better manage risk of foreign exchange volatility, while improving their cost management, speeding up delivery period, and increasing business advantages.”
“IRPC is also conducting a feasibility study of the IRPC 4.0 project, in which we aim to use digital innovations to increase the efficiencies of the overall organization for faster business process including production, marketing and procurement. The project is expected to be implemented in 2018, as part of the strategy to drive our business in tandem with the Thailand 4.0 development plan,” Mr. Sukrit said.