Thakorn Piyapan (C), head of Krungsri Consumer Group and head of Digital Banking & Innovation Division. (Photo: The Nation)
Bangkok (VNA) - Top banks in Thailandhave successfully deployed cross-border blockchain transactions to boost theefficiency of cross-border trade.
One of the banks taking the lead in this sector is Bank of Ayudhya (Krungsri)with a cross-border blockchain solution, namely the Krungsri BlockchainInterledger.
The traditional processof cross-border trade often faces delays due to the checking of documents andverification systems that are still reliant on paperwork, Thakorn Piyapan, headof Krungsri Consumer Group and the Digital Banking and Innovation Division,said.
With the new blockchain solution, cross-border trade can become moreefficient as the process will be significantly shortened, he added.
The official stated that the bank has successfully deployed a blockchaintransaction between the IRPC company of Thailand and its partner in Laos.
Krungsri, in cooperation with Mitsubishi Corporation, has been able to completea blockchain transaction with Standard Chartered Bank in Singapore.
Thakorn said that with this blockchain transaction process, the bank is readyfor cross-border transactions by the end of this year.
Meanwhile, Standard Chartered Bank (Thailand) announced on August 7 thatit has successfully executed a pilot transaction for PTT Group, PTTInternational Trading and IRPC.
This marks the first cross-border letter of credit (LC) issued over theVoltron blockchain platform in the oil industry.
This resulted in a significant reduction of processing time from five days toless than 12 hours, in addition to achieving greater transparency and costefficiencies across the supply chain, according to Plakorn Wanglee, Presidentand CEO of Standard Chartered Bank (Thailand).-VNA
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Thakorn Piyapan (C), head of Krungsri Consumer Group and head of Digital Banking & Innovation Division. (Photo: The Nation) 
