Approved 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 a real-time global funds transfer service based on the Blockchain’s Interledger technology for the business and industry sector.
Thakorn Piyapan, 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. Equipped by this technology, each international funds transfer transaction could be completed in a matter of seconds, rather than two-three days as before.”
Achieving the success of this technology-based enhancement, Krungsri has been supported by companies under Mitsubishi UFJ Financial Group (MUFG), in strengthening connectivity with the global network and realising the real-time global funds transfer service. MUFG is Japan’s biggest financial group, and among the top five largest in the world.
In addition, under the Global Payment Steering Group, a body joined by another six leading financial institutions, MUFG played a key role in establishing the necessary framework and guidelines related to Blockchain’s Interledger to facilitate international funds transfer transactions.”
Republished with permission from The Nation