According to Thai media, Ayudhya Bank (Krungsri) hopes their cross-border block chain solution will officially be applied by the end of this year.
Mr. Thakorn Piyapan, Head of Consumer Group and Head of Krungsri Digital Banking and Innovation, said the traditional process of cross-border trade often faces obstacles due to paperwork and verification systems. Still relying on paper.
With the new blockchain solution , cross-border trade can become more efficient as that process will be significantly shortened.
Mr. Thakorn added that the bank had succeeded in making a block chain transaction between IRPC and its partner in Laos.
Krungsri also cooperated with Mitsubishi Corporation to complete a block chain transaction with Standard Chartered Bank in Singapore.
According to Mr. Thakorn, each test transaction is worth more than 1 million baht. Krungsri is ready for cross-border transactions by the end of this year.
Standard Chartered Bank in Thailand said on August 7 that it had successfully implemented a test transaction for PTT Group, PTT International Trading and IRPC.
This is the first time a cross-border letter of credit (LC) has been opened on the Voltron block chain in the oil and gas industry.
Voltron is a block chain based platform created to exchange, digitize and approve LC open applications.
According to Standard Chartered Chairman and CEO of Thailand Plakorn Wanglee, the new block transaction will significantly reduce the time to process LC opening procedures from 5 days to less than 12 hours.
In addition, this also brings greater transparency and reduces costs in the supply chain.