Altcoin News: Bank of Thailand Will Use Blockchain for International Transfers

April 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Bank of Thailand — Siam Commercial Bank (SCB) and state-owned oil company PTTEP have announced successful testing of the use of the blockchain for international transfers.

Last year, the largest commercial bank in Thailand launched a project aimed at optimizing operational efficiency between enterprises. According to representatives of the bank, within the framework of the project, payments are made within one minute, while usually, they take several days to check.

According to SCB international banking operations specialist Wasin Saiyawan, the bank is ready to establish a new standard for the industry.

“The service will be implemented in all CLMV and southeast Asian countries by this year, which will serve as a major milestone in the development of cross-border payment services,” he said.

The Executive Vice President of PTTEP noted that cooperation with SCB in the use of blockchain technology will continue.

Note that in September 2018, the Bank of Thailand for the first time applied the RippleNet technology to make international transfers.

Author: Marko Vidrih