Thai-Japan blockchain transaction takes international trade to next level: Krungsri #SootinClaimon.Com

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Thai-Japan blockchain transaction takes international trade to next level: Krungsri

CorporateNov 19. 2020 Sayam Prasitsirigul, Krungsri deputy chief information and operation officer.
 Sayam Prasitsirigul, Krungsri deputy chief information and operation officer. 

By The Nation

Krungsri (Bank of Ayudhya) has pioneered the adoption of blockchain for international trade with a letter of credit (LC) transaction between leading companies in Thailand and Japan.

Krungsri hailed the first-ever such transaction in Thailand as a breakthrough that takes international trade to the next level. The pilot transaction was conducted in the bank’s sandbox under the Bank of Thailand’s supervision.

“This pilot project of the blockchain-based LC service for trading partners in Thailand and Japan has been developed on Contour, a blockchain-based global trade finance platform,” explained Sayam Prasitsirigul, Krungsri deputy chief information and operation officer.

 “Krungsri acted as an issuing bank for an importer, a leading Japanese metal parts manufacturer based in Thailand, which has made a purchase from its trading partner, a leading company in Japan. The cross-border blockchain-enabled transaction was successfully completed within an hour,” he added.

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