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Thai-Japan blockchain transaction takes international trade to next level: Krungsri
CorporateNov 19. 2020Sayam 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.