Bank of Ayudhya pilots successful blockchain cross-border fund transfer from Thailand to Singapore

The transaction was made on the Krungsri Blockchain Interledger.

Bank of Ayudhya, commonly known as Krungsri, has successfully piloted real-time international fund transfer from Thailand to Singapore using blockchain technology.

The transaction was carried out with the joint effort from Mitsubishi Corporation (MC), Japanese lender MUFG Bank and Standard Chartered Singapore on Krungsri’s own blockchain, named Krungsri Blockchain Interledger.

A Thailand-based subsidiary of MC was able to successfully send money from its Krungsri account to the Standard Chartered account of Singapore-based MC subsidiary, within a matter of seconds.

“Krungsri once again achieves a success in the real time cross-border funds transfer service based on Krungsri Blockchain Interledger. This time we have gained trust from Japan-based Mitsubishi Corporation (MC), one of Fortune Global 500 companies,” said Krungsri head of consumer group and head of digital banking and innovation division Thakorn Piyapan.