Mitsubishi Conducts Successful Pilot Payment Using Major Thai Bank Blockchain

Mitsubishi Blockchain Payment

Chalk one up for Thai bank Krungsri’s (Bank of Ayudhya) Blockchain Interledger, as several major banks have successfully completed a cross-border payment pilot test on it. This was according to a press release dated May 22nd.

The pilot was conducted in the bank of Thailand’s (BOT) regulatory sandbox. The test was executed by Japan’s Mitsubishi Group, their banking unit MUFG Bank, and Standard Chartered Singapore.

The test consisted of sending money in a short period of time from a Mitsubishi Group subsidiary in Thailand
to Standard Chartered Singapore account for MUFG, using Krungsri’s Interledger blockchain.

Krungsri’s head of Consumer Group and Digital Banking and Innovation Division Thakorn Piyapan said that the pilot demonstrated that the “technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

Krungsri is Thailand’s fifth largest bank going by total assets.

Last May 22nd, the MUFG Bank, considered Japan’s largest bank, and ranked fifth largest in the world by total assets, also announced it was entering a partnership with Major US-based cloud delivery platform Akamai Technology. MUFG plans to release a blockchain -based global payment network with Akamai’s help, and also plans to test out its own cryptocurrency by 2019.

A week ago, Thailand had introduced a legal framework for cryptocurrencies. This defined cryptocurrencies as “digital assets and digital tokens”, therefore bringing them under the jurisdiction of the Thai Securities and Exchange Commission (SEC). In related news, the Thai SEC clarified it’s approach towards crypto-related businesses and ICOs during a live-streamed focus group last May 22nd.

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