Mitsubishi Received a Successful Payment With Thai Krungsri’s Blockchain

Mitsubishi MUFG Bank successful payment with Krungsri Blockchain

According to a press release of May 22, several large global banks successfully completed a trial check of cross-border payments using the Thai bank Krungsri’s (Bank of Ayudhya Public Company Limited) Blockchain Interleger.

The pilot, held in the Bank of Thailand regulatory sandbox, was performed by Japan’s Mitsubishi Group, their banking MUFG Bank division and Standard Chartered Bank in Singapore.

The test included sending money within a few seconds from a subsidiary of Mitsubishi Group in Thailand to the standard diplomatic account of a subsidiary of the Mitsubishi Group in Singapore using the Interledger technology from Kungsri.

Thakorn Piyapan, head of the Krungsri consumer group and Digital Banking and Innovation, commented on the pilot: “a technological transaction helps to increase the financial liquidity of its subsidiaries towards greater flexibility and efficiency”.

Krungsri is currently the fifth largest bank in Thailand in terms of loans and deposits.

The largest bank in Japan and the fifth-largest bank in the world in terms of total assets, MUFG Bank, yesterday announced that it cooperated with the largest US platform for cloud computing Akamai Technologies for the release of a global payment network based on blockchain, MUFG Bank also reported last week that it plans to check until 2019, its own cryptocurrency.

A few days ago, Thailand introduced the legislative framework for cryptocurrencies conditions, defining them as “digital assets and digital tokens” and pushing them to the regulatory rules of the SEC. Yesterday, the Thai SEC clarified its approach to the business related to crypto and the raising of funds in the framework of the Initial Coin Offerings (ICO) in a live-streamed focus group.

Bank transfer a pilot payment with Thai Krungsri’s Blockchain isn’t the first experience of Mitsubishi Group, recently Mitsubishi used Ripple (XRP) DTL for testing cross-border remittance.