Thai banks boost cross-border trade hinh anh 1Thakorn Piyapan (C), head of Krungsri Consumer Group and head of Digital Banking & Innovation Division. (Photo: The Nation)

Bangkok (VNA)
- Top banks in Thailand have successfully deployed cross-border blockchain transactions to boost the efficiency of cross-border trade.

One of the banks taking the lead in this sector is Bank of Ayudhya (Krungsri) with a cross-border blockchain solution, namely the Krungsri Blockchain Interledger.

The traditional process of cross-border trade often faces delays due to the checking of documents and verification systems that are still reliant on paperwork, Thakorn Piyapan, head of Krungsri Consumer Group and the Digital Banking and Innovation Division, said.

With the new blockchain solution, cross-border trade can become more efficient as the process will be significantly shortened, he added. 

The official stated that the bank has successfully deployed a blockchain transaction between the IRPC company of Thailand and its partner in Laos.

Krungsri, in cooperation with Mitsubishi Corporation, has been able to complete a blockchain transaction with Standard Chartered Bank in Singapore.

Thakorn said that with this blockchain transaction process, the bank is ready for cross-border transactions by the end of this year. 

Meanwhile, Standard Chartered Bank (Thailand) announced on August 7 that it has successfully executed a pilot transaction for PTT Group, PTT International Trading and IRPC.

This marks the first cross-border letter of credit (LC) issued over the Voltron blockchain platform in the oil industry.

This resulted in a significant reduction of processing time from five days to less than 12 hours, in addition to achieving greater transparency and cost efficiencies across the supply chain, according to Plakorn Wanglee, President and CEO of Standard Chartered Bank (Thailand).-VNA