Thailand’s Largest Commercial Bank and State Oil Company Trial Blockchain Payments

Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website.

The announcement elaborated that the project has been ongoing since mid-2018 aimed at optimizing operational efficiency. Earlier this year, the bank claims to have successfully carried out payments on blockchain within one minute.

The post further points out that conventional methods require a wait time for one to two days for settlement. Wasin Saiyawan, SCB SEVP, and chief wholesale banking officer stated that the bank is now ready “to set a new norm for the industry” and declared:

“The service will be implemented in all CLMV and southeast Asian countries by this year, which will serve as a major milestone in the development of cross-border payment services.”

PTTEP Finance and Accounting Group executive vice president Sumrid Sumneing further observed that the collaboration with SCB in order to use blockchain technology will be ongoing. Though the announcement doesn’t cite Ripple or XRP, the company is reportedly part of the Ripplenet payment network.

Last year in September, Ripple announced that the bank pioneered RippleNet’s multi-hop feature, which allows settling payments on behalf of other financial institutions present on the network. As reported, French specialized credit institution Societe Generale SFH issued a 100 million euro ($112 million) bond as a security token on the ethereum (ETH) blockchain.

Read more:China’s Forex Regulator Develops A Blockchain Pilot For Trade Finance Solution

Image source  – Stock Photos Secrets

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