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  • Thailand’s largest commercial bank and state oil company successful complete trial of blockchain-based payments.
  • The project remains under development and the bank has managed to carry out payments in under 1 minute.

 

Siam Commercial Bank (SCB), Thailand’s largest commercial bank and PTT Exploration, Production Public Company Limited (PTTEP), state oil companies, has recently completed successful testing of blockchain use for cross-border business-to-business payments.

Siam announced to successful piloting via their website. The project under development has been in play since mid-2018, aiming to optimize operational efficiency. The bank detailed earlier this year, it managed to successfully carry out payments on blockchain within one minute.

Wasin Saiyawan, SCB SEVP and chief wholesale banking officer spoke on the announcement:

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.