Krungsri and IRPC hail use of blockchain technology
Bank of Ayudhya, or Krungsri, and IRPC have introduced Krungsri Blockchain's Interledger, with the service enabling Thailand's first real-time international funds transfer for oil trading transactions between IRPC and its foreign business partners.
Krungsri president and chief executive officer Noriaki Goto said that the company has gained trust from IRPC, a long-time major business partner, to deploy Krungsri Blockchain's Interledger for money transfers between IRPC and its overseas trading partners.
The transactions were successfully completed within a few seconds versus at least one to three business days under the previous system. This reflects the innovative strength of the technology that will drive the Thai business sector towards faster expansion, Goto said.
The money transfer via Krungsri Blockchain's Interledger was achieved in the past week to serve the international petrochemical business between IRPC and its business partner, Bouasavanh Power Sole Co Ltd.
Sukrit Surabotsopon, president of IRPC, said that in a bid to meet business demand efficiently, IRPC has deployed the digital innovation in cross- border funds transfers based on Krungsri Blockchain's Interledger technology. This breakthrough will lead to international business transformation.
“The faster processing of international funds transfers has helped increase our competitive edge in the business arena, support the business growth potential and enhance the logistics and shipping management in a faster and more systematic manner,” Sukrit said.
