Thursday, December 12, 2019

Krungsri innovation hastens fund transfers between Thai, Laos businesses

Nov 11. 2019
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By THE NATION

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Bank of Ayudhya Pcl (Krungsri) has introduced Krungsri Blockchain Interledger, a real-time international funds transfer service between Thailand and Laos for transactions in both US dollar and Thai baht, in facilitation of efficient cross-border trade.

As trade and investment grow between Thailand and Laos with sustained increases in value, Krungsri has deployed the financial innovation to support bilateral trade between the two countries, said Dan Harsono, Krungsri Head of Retail and Consumer Banking.

Krungsri Blockchain Interledger allows Thai and Lao entrepreneurs to execute international funds transfers within a few seconds, compared to the previous time span of 1-3 business days.

"Krungsri has confidence in the potential of Laos' economic growth. Krungsri Research forecasts that Laos' gross domestic product will grow 6.4 per cent in 2019 and 6.5 per cent in 2020. In regard to foreign direct investment, Thailand is ranked one of top investors in the neighbouring country. The innovation will accelerate growth of the business sectors in both countries," Harsono added.

Currently, Krungsri has two branches in Laos(Vientiane and Savannakhet). It also operates hire purchase and installment loan businesses for retail and corporate customers in the country under the "Krungsri Leasing" brand, which has posted continuous growth in the past five years.

Earlier, Krungsri Blockchain Interledger innovation marked a significant change in the financial landscape for the business sector with the successful deployment of Thailand's first real-time international funds transfer service for oil trading transactions between IRPC Pcl and its Lao partner, Bua Sawan Energy Co Ltd.

The bank has gained trust in Krungsri Blockchain Interledger technology, under the BOT regulatory Sandbox, from leading Thai and foreign corporate customers, leading to Krungsri being the first Thai bank to have received an approval from the Bank of Thailand for its development and deployment.

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