Cross-Border Payment Ripple Pilot Test between Thailand and Singapore

Cross-Border Payment Ripple Pilot Test between Thailand and Singapore

by May 15, 2018
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Mitsubishi Corporation, MUFG Bank, Krungsri , a Thailand-based subsidiary of MUFG Bank, and Standard Chartered Bank  jointly announced the commencement of a pilot test for moving real funds over RippleNet, with the objective of making cross-border payments more convenient and further improving the capital efficiency of corporate groups.

Cross-Border Payment

This pilot test will be carried out by MC between the accounts of MC’s subsidiaries in Thailand and Singapore, under the Bank of Thailand Regulatory Sandbox Framework. It is the first time for a Japanese company to conduct cross-border payments over RippleNet.

Based on the results of this pilot test, the companies will work towards commercializing this high-speed, transparent and traceable cross-border payments solution and collaborate on a variety of innovative projects.

MC, MUFG Bank, Krungsri and Standard Chartered have been working together to improve financial efficiency internally using next-generation technologies. This pilot test is the first result of a joint project between the companies to improve cash management with a real-time, multi-currency, multiple-bank platform.

Details:

Sending BankBank of Ayudhya Head-Office (Subsidiary of MUFG Bank)
SenderThai-MC Company Limited
(Thailand-based MC subsidiary)
Receiving BankStandard Chartered Bank Singapore
RecipientMC Finance & Consulting Asia Pte Ltd.
(Singapore-based MC subsidiary)
CurrencySingapore Dollar

 

Featured image via Freepik

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