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Largest Commercial Bank and State Oil Firm in Thailand Test Blockchain Payments

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The largest commercial bank in Thailand – Siam Commercial Bank (SCB) along with state oil firm PTTEP (PTT Exploration and Production Public Company Limited) collectively finished a test which was successful in which they used blockchain for cross border business to business payments. The success of the trial was announced on the bank’s website recently.

According to the announcement made, the project has been under progress ever since mid-2018, and it aims to optimize efficiency in operations. According to the bank, earlier in the year 2019, it successfully managed to carry out payments using blockchain within 60 seconds.

Furthermore, the post notes that conventional methods of transferring payments permanently require a time frame of one or two days. Wasin Saiyawan, SCB SEVP, and chief wholesale banking officer claimed that “the bank is now ready “to set a new norm for the industry.” He further added that “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.”

The vice president of PTTEP Finance and Accounting Group, Sumrid Sumneing further noted that the partnership with the bank would be undergoing using blockchain technology. Although the announcement does not cite XRP (Ripple), reports suggest that the firm is a part of the Ripplenet payment network.

Moreover, last year in the month of September, Ripple also came forward in order to announce that the bank established RippleNet’s multi-hop feature. According to reports, multi-hop enables setting payments on behalf of various other financial institutions which are present on the network.

As per the definition by CrunchBase, SCB is Thailand’s first ever indigenous bank and notes that as of June 30, 2016, it as Thailand’s most prominent commercial bank with an estimated annual revenue generation worth $2.9 billion.

As reported earlier, Societe Generale SFH (French-based credit institution) issued $112 million bonds as an STO on Ethereum blockchain.

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