The solution will allow BoT to settle interbank transactions using a digital currency among its eight commercial bank partners. The project’s banking partners include Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand), and HSBC, among others.
The prototype was designed as part of lnthanon, the central bank’s digital currency project. Wipro and blockchain enterprise software company R3 on Corda platform provided development services. Moreover, the solution is meant to enable decentralised interbank real-time gross settlement (RTGS) using a wholesale Central Bank Digital Currency (CBDC) for faster payments.
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