Blockchain is bringing together largest bank and oil sector in Thailand

The chief of Siam Commercial Bank (SCB) of Thailand and the national oil company recently executed a fruitful trial of employing Blockchain technology in their transnational business disbursements. The bank has lately publicized the fruitful test on its official website.

As per the declaration, the venture has been continuing since the mid of 2018. It intends the optimization of operative adeptness. In addition, the bank asserts that it has successfully made transactions through Blockchain technology within a minute during this year.

The media report also identified that the orthodox procedures entail prolonging gap of 1-2 days for the payment to accomplish. The Senior Executive Vice President (SEVP) of SCB and the topmost general banking Officer Wasin Saiyawan have held that SCB is all set to set a novel model for the banking industry. They also stated that the norm would soon be employed in all CLMV and south-eastern Asian states.

The executive VP of PTTEP Finance and Accounting Group also illustrated that the firm would continue its partnership with SCB bank. However, it is to be noted that the statement didn’t mention Ripple or XRP; the company is allegedly a part of the Ripplenet payment network.

Additionally, in the second half of the previous year, the crypto payment transferring firm Ripple also proclaimed that the bank had led the way to RippleNet’s multi-hop feature. Multi-hop reported permitting the settlements on the part of other financial institutions that are existent on the system.

The business information provider firm Crunchbase has defined SCP as Thailand’s principal local bank and has declared it Thailand’s greatest commercial bank in 2016 having yearly profits of almost three billion dollars ($2.9b). The firm approximated PTT’s revenues to be approximately sixty billion dollars ($60.5b) per annum.

Lately, other important firms like at Credit Suisse, SFH, etc. are trying to adopt Blockchain technology to maintain the status quo in the market.

Advertisements