- Industry

Krungsri Launches Real-time Money Transfer Service

(KPL) Krungsri Bank, a Thai commercial bank, has launched Krungsri Blockchain Interledger to ensure an easy and real-time money transfer between Laos and Thailand.

Krungsri Blockchain Interledger is a real-time service of international funds transfer between the Lao PDR and Thailand for SMEs. With cutting-edge service, customers will easily make international funds transfers via Krungsri branch, Mr Dan Harsono, Krungsri Head of Retrial and Consumer Banking told a launch event in Vientiane on Oct 28.

Both US dollars and Thai bahts are accepted. Each transaction could be completed in a matter of seconds. The technology will facilitate businesses with greater convenience and improve liquidity management effectiveness and reduce management costs, Mr Dan Harsono explained.

With Krungsri Blockchain Interledger, transactions can be successfully completed within a few seconds rather than at least 1-3 business days under previous solutions.

This reflects the innovative strength of Krungsri Blockchain’s Interledger technology that will drive the Thai business sector towards faster expansion, said Mr Dan Harsono.

Krungsri believes that the Krungsri Blockchain Interledger will help drive economy in Laos, he said.

In 2017, Krungsri became the first bank in Thailand to introduce real-time global funds transfer service based on the Krungsri Blockchain Interledger for business and industry sector.

We achieved a significant change in the financial landscape with a successful deployment of Krungsri Blockchain Interledger, making Thailand’s first real-time International funds transfer for oil trading transaction between IRPC and its foreign business partners, said Mr Dan Harsono.

Krungsri has also offered hire purchase and sales financing business under the brand Krungsri Leasing in Laos since 2014. The company business has grown remarkably over the past five years.

Krungsri operates two branches in the Lao PDR including Vientiane Capital and Savannakhet Province.

Source: Lao News Agency