Blockchain Prototype Developed to Power Interbank Settlements in Thailand

May 2019

Indian IT company, Wipro and enterprise blockchain software firm, R3, have developed a blockchain or distributed ledger (DLT) based solution that enables the usage of digital currency for interbank settlements. The proof-of-concept prototype is meant for a consortium comprised of Bank of Thailand and eight other commercial banks in Thailand.

The prototype was developed as part of the first phase for project Inthanon, a collaborative project led by Bank of Thailand. The solution prototype was developed on Corda, R3’s open source blockchain platform. After phase 1 which will focus on the fundamental payment Infrastructure, blockchain technology applications for other functionalities will be studied in the next phases.

The solution will use blockchain technology to build a proof-of-concept prototype enabling domestic fund transfers within the country’s interbanking system by issuing Central Bank Digital Currency (CBDC) tokens.

The prototype will ‘enable de-centralized, interbank real-time gross settlement (RTGS) using wholesale CBDC to prove that the technology can perform key functionalities of payment and enhance efficiency, according to a Wipro press release. 


About Us

Orissa International helps companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 companies that includes distributors, resellers, system integrators and local manufacturers, that we have built through advising and guiding more than 5,000 companies with their market expansion into the ASEAN region over the last 25 years.

Orissa International is headquartered in Singapore, with additional offices in Malaysia, Indonesia, Thailand, Vietnam, and the Philippines.

Our Services