Thai bank to conduct cross-border payments via RippleNet

Krungsri, one of the largest banks in Thailand, will make cross-border payments with Asian petrochemical company using Ripple blockchain
19 December 2017   1266

Bank of Ayudhya Public Company Limited, commonly referred to as Krungsri, the fifth largest bank in Thailand in terms of assets, loans, and deposits, has announced that it had joined RippleNet. The company is going to use Ripple blockchain in helping a large Asian petrochemical company to conduct real-time cross-border payments to its foreign customers.

This decision was made following the complaints from the customers about the slowness of transactions which took several days to carry out and lack of visibility into the status of the payment.

We have gained trust from the large petrochemical company, our long-time major business partner, to deploy RippleNet for the money transfer between the company and its overseas trading partners.

Noriaki Goto

President and Chief Executive Officer, Krungsri

Moreover, the use of Ripple blockchain network will allow Krungsri bank to provide complete transparency when the payment is received.

The price of Ripple started growing following the news, having shown the increase of 11% within past 24 hours and respectively 209% within past 7 days.

Ripple Charts december 2017Ripple Charts

At the moment of press, these are main market parameters of Ripple:

  • Average price: $0,82
  • Marketcap: $31 933 839 272
  • 24h volume: $1 705 800 000

Previously, we have reported that Japan and Korea were going to launch XRP-based cross-border payments, and SBI Ripple Asia had already started cross-border payments testing.

Ripple to Plan to Target Chinese Market

It has became known that Ripple has plans for Chinese market as early as in March
16 August 2018   159

Ripple, the provider of financial solutions, plans to enter the Chinese market with its blockchain solution for international payments. This is reported by CNBC.

China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.

Jeremy Light
Vice president of European Union strategic accounts, Ripple

It has became known that Ripple has plans for Chinese market as early as in March. As the head of the Ripple representative office in the Asia-Pacific region, Sagar Sarbhai, stated at the time, the company is actively negotiating with state institutions and banks of the PRC, regulating regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.

Earlier, Ripple entered into a deal with a financial firm from Hong Kong LianLian International. The purpose of the agreement is the use of the xCurrent product by the Hong Kong company to create a system of international payments.

The Ripple product based on the distributed registry technology was originally created for the organization of fast and international payments. More than 100 financial organizations cooperate with the company, including UniCredit, UBS and Standard Chartered.

Against Ripple Labs there has been filed three lawsuits on charges of manipulating the price of the XRP token. At the same time one of the claims was rejected by the Northern District Court of California.