Thai Bank Co-Works With IBM On a Blockchain Pilot

Thai Bank Co-Works With IBM On a Blockchain Pilot

Thailand-based Bank of Ayudhya (Krungsri) has reportedly entered a collaborative agreement with technology company IBM.

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Thailand-based Bank of Ayudhya (Krungsri) has reportedly entered a collaborative agreement with technology company IBM.

The two organization will work on a pilot that tries to streamline the contract management process. The official announcement was made on November 2 in Bangkok.

Krungsri is the fifth largest universal bank in terms of assets, loans and deposits. The bank provides broad financial services like wealth management, credit cards, non-life insurance, asset management, securities trade, auto hire purchase, equipment leasing, factoring, micro-finance and installment loans.

The project has been described as “a trial to leverage the power of blockchain technology in the internal process and back office system, with an aim to increase the efficiency of internal operations, as well as customer convenience.”, as Mrs. Voranuch Dejakaisaya, Krungsri Chief Information and Operations Officer, said in the bank`s statement.

Dejakaisaya added that the goal is to digitize the paperwork process, store document contents with authentication and approval information in the blockchain-based database, as well as expand this service platform across the Bank and their subsidiaries.

The bank will work with IBM Cloud Garage team, using the Hyperledger Fabric and blockchain services on IBM Cloud. Meanwhile, Hyperledger Composer is the development toolset and framework that will supposedly accelerate the development of the blockchain application, as the press release stated.

It is interesting to see how and when the new service will be implemented to improve the contract management process. The trials will show whether blockchain technology may be successfully applied to this kind of service.

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