Thailand’s Largest Commercial Bank and State Oil Company Trial Blockchain Payments

Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website.

Per the announcement, the project, which has been ongoing since mid-2018, aims to optimize operational efficiency. The bank claims that earlier this year, it has successfully carried out payments on blockchain within one minute.