FinTech initiative led by HKMA and Bank of Thailands (BOT) on cross boarder payments finalised
In December 2019 the Proof-of-Concept (#PoC) based Project Inthanon-LionRock, a Distributed Ledger Technology (#DLT) approach led by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT), was completed.
Built on the #R3’s open source blockchain platform #Corda, the network is designed to enable Inthanon and LionRock networks' participants to bundle funds transfers and foreign exchange transactions using smart contracts to facilitate payments at whole sale level and to reduce settlement layer.
Both parties addressed, that the project has laid a solid basis for a cooperation not only between the HKMA and Bank of Thailand but also amongst Thai and Hong Kong based financial institutions.
They emphasise that the initiative set a potential key milestone for further collaboration amongst central banks and the financial industry to cope with the challenges of cross-border payments.
The details about the project and there key-findings are described within the attached
Report issued by HKMA and BoT on 23 January.