Thailand’s Bank of Ayudhya PCL successfully conducted a cross-border transaction with a bank in Singapore using a blockchain. The bank used its own blockchain to facilitate the international transfer from Mitsubishi’s Krungsri account to its Standard Chartered account.
In line with this, Argentinian bank Banco Masventas has also trialed on Monday, a cross-border payment that used Bitcoin in collaboration with crypto exchange Bitex that helped facilitate the international transaction.
Earlier this week, Russia and Iran have also agreed to use blockchain technology to avoid SWIFT for cross-border payments.