everal major global banks have successfully completed a cross-border payment pilot

test using Thai bank Krungsri�s (Bank of Ayudhya) Blockchain Interledger, according
to a press release May 22.

The pilot, conducted in the Bank of Thailand�s (BOT) regulatory sandbox, was
executed by Japan�s Mitsubishi Group, their banking unit MUFG Bank, and the
Standard Chartered Singapore bank.

The test involved sending money in a period of seconds from a Thailand-based

Mitsubishi Group subsidiary to the Standard Chartered account of a Singapore-based
Mitsubishi Group Subsidiary, using Kungsri�s Interledger tech.

Thakorn Piyapan, head of the Krungsri Consumer Group and the Digital Banking and
Innovation Division, said of the pilot that the �technology-based transaction helps
enhance their subsidiaries� financial liquidity toward greater flexibility and
efficiency.�

Krungsri is currently Thailand�s fifth largest bank by total assets.

Yesterday, the MUFG Bank � which is Japan�s largest bank, and the fifth largest
bank in the world by total assets � announced that it had partnered with major
U.S.-based cloud delivery platform Akamai Technologies for the release of a
blockchain-based global payment network. MUFG Bank also reported last week that it
plans to test its own cryptocurrency by 2019.

Last week, Thailand introduced a legal framework for cryptocurrencies, defining

them as �digital assets and digital tokens� and bringing them under the regulatory
umbrella of the Thai Security Exchange Commission (SEC). Yesterday, the Thai SEC
clarified its approach to crypto-related businesses and fundraising through Initial
Coin Offerings (ICO) in a live-streamed focus group.