Sales League Table 2020 | Banking Technology Winners

Results Announced!

Stay up-to-date with the latest industry news and analysis.

Subscribe to BankTech Daily News today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

Core Banking Market Dynamics Report 2020

Global analysis of core banking system sales. Subscribe now

Wipro & R3’s blockchain solution to propel digital currency in Thailand

David E. Rutter, CEO of R3

Wipro Limited, in partnership with a blockchain software firm, R3, has developed a blockchain-based solution prototype in order to enable currency for interbank settlements for a Thai consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.

The prototype was developed as the first phase of Project Inthanon. Project Inthanon is an initiative led by the Bank of Thailand, in partnership with eight participating banks in a collaborative project that will use blockchain technology to build a proof-of-concept prototype which will enable domestic fund transfers within the country’s interbank system by issuing Central Bank Digital Currency (CBDC) tokens.

David E. Rutter, CEO of R3 said, “Blockchain development is in a truly exciting phase given how more and more financial institutions are recognizing its potential to enable national digital currencies or CBDCs. R3’s Corda was conceptualised to support CBDCs, which made it a perfect fit for Project Inthanon. Both Wipro’s expertise in blockchain technology and understanding of the financial sector, as well as excellent advisory and implementation services, have played an integral role in co-developing the solution prototype.”

The solution (prototype) is expected to enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC).

Krishnakumar N Menon, Vice President and Blockchain Theme Leader, Wipro Limited said, “We are delighted to have worked on Project Inthanon with R3 and be a part of a national-level fintech initiative. The DLT-powered solution prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient. Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain.”

Related IBS Intelligence Research

Related Posts

cred.ai emerges from stealth mode & launches technology-powered Metal Card

cred.ai, a Philadelphia-based FinTech company, has announced its emergence from stealth mode to debut technology-powered Metal Card, a consumer spending product that leverages proprietary technology to give users controls, convenience, and automatic credit score optimization. With cred.ai Guaranty, customers do not have to pay fees or interest. They will also receive a premium brand experience […]

This post is only available to members.

Read More »

Cloud9 Technologies teams up with comitFS to boost real-time voice trading APIs

Cloud-based communications provider Cloud9 Technologies has teamed up with comitFS, a UK-based provider of voice middleware and API abstraction capabilities for financial services companies. The collaboration will facilitate the development of real-time call control capabilities for voice trading within the institutional marketplace. “As trading dynamics shift to a more digitally-driven environment, firms want the peace […]

This post is only available to members.

Read More »

Quantum Group acquires mobile cashback app Tail

London-based FinTech incubator Quantum Group today announced the acquisition of mobile cashback app Tail. The acquisition is expected to enable Quantum Group to increase the number of banking partners integrated with Tail and to onboard different retailers from around the UK. Tail’s platform enables retailers to create hyperlocal marketing campaigns, thus allowing them to increase […]

This post is only available to members.

Read More »