On Monday, Thailand’s Bank of Ayudhya (Krungsri), part of the MUFG group, launched the Krungsri Blockchain Interledger to offer real-time funds transfer between Thailand and Laos. The platform will facilitate transactions in Thai baht and US dollar to boost cross-border trade between the two countries.
In 2017, Thailand and Laos drew up a five-year plan to increase the value of bilateral trade and investment to $10 billion by 2021. As of 2017, the trade value between the two countries stands at $6.17 billion, reported
Xinhua.
“Krungsri has confidence in the potential of Laos’ economic growth. Krungsri Research forecasts that Laos’ gross domestic product is to grow at 6.4% in 2019 and 6.5% in 2020. Considering the foreign direct investment in Lao PDR, Thailand is among the top foreign investors in the neighbour country,” said Dan Harsono, Krungsri Head of Retail and Consumer Banking. The bank is the fifth largest in Thailand.
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