R3 will expand its presence in Thailand, including new hires, after the renewal of its partnership with Bangkok Bank, according to a statement by the firm.
Amit Ghosh, Head of APAC, R3, stated:
“Thai enterprises are at the forefront of innovation, digital transformation and blockchain adoption and R3 is proud to support the nation’s digital industry transformation. We’ve had a long standing relationship with Bangkok Bank and collaborated with various large-scale blockchain projects, including Project Inthanon-Lionrock and Contour—as such, we are excited to continue our partnership with Bangkok Bank and to support their ongoing commitment to improving their service offering through the use of emerging technologies.”
Ghosh added that they see new opportunities in Thailand and they are working with some of the largest actors in the ecosystem.
“The partnership renewal with Bangkok Bank, together with our recent in-market hires, demonstrates R3’s commitment to support our current and future partners in Thailand,” Ghosh said.
The partnership with R3 will allow Bangkok Bank to have the ability to leverage R3’s flagship enterprise blockchain platform, Corda Enterprise, to streamline business operations across its trade finance, capital markets, and supply chain businesses. Bangkok Bank is also expected to ramp up Corda training for their internal teams and is exploring solutions within the trade, payments, and supply chain space.
Ian Guy Gillard, Senior Executive Vice President at Bangkok Bank and R3 board advisor explained that it has been almost five years since they first met with Dave Rutter and his team in New York:
“ At that time we were impressed by their open minded and collaborative approach to developing the potential of distributed ledger technologies. The decision to develop Corda as a DLT solution to meet the requirements of financial services was visionary. In 2021 we are seeing growing interest from our corporate clients in deploying enterprise blockchain solutions tailored to their industry-specific needs. Consequently, we have renewed our annual subscription of Corda Enterprise for the full licensing plan. We are also delighted that R3 has shown their confidence in the Thai market by adding presence on the ground with the local office. This is even more important in uncertain times such as this when travel is restricted.”
Bangkok Bank is a founding member of Contour, a blockchain-based open industry platform to create, exchange, approve, and issue Letters of Credit L/C on Corda. In September 2020, Bangkok Bank used Contour to facilitate an L/C transaction between a subsidiary of Thailand-based PTT Group and a Vietnam-based trading partner in September 2020, reducing L/C issuance time by over 95%.
Recently the bank collaborated with SCG Chemicals, a manufacturer of petrochemical products, and GC Marketing Solutions Limited, the chemical flagship of PTT Group under GC Group, to facilitate their L/C transactions with their partners via leading local banks in Vietnam.
Bangkok Bank has plans to go-live with Contour and implement L/C transactions under the Contour network within its ecosystem.