Digital Assets: Consensys To Work On CBDC for HK-Thai Cross-Border Payments

September 29, 2020 | Digital Assets, News

The Hong Kong Monetary Authority chose blockchain firm Consensys for the second phase of a cross-border payment network with Thailand.

Consensys is a leading U.S. blockchain technology company specializing in Ethereum blockchain infrastructure and applications for new economic systems. It announced September 25 its win of a contract from the Hong Kong Monetary Authority (HKMA) for a central bank digital currency (CBDC) project. (Ledger Insights)

Project Inthanon-LionRock

Consensys’ role will relate to a Proof-of-Concept for the second phase of the Inthanon-LionRock Project. The project involves a cross-border payment network with Thailand using a central bank digital currency. It commenced in 2019 with the HKMA and Bank of Thailand collaborating on the use of digital ledger technology for international fund transfers.

According to Ledger Insights, the two financial authorities are working to establish the viability of a direct payment corridor between the Inthanon (Thailand) and LionRock (HKMA) networks. The corridor would bypass all correspondent banking networks.

Consensys said in a statement that it will work alongside PricewaterhouseCoopers Ltd and Forms HK.

It will use its enterprise Ethereum stack to test solutions that would boost the project’s scalability, security, and interoperability.

“ConsenSys is thrilled to lead this implementation of CBDC for cross-border payments,” said Charles d’Haussy, Director of Hong Kong, ConsenSys. “We are humbled to work on the development of Hong Kong’s financial infrastructure.”

Progress in Thailand

In July, the Bank of Thailand announced progress on its central bank digital currency. It revealed that the central bank was already using the Thai CBDC in transactions with some large-sized businesses.

The tests formed part of the aforementioned Project Inthanon, a collaborative project of the Thai central bank and financial institutions that would test a proof of concept for domestic wholesale funds transfer using a CBDC.

The Bank of Thailand then said that it will test its Thai CBDC in cross-border transactions with the HKMA sometime in September.

Related Story:  Bank of Thailand Advances Its Central Bank Digital Currency (CBDC) to Third Phase

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