The Bank of Thailand joined hands with the Hong Kong Monetary Authority yesterday to establish a cross-border payment link to support real-time transactions between the baht and US dollar.
The Payment versus Payment (PvP) link will connect Thailand's BahtNet high-value transfer network with Hong Kong's US dollar RTGS (real-time gross settlement) system. The system is expected to be launched in July 2014.
"The new development will eliminate the risk of foreign exchange transactions whereby a market player delivered the currency it sold but does not receive the currency it bought," said the Bank of Thailand in a statement.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.