Project Inthanon heads to Phase III

Project Inthanon heads to Phase III

The Bank of Thailand's Project Inthanon Phase III, which involves interoperability among ledgers for cross-border funds transfer, is expected to start next month and conclude during the fourth quarter of this year.

The central bank will collaborate with the Hong Kong Monetary Authority to explore interoperability among ledgers to achieve cross-border funds transfer, which includes business modality and implementation of relevant foreign exchange regulations, aiming to reduce associated costs and enhance efficiency, the Bank of Thailand said in a release.

Project Inthanon is a collaborative project of the central bank and financial institutions with the objective of developing and testing a proof of concept for domestic wholesale funds transfer using a wholesale Central Bank Digital Currency.

Phase II showed that distributed ledger technology (DLT) could enhance the efficiency of bond trading and repurchasing activities, including coupon payments, interbank outright trading and repurchase transactions.

Phase II explored further applications of DLT in two areas: interbank trading and repurchase transactions, to reduce delivery and settlement time for financial transactions related to Bank of Thailand-issued debt instruments in the DLT system; and regulatory compliance and data reconciliation, to explore how DLT can facilitate banks’ reconciliation of customer accounts and money transfers in compliance with regulations in order to reduce error and associated compliance costs.

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