Thailand, Hong Kong Enter Partnership to Leverage Crypto for Cross-Border Transfers

  • Cryptocurrencies will be utilized by Thailand and Hong Kong for quicker payments.
  • The project comes after a partnership was set up between the Bank of Thailand and HKMA in May.

Thailand and Hong Kong have revealed a collaboration to use cryptocurrencies for the facilitation of faster payment in bilateral trade.

According to reports, the two countries have inked an agreement for the launching of a two-tier digital token as part of the procedure to make a prototype for cross-border transfers.

The effort has been named Project LionRock-Inthanon, and the first tier includes the issuance of a digital token to participating banks.

As indicated by the Hong Kong Monetary Authority (HKMA), the second tier will include the banks distributing these digital tokens to their corporate clients for settling wholesale payments. The fintech partnership between the HKMA and the Bank of Thailand was founded in May.