• TH
    • TH
  • About BOT
    • Roles & History
    • Laws And Regulations
    • Organization And Executives
    • Committee
    • Financial Reports
    • Banknotes
    • Museum
  • Monetary Policy
    • Monetary Policy Committee (MPC)
    • Monetary Policy Target
    • Schedule of Meetings
    • MPC Meeting Results
    • MPC Publications
    • MPC Knowledge
    • Economic Conditions
    • Regional Economy
    • Research and Conference Papers
  • Financial Institutions
    • Financial Institutions Policy Committee
    • Thailand’s Financial Institutions​
    • BOT Roles and Responsibilities
    • Financial Institutions Supervision in Practice
    • Financial Institutions Policy
    • Supervision of Other Financial Corporations
    • Supervisory Coordination
  • Financial Markets
    • Monetary Operations
    • Financial Market Development
    • Foreign Exchange Market
    • Foreign Reserves Management
    • Foreign Exchange Regulations
    • Thai Reference Rate and LIBOR Transition
    • Bond Investor Registration
  • Payment Systems
    • Payment Systems Committee (PSC)
    • Payment Systems Policy
    • Oversight of Payment Systems
    • Payment Systems Act
    • Oversight of e-Payment Service Providers
    • BOT's Payment System Services
    • Payment Systems Standards
    • Payment Systems Notification & Circulars
    • Cross-border Payment
    • Financial Technology
  • Research and Conferences
    • Research
    • Conferences
    • Puey Ungphakorn Institute For Economic Research
  • Statistics
    • Financial Markets
    • Economic and Financial
    • Financial Institutions
    • Payment Systems
    • Regional Economic and Financial
    • Key Economic Indicators
    • Selected Recent Developments
    • BOT API
    • Statistics Handbook

  • Home
  • > BOT News and Speeches
  • > Press
  • > 2019
BOT News and Speeches
BOT News and Speeches
  • Press
  • Speeches
BOT Press Release No. 39/2019



The outcomes and findings of Project Inthanon Phase II and the Project’s Next Steps

          Project Inthanon is a collaborative project amongst the Bank of Thailand (BOT) and commercial banks that aims to explore potential benefits of the Distributed Ledger Technology (DLT) in enhancing Thailand’s financial infrastructure as well as to develop an ecosystem which supports technological learning and advancement.

          The BOT along with eight leading financial institutions1 and a technology partner; R3, had conducted Project Inthanon Phase II during February - June 2019. The latest phase was built upon Project Inthanon Phase I and involved collaborative designing, developing and testing a proof-of-concept (POC) of the decentralised Real-Time Gross Settlement system by using the wholesale Central Bank Digital Currency (CBDC). Project Inthanon Phase II was driven by business use cases in order to solve current business pain points and improve efficiency in the settlement system. The scope of Phase II included 2 key areas: Delivery-versus-Payment (DvP) for interbank bond trading and repurchase transactions, and regulatory compliance and data reconciliation for third party funds transfer.

The outcomes and findings of Project Inthanon Phase II

          Project Inthanon Phase II illustrated that DLT can help enhance the efficiency of the bond trading and repurchasing activities through the bonds’ life cycles which include coupon payments, interbank outright trading and repurchase transactions. Process automation using smart contracts demonstrated capabilities that can help improve post-trade operational efficiency as well as liquidity management. In addition, the end-to-end third party funds transfer workflow was redesigned to prevent fraudulent transactions by allowing the senders to check beneficiary information before submitting the transactions. The new workflow also enabled involved parties to track the status of the transactions, improving the transparency.

          The outcomes and test results from Phase II will provide crucial fundamental for the development of Thailand’s financial infrastructure. The details are available for download at the following URL:
https://www.bot.or.th/English/FinancialMarkets/ProjectInthanon/Documents/Inthanon_Phase2_Report.pdf

The Scope of Project Inthanon Phase III

          As for Project Inthanon Phase III, the BOT will collaborate with the Hong Kong Monetary Authority (HKMA) to explore the interoperability amongst 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.

          Project Inthanon Phase III is expected to start in August 2019 and aimed to complete by the fourth quarter of 2019, after which the BOT together with the HKMA will subsequently publish a joint project report accordingly.


Bank of Thailand
18th July 2019


For further information, please contact:
Financial Markets Department, Financial Markets Operations Group
Office of Corporate Strategy, Corporate Strategy and Relations Group
Payment and Bond Department, Information Technology Group
Information Technology Department, Information Technology Group
Tel: 0 2356 7532, 0 2356 7611
E-mail: Inthanon@bot.or.th

>>​Download​​ PDF

Share
Tweet
Share
Tweet
About BOT
  • Roles & History
  • Laws And Regulations
  • Organization And Executives
  • Committee
  • Financial Reports
  • Banknotes
  • Museum
Monetary Policy
  • Monetary Policy Committee (MPC)
  • Monetary Policy Target
  • Schedule of Meetings
  • MPC Meeting Results
  • MPC Publications
  • MPC Knowledge
  • Economic Conditions
  • Regional Economy
  • Research and Conference Papers
Financial Institutions
  • Financial Institutions Policy Committee
  • Thailand’s Financial Institutions​
  • BOT Roles and Responsibilities
  • Financial Institutions Supervision in Practice
  • Financial Institutions Policy
  • Supervision of Other Financial Corporations
  • Supervisory Coordination
Financial Markets
  • Monetary Operations
  • Financial Market Development
  • Foreign Exchange Market
  • Foreign Reserves Management
  • Foreign Exchange Regulations
  • Thai Reference Rate and LIBOR Transition
  • Bond Investor Registration
Payment Systems
  • Payment Systems Committee (PSC)
  • Payment Systems Policy
  • Oversight of Payment Systems
  • Payment Systems Act
  • Oversight of e-Payment Service Providers
  • BOT's Payment System Services
  • Payment Systems Standards
  • Payment Systems Notification & Circulars
  • Cross-border Payment
  • Financial Technology
Statistics
  • Financial Markets
  • Economic and Financial
  • Financial Institutions
  • Payment Systems
  • Regional Economic and Financial
  • Key Economic Indicators
  • Selected Recent Developments
  • BOT API
  • Statistics Handbook
Schedule of Releases
Terms and Conditions
Personal Data Privacy Policy
Links
FAQ
Contact Us

©2015 Bank of Thailand. All rights reserved.   ( Best View with Chrome, Safari, Firefox or IE 10 (and above) )
Inquiry/Suggestion/Complaint
E-newsletter


©2015 Bank of Thailand. All rights reserved.