Hong Kong and Thailand have begun to pilot a joint central bank digital currency (CBDC) for cross-border payments.

They would most likely ensure flawless and seamless ‘cross border payments processing with the assistance of DLT system. A joint central bank digital currency (CBDC) based on digital ledger technology will be built by the collaborative efforts of the central banks of both countries.

As per the official press release, the HKMA (Hong Kong Monetary Authority) and the BoT (Bank of Thailand) have jointly made an announcements on the outcomes of a joint Central Bank Digital Currency (CBDC) research project named ‘Inthanon-LionRock’, under which both the financial institutions have started analysing the significance of CBDC to leverage cross-border payments in their respective regions.

In the recent past, Wirex, which is a UK-FCA licensed platform, launched its Visa Multicurrency Travelcard in Singapore, addressing to mounting demands for a seamless cross-border travel payments solution in the Asia-Pacific.

While with a view of targeting to acquire major market share in cross-border transactions, Ripple has made strategic partnerships. They recently announced a collaboration with money transfer giant MoneyGram.