ConsenSys has been awarded the contract to lead phase two of the cross-border payments ‘CBDC’ project between Hong Kong and Thailand. Dubbed project ‘Inthanon-LionRock,’ the initiative follows successful research by the central banks of both jurisdictions, which found an additional value case in building a cross-border CBDC.
According to the press release by ConsenSys, they will work alongside industry giants Forms HK and PriceWaterhouseCoopers (PWC) towards implementing the second phase. Notably, the project has been in the works since May 2019 when the Bank of Thailand (BoT) and Hong Kong Monetary Authority (HKMA) signed a memorandum of understanding to dig deeper into the value proposition CBDC’s.
With ConsenSys now in the picture, the joint CBDC between Thailand and Hong Kong will move past the research phase to a more practical era. ConsenSys has since been tasked with building a proof-of-concept (PoC) cross-border corridor to enable Hong Kong’s Lionrock and Thailand’s Inthanon networks to interact seamlessly. The press release reads,
“Using its enterprise Ethereum stack, ConsenSys will test solutions that prioritize scalability, security, and interoperability.”
This is not the first time ConsenSys works collaboratively with a particular authority towards designing and developing a CBDC. The blockchain software technology firm has, in the past, worked with the South African Reserve Bank and Monetary Authority of Singapore to create decentralized payment networks. ConsenSys Hong Kong Director, Charles d’Haussy, noted that they are thrilled to take on a new initiative in a similar line,
“ConsenSys is thrilled to lead this implementation of CBDC for cross-border payments. We are humbled to work on the development of Hong Kong’s financial infrastructure.”