KASIKORNBANK, in collaboration with J.P. Morgan, launches Project Carina, harnessing the capabilities of blockchain to expedite cross-border payments

Mr. Pipit Aneaknithi (on the left of the picture), President of KASIKORNBANK, the leader in financial product innovation and services in Thailand, and Ms. Christine Tan (on the right of the picture), Managing Director and Head of Asia Pacific - Financial Institutions Group of JPMorgan Chase Bank, N.A., the first global bank to offer a blockchain-based platform for wholesale payments transactions, jointly announce the launch of "Project Carina," a pioneering initiative utilizing Q-money (Thai Baht e-Money on blockchain) and JPM Coin. Q-money operates by KASIKORNBANK on Quarix, a blockchain operated by Orbix Technology and Innovation Co., Ltd., a company under KASIKORNBANK financial conglomerate, while JPM Coin is a product where USD deposit accounts are recorded on a private, permissioned blockchain ledger.The solution is designed to provide the following benefits to corporate customers: