US-headquartered blockchain firm ConsenSys has been granted the lead for the second phase of Project Inthanon-LionRock, a cross-border payment network study project by the Hong Kong Monetary Authority (HKMA).

Previously, HKMA and the Bank of Thailand (BOT) had signed a Memorandum of Understanding in May 2019, initiating Project Inthanon-LionRock to study the application of a central bank digital currency (CBDC) for cross-border payments.

The project was completed in December 2019 and a distributed ledger technology-based proof-of-concept (PoC) prototype was developed with 10 participating banks from both regions. Key findings of the report was published on HKMA and BOT websites.

Now, ConsenSys will work on the second implementation phase of the project, with PricewaterhouseCoopers and Forms HK.

Having designed and delivered decentralised payment networks with leading central banks including the Monetary Authority of Singapore and the South African Reserve Bank, ConsenSys will use its enterprise Ethereum stack to test solutions that prioritise scalability, security, and interoperability.

“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,”

stated Charles d’Haussy, Director of Hong Kong, ConsenSys.