Wipro, R3 Build Blockchain-Based Solution Prototype to Power Digital Currency in Thailand

Solution developed as part of the first phase of Project Inthanon to
enable de-centralized interbank payments using wholesale Central Bank
Digital Currency (CBDC)

EAST BRUNSWICK, N.J. & BANGALORE, India–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BankofThailand?src=hash” target=”_blank”gt;#BankofThailandlt;/agt;–Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global
information technology, consulting, and business process services
company, today announced that the company, in partnership with R3, the
enterprise blockchain software firm, has developed a blockchain-based
solution prototype to enable digital currency for interbank settlements
for a consortium consisting of the Bank of Thailand and eight commercial
banks in Thailand. Developed as part of the first phase of Project
Inthanon, the solution will enable de-centralized interbank real-time
gross settlement (RTGS) using wholesale Central Bank Digital Currency
(CBDC) to prove that the technology can perform key functionalities of
payment and enhance efficiency.

Project Inthanon is an initiative led by the Bank of Thailand, in
partnership with eight participating banks in a collaborative project
that will use blockchain technology to build a proof-of-concept
prototype which will enable domestic fund transfers within the country’s
interbanking system by issuing CBDC tokens. The project seeks to enhance
the technological preparedness of Thailand’s financial sector for
embracing new technologies and digitalisation. Launched in August 2018,
the first phase of the project focused on building the fundamental
payment infrastructure, while the application of blockchain technology
for other functionalities will be explored in the subsequent phases.

As part of the Phase I of Project Inthanon, Wipro and R3 have
co-developed a blockchain solution prototype on Corda, R3’s open source
blockchain platform, for the consortium. The solution automates the
banks’ liquidity provision for resolving payment deadlocks through
Liquidity Saving Mechanisms (LSM). The prototype has successfully
demonstrated that DLT can significantly enhance payment efficiency by
enabling 24/7 interbank settlements.

David E. Rutter, CEO of R3 said, “Blockchain development is in
a truly exciting phase given how more and more financial institutions
are recognizing its potential to enable national digital currencies or
CBDCs. R3’s Corda was conceptualised to support CBDCs, which made it a
perfect fit for Project Inthanon. Both Wipro’s expertise in blockchain
technology and understanding of the financial sector as well as
excellent advisory and implementation services have played an integral
role in co-developing the solution prototype.”

Krishnakumar N Menon, Vice President and Blockchain
Theme Leader, Wipro Limited
said, “We are delighted to have worked
on Project Inthanon with R3 and be a part of a national-level fintech
initiative. The DLT-powered solution prototype has demonstrated the
merits of blockchain technology adoption for making interbank payments
more efficient. Building a blockchain prototype for issuing digital
currency aligns with our vision of driving industry transformation
through real-world applications of blockchain.”

Wipro is a recognized leader in implementing blockchain technology for
its clients, providing strategic advisory and consulting services
combined with an extensive portfolio of industry solutions, developed in
its Centres of Excellence. Wipro is committed to creating strong
blockchain communities while developing talent for building extensive
technology expertise across multiple leading blockchain platforms such
as Corda, Ethereum, Fabric, Indy, Multichain, Quorum and Sawtooth. Wipro
is a part of a number of DLT consortia and alliances including R3, the
Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web
Foundation and the Blockchain in Transport Alliance. To learn more, click
here
.

Please click here
to view the complete findings from Phase I of Project Inthanon report.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global
information technology, consulting and business process services
company. We harness the power of cognitive computing, hyper-automation,
robotics, cloud, analytics and emerging technologies to help our clients
adapt to the digital world and make them successful. A company
recognized globally for its comprehensive portfolio of services, strong
commitment to sustainability and good corporate citizenship, we have
over 170,000 dedicated employees serving clients across six continents.
Together, we discover ideas and connect the dots to build a better and a
bold new future.

About R3

R3 is an enterprise blockchain software firm working with a broad
ecosystem of more than 300 members and partners across multiple
industries from both the private and public sectors to develop on Corda,
its open source blockchain platform, and Corda Enterprise, a commercial
version of Corda for enterprise usage. R3’s global team of over 180
professionals in 13 countries is supported by over 2,000 technology,
financial, and legal experts drawn from its global member base. Learn
more at www.r3.com.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited
to, risks and uncertainties regarding fluctuations in our earnings,
revenue and profits, our ability to generate and manage growth, intense
competition in IT services, our ability to maintain our cost advantage,
wage increases in India, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price, fixed-time
frame contracts, client concentration, restrictions on immigration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the
success of the companies in which we make strategic investments,
withdrawal of fiscal governmental incentives, political instability,
war, legal restrictions on raising capital or acquiring companies
outside India, unauthorized use of our intellectual property, and
general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more
fully described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov.
We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and our
reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us or on
our behalf.

Contacts

Prathibha Das
Wipro Limited
[email protected]

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