Quarix provides the blockchain infrastructure behind Project Carina, a collaboration between KBank and J.P. Morgan aimed at redefining how cross-border remittances are executed. The project’s goal is to reduce transaction time from 72 hours down to 5 minutes, enhance transparency and compliance, and provide round-the-clock availability.
The Challenge of Cross-Border Remittance
International remittances have long been slow and complex. Transfers often take up to three days due to intermediary banks, differing time zones, and manual compliance checks. For corporates handling large-value flows, these inefficiencies cause delays, increase costs, and create uncertainty around settlement.
Quarix as the Technology Enabler
Quarix provides the financial-grade blockchain infrastructure that enables this transformation.
• Transparent, secure transaction recording using blockchain and smart contracts, so each step can be audited, with identity verification.
• Seamless connectivity with Kinexys (JP Morgan’s blockchain ledger formerly Onyx) to enable USD remittance.
• KBank's Q-Money, the e-money onblockchain, operating under Thailand’s regulatory sandbox.
Proof in Action: The First Trial
• The first outward remittance trial was done with a single corporate client: Kasikorn Vision Co., Ltd., transferring USD 800,000 in three transactions.
• The outcome: time taken from initiation to crediting the recipient was between ~0.22-1.44 minutes in tests.
• The trial confirms system performance and reliability under real-value transfers.
Transparency and Trust
Each step of the remittance is recorded on-chain, giving corporates and regulators complete visibility. By embedding compliance directly into the infrastructure, Quarix delivers both speed and security without sacrificing oversight.
Why This Launch is a Milestone
Project Carina demonstrates how Quarix can serve as trusted infrastructure behind global initiatives led by major banks. By bridging regulated e-money on blockchain in Thailand with international financial networks, Quarix shows how blockchain can quietly yet critically power the future of cross-border remittance, faster, safer, and more transparent than ever.
