Wednesday, December 11, 2019

TBank expands LoG on blockchain service to firms under SCG Group

Dec 02. 2019
Photo Credit: Thanachart Bank's website
Photo Credit: Thanachart Bank's website
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By The Nation

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Thanachart Bank (TBank) expanded the letter of guarantee on blockchain services to three more companies, all under Siam Cement Group – SCG ICO polymers, SCG Performance Chemicals, and SCG Plastics – from November 28, the bank said in a press release on Monday (December 2).

TBank is also providing the service to other leading business organisations, such as IRPC, GC Marketing Solutions and its chemical business, PTT Global Chemical, Thai Oil, and PTT.

Blockchain is an electronic document which is highly secure, easy to examine and difficult to forge. This service will allow companies to see their partners’ letters of guarantee issued by the bank through the system, which is more convenient and faster than conventional formats.

The letter of guarantee is considered a first step in reinforcing and promoting the country’s blockchain community, according to the policy of the Bank of Thailand, which is focusing on using the technology to enhance the country’s efficiency and business competitiveness.

The list of business groups participating in the project can be found via website www.thanachartbank.co.th.

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