Thursday, December 12, 2019

KBank launches electronic guarantees

Jun 27. 2019
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By The Nation

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Kasikorn Bank (KBank) introduces a full cycle of the electronic letter of guarantee (LG) service to accommodate its customers. The service includes LG issuance, renewal, and direct and immediate delivery to the beneficiaries, based on world-class security standards. 

With this development that reaffirms KBank's top position in the LG market, KBank aims to increase the customers' use of electronic channels for their LGs to 50 per cent within 2020, the bank said.

It added that the K CONNECT-LG service of KBank has offered to its customers a 24/7 online service of LG issuance and renewal, and most recently, has introduced an online LG service on blockchain via BCI wherein a full cycle of LG service is available, including LG issuance, renewal, and direct and immediate LG delivery to the beneficiaries. Apart from greater convenience, the service helps cutting the costs of document management and data supervision, while streamlining the work processes, based on international security standards. In addition, the blockchain technology will add more efficiency to the LG processes and ensure greater security as forgery will be better prevented. LG issuance and verification can be completed more rapidly and LG status can be checked all the time.

In 2018, more than 500,000 LGs were issued via the Thai financial institution system, with the total value of Bt1.35 trillion. KBank said its market share stands at 29 per cent, which is on top of the market, consisting of 68 per cent via branches and 32 per cent via electronic channels. KBank aims to increase the service use via electronic channels to 50 per cent by the end of 2020.

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