Monday, July 06, 2020

SCB, EGAT, and Absolute Clean Energy provide end-to-end digital LG service

Jul 10. 2019
Facebook Twitter

By Jirapan Boonnoon
The Nation

Siam Commercial Bank (SCB) is unveiling its technology and innovation potential as the first bank in Thailand ready to provide an end-to-end digital service for letter of guarantee (LG) issuance.

 As SCB emphasises its vision of the bank as a platform, clients can connect to the SCB Digital LG service right away without investing in system development on their own. The SCB Digital LG service is quick, secure, and completely paperless. In the initial phase, the SCB Digital LG service will be introduced to power plants under Absolute Clean Energy (ACE), a business partner of the Electricity Generating Authority of Thailand (EGAT), SCB is also ready to promote its digital LG service in parallel with the LG process on Thailand’s central blockchain system among the business sector and supply-chain systems to boost business competitiveness and efficiency in the digital world.

SCB senior executive vice president and chief wholesale banking officer Wasin Saiyawan said that SCB, EGAT, and ACE have jointly developed the digital LG issuance process to boost business efficiency for EGAT, its business partners and suppliers across the supply chain. The SCB Digital LG service development can fully replace the paper-based LG issuance at every step, from LG application to approval results sent directly from SCB to EGAT, so business partners do not need to pick up documents at branches anymore. The system is 100-per-cent paperless, reducing processing time from 3 days to only 3 hours. An outstanding feature of the SCB Digital LG service is that clients can instantly connect to the system without the need to invest in system development on their own, thus making it convenient for businesses of any size to boost their competitiveness. Streamlined and convenient, the service helps businesses save costs and time with ‪24/7‬ real-time availability and international security standards.

Apart from the end-to-end digital LG service, SCB also provides LG issuance service on the Bank of Thailand’s (BOT) central blockchain system under BCI (Thailand) for 3 corporate clients, namely, SCG, GC Marketing Solutions, and IRPC. The bank is ready to connect SCB Digital LG clients to the LG network on blockchain technology as soon as BCI opens the service to general users in the fourth quarter of this year.

The Electricity Generating Authority of Thailand (EGAT) Deputy Governor, Finance and Accounting (CFO) Pattarakit Techasikarn said that the joint digital LG development with SCB has streamlined the old, complicated, and tedious paper-based LG issuance process and noted that the end-to-end digital process will help boost competitiveness of EGAT business partners and suppliers in the supply chain. Power plants under Absolute Clean Energy PCL (ACE) are the early adopters of the SCB Digital LG service. The EGAT will further promote the service benefits among some other 1,000 business partners and suppliers in the supply chain networks for more convenience and efficiency in doing business with the EGAT, with the authority hoping to be a role model for other state enterprises to embrace digital technology to save costs and optimize economic resources to drive the digital economy in every sector.

Absolute Clean Energy’s chief information officer Teerawut Songmetta added that the company is pleased to use the SCB Digital LG service, which is in line with its policy to embrace technology for future growth.

Facebook Twitter
More in Business
Editor’s Picks
Top News