Krungsri (Bank of Ayudhya PCL) and
Siam City Cement Public Company Limited announced mutual collaboration to develop the
Krungsri Supply Chain on Blockchain solution for business operators. For the first time in Thailand, the blockchain technology is deployed to facilitate the supply chain business. The technology will not only increase flow efficiency, improve credibility and transparency of business-to-business transaction data shared, but also help small-sized SMEs which are lower-tier suppliers in better access to financing. The project is currently conducted under the Bank of Thailand’s Regulatory Sandbox guidelines.
Mr. Sayam Prasitsirigul, Krungsri Head of SME Banking Group said; “With the
Krungsri Supply Chain on Blockchain solution, blockchain technology is deployed on the entire-network of corporates and business partners within their respective supply chain. Krungsri has been entrusted by Siam City Cement, our long-time major business partner, with implementing the pilot experiment using
Krungsri Supply Chain on Blockchain. It will not only facilitate Siam City Cement’s business flow, but also provide the company’s entire-network business partners convenience in all financial transactions. We strongly believe that the solution will significantly transform the supply chain ecosystem.”
Mr. Siva Mahasandana, Director and Chief Executive Officer, Siam City Cement Public Company Limited said; “Supply Chain on Blockchain is a cutting-edge technology with high security and reliability. We are glad to collaborate in this pilot experiment and then further develop the system to facilitate trading, billing, and transaction stability for our business partners. Krungsri and Siam City Cement will closely work together to enhance the system and strategies for our further development of our distribution, store, and customer networks, as well as offering financial products for our group of businesses.”
Mr. Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division said; “Krungsri becomes the first bank in Thailand to leverage blockchain technology for the business sector. After our achievement in blockchain-based real-time funds transfers, Krungsri Supply Chain on Blockchain marks the first of its kind in Thailand that the blockchain technology innovation is used in the supply chain system. With the Bank’s strategies to help drive businesses under the concept of “Think Digital First”, our leadership in blockchain technology that delivers great experiences for all customer segments has been underscored.”