Published July 10, 2019
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.
Original Source: https://www.nationthailand.com/business/30372706