Siam Commercial Bank applies blockchain to real estate supply chains – Finextra | Jewelry Dukan

Asset World Corp PCL (AWC), Thailand’s leading real estate developer specializing in integrated lifestyles, partners with Siam Commercial Bank (SCB) and Digital Ventures to improve supply chains in Thailand’s real estate industry using blockchain technology.

The collaboration will introduce a B2P (Blockchain for Procure-to-Pay) digital platform to connect to AWC’s supply chain network. The platform aims to support large-scale digital procurement and payments, and strengthen the platform’s sustainability capabilities with accurate, transparent and auditable technologies, as well as SCB’s supply chain finance services, which increase liquidity for entrepreneurs on B2P schemes by allowing them to access financial loans directly from the Bank. This implementation will create an optimized all-in-one platform and bring long-term benefits to supply chain networks.

Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited (AWC), said: “AWC is excited to partner with Siam Commercial Bank and Digital Ventures in the adoption of blockchain technology. This meets the needs of project development and will quickly drive exponential growth in Thailand’s real estate industry and advances in digital technology for efficient end-to-end supply chain processes. This partnership marks an important milestone for the real estate industry as it… evolving the digital age in a meaningful way. As part of its corporate transformation, AWC is always striving to increase its strength and efficiency with partners from all industries through digital transformation. As part of the plan, the company will implement a B2P platform for procurement and payments with business partners to improve efficiency, convenience, speed , security, transparency, accuracy and reduction of inspection time. It will serve to strengthen the trust of partners of AWC and sharing the potential of holistic values ​​to build a strong network of alliances across the value chain while strengthening the operations of the entire Thai real estate industry.”

SCB Senior Executive Vice President, Chief Wholesale Banking Officer and Chief Wealth Banking Officer. Yunyong Thaicharoen stated that “SCB’s top priority is to improve products and services and leverage technology to bring about business process change and sustainability for our customers. B2P is the first and only blockchain platform available in Thailand to transform the procurement and payment system. Siam Commercial Bank and Digital Ventures have continuously worked together to address each client’s operational needs in their respective companies. This is another significant step for the B2P platform trusted by the country’s largest real estate developer, AWC, which recognizes the importance of Introduction of digital solutions recognizes technology for their operational processes to improve AWC’s long-term efficiency and competitiveness. The implementation also plays an essential role in improving business operations in the Thai real estate industry by leveraging the transparency and reliability of blockchain technology. The bank has also introduced the concept of sustainable finance into its SCB supply chain finance services to give B2P operators the freedom to manage liquidity within the company before the payment due date without security requirements.

Orapong Thien-Ngern, Chief Executive Officer of Digital Ventures Co., Ltd., stated, “The B2P platform was designed to be flexible for each client’s unique system. AWC’s real estate business has its unique procurement complexities. B2P can streamline the document management process with simplicity, speed and transparency, and supports all types of procurement activities for AWC’s partners, including legal entities and individuals, with diverse and comprehensive payment systems. It can also be connected to an internal ERP with a digital onboarding system, which allows suppliers access to be easy and quick to use, as well as SCB Business Net, a digital banking platform for corporate customers that simplifies 24/7 payment processes and credit inquiries from partners.Since the first year of use, it has been known that B2B can save time and Resources by more than 50% More than 20,000 users in Thailand’s supply chain network are registered on the website, which is now recognized by the country’s best-known business enterprises.

B2P (Blockchain for Procure-to-Pay) by Digital Ventures Co., Ltd. is the world’s first end-to-end digital procurement platform on private blockchain. The platform intends to optimize procurement efficiencies for private companies with extensive supply chain networks, from the purchasing process to the final bank payment stage. The solution enables all parties involved in the procurement process to monitor transactions at every stage. Stakeholders can also automatically review documents such as purchase orders, receipts, and invoices, making the whole process more effective, faster, and less expensive. Siam Commercial Bank also offers partners the ability to avail SCB supply chain finance services through electronic channels. B2P is now being embraced by businesses across numerous industries, both locally and globally, due to its minimal financial outlay.

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