Thailand’s SCG Implements Blockchain Solutions to Speed Up Payments

Asia Blockchain Review
June 24, 2019

Siam Cement Group Public Company Limited (SCG) — Thailand’s largest and oldest cement and building materials company disclosed at a recent blockchain conference held in Bangkok that it has adopted blockchain as a platform to keep track of payments for suppliers.

SCG Adopts Blockchain to Facilitate Procure-to-Pay Process

Vilasinee Channarukun, Manager and ‘Blockchain Champion’ at SCG, spoke at the third “Blockchain the Series @ BOT” organized by the Bank of Thailand in Bangkok towards the end of last month. She said the company has already started using blockchain for domestic transactions after identifying pain points in its procure-to-pay process.

“There have been several business challenges that SCG faced in paying our suppliers. We found that the amount of documentation was over two million invoices per year, all of which called for our staff to verify related documents. This process was very time consuming —  approximately 70 minutes from invoicing to payment. Moreover, the costs involved per transaction were high for suppliers, for banks, and also for SCG,” Vilasinee said.

Cost Savings and Greater Transparency Made Possible with Blockchain

According to the SCG Manager, the blockchain platform was far more efficient than traditional paper-based verification methods used in the procure-to-pay process.

“After we switched to the blockchain platform, we were able to decrease the amount of time per transaction by 50% or only 35 minutes, with the potential to use more automated solutions that will further lessen the time spent on the process,” Vilasinee said.

She added that blockchain provided a way to accurately track information in the system, offering more transparency for all parties involved.

“In the past, our suppliers would send invoices without any awareness of the process after it was submitted,” Vilasinee explained. “Now, they can track the status of payments in real-time, and they will know exactly when the payment is made.”

Source: www.bot.or.th


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
China Races to Roll Out National Digital Currency
Following Facebook’s announcement of Project Libra, China has been more determined than ever to intr...

September 23, 2019

Crypto Exchange Hires Singapore Monetary Authority Veteran as Compliance Chief
iSTOX, a digital securities issuer and crypto exchange, announced that it has hired a 15-year vetera...

September 23, 2019

Isle of Man Issues First Token-Based Supplier License
Blockchain gambling platform FunFair has become the first company to be approved for a token-based s...

September 23, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us