Thailand’s Siam Commercial Bank, Electricity Authority Adopt Blockchain

Asia Blockchain Review
July 21, 2019

Thailand’s oldest commercial bank, Siam Commercial Bank (SCB), has announced the success of its partnership with the Electricity Generating Authority of Thailand (EGAT) and Absolute Clean Energy (ACE) in developing a digital Letter of Guarantee (LG) issuance platform powered by blockchain technology.

Facilitating Business in Thailand with Blockchain Platform

SCB Senior Executive Vice President Wasin Saiyawan disclosed that the three entities have joined hands to develop a digital platform for LG issuance utilizing blockchain.

The project is expected to increase the efficiency of EGAT’s business operations as well as facilitate its partners and suppliers. The platform is now ready for operation and is capable of issuing LGs through an entirely digital process.

“Apart from offering a fully digital LG issuance service, SCB, through the Thailand Blockchain Community Initiative, is providing a blockchain-enabled LG issuance system for SCG Group, GZ Marketing Solutions, and IRPC,” Wasin said.

Adopting Distributed Ledger Technology for LGs

According to Deputy Chief Financial Officer of EGAT Patarakit Techasikan, cooperation with SCB has allowed the energy authority to use distributed ledger technology (DLT) to transform the LG issuance process, which previously involved extensive paperwork.

“This digital system will enhance the business operations of EGAT suppliers and related companies,” Patarakit said.

According to SCB, the new process will be quicker and more convenient, as applicants can apply for LGs by themselves in real-time. LG approval results will be sent directly to EGAT.

Moreover, the project also lays the groundwork for introducing blockchain technology to LG issuance for EGAT and for the next phase of testing in the Bank of Thailand’s regulatory sandbox.


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
Shenzhen Firms Issue 6Mil. Blockchain Invoices in 12 Months
The Chinese city of Shenzhen has reportedly issued almost 6 million blockchain-based invoices over t...

August 17, 2019

Thailand Considers Extending AML Regulations to Crypto
Thailand’s Anti-Money Laundering Office has revealed that it may extend AML regulations to include c...

August 17, 2019

The Future of DEXs
Decentralized exchanges (DEXs), which are non-custodial by nature, were also much more secure than t...

August 16, 2019

DECENTRALIZED FINANCE: Defying the Global Financial System
Although it was only established last year, the DeFi system has already locked in US$500 million wor...

August 16, 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