Since mid-2018, Thailand’s Siam Commercial Bank (SCB) and PTT Exploration and Production (PTTEP), a subsidiary of state-run oil and gas firm PTT, have been partners on a research and development effort to adopt blockchain technology for cross-border, business-to-business (B2B) payments, in a bid to optimize operational efficiency.
As reported by SCB, the project allowed for blockchain-based pilot transactions earlier this year, with payments completed under a minute instead of taking as long as 1-2 days as per conventional transactions.
Regarding the successful trial, Wasin Saiyawan, Senior Executive Vice-President and Chief Wholesale Banking Officer of SCB, said the project marked a “major success” in introducing a new standard of international payment services for corporate customers using blockchain technology.
He also noted that the achievement reflects SCB’s commitment to harnessing new technologies and innovations to “transform business in the digital era.”
Wasin thanked PTTEP for choosing to collaborate with SCB and expressed readiness to take the success of the service forward to “set a new norm for the industry,” allowing customers fast and efficient service.
The service will see implementation this year in all Southeast Asian nations, including the CLMV cluster comprising Cambodia, Laos, Myanmar and Vietnam, serving as an important step in the development of cross-border payment services.
Sumrid Sumneing, PTTEP Finance and Accounting Group Executive Vice President, said the oil subsidiary will be working closely with SCB to continue using blockchain for other transactions to quickly and effectively optimize digital competitiveness.
According to the SCB press release, the partnership between SCB and PTTEP has set a new standard for real-time cross-border payment, marking a major milestone in the development of a new financial industry.
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