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.
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.
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.
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