Mr. Surachai Kositsareewong, senior executive vice president for Accounting and Finance at Bangchak Corporation Public Company Limited, reveals that Bangchak in collaboration with BCI (Thailand) Company Limited has integrated innovative Letter of Guarantee on Blockchain - Common Node (Website) into its business operations. Operating through a Web application, this innovation now applies to Bangchak’s process to review letters of guarantee submitted by vendors and customers. The integration increases work efficiency, speeds up work flow, delivers convenience, and reduces both work procedures and expenses. BCI has provided blockchain platform services for banking sector under the supervision of the Bank of Thailand.
Launched for trial usage since last September, LG on Blockchain has already delivered tangible changes. Boosting the capabilities and agility of work process, it also lowers the cost of document/data management as it completes all work procedures over a Cloud platform. It prevents forgery, facilitates transactions, and enables real-time status checks round-the-lock. Connected to its network are the databases of all participating banks, paving way for the development and upgrade of Thailand’s central infrastructure for all enterprises as well as Thais businesses’ higher competitiveness.
Mr. Siriwat Keatcharoensin, president of BCI (Thailand) Company Limited, says his firm is committed to developing LG on Blockchain platform that is efficient and meets international security standards. BCI has also promoted its usage on a continued basis so as to let service users conveniently manage vendors without any interruption even in the face of COVID-19 outbreak. LG on Blockchain platform plays a big role in upholding business continuity as it reduces complicated work procedures, the number of required documents, document-preparation time, overall work time, as well as cost without compromising accuracy and transparency. Moreover, BCI has now leveraged its technologies in laying down Blockchain infrastructure for the development of new financial products under the Financial Use Cases for Digital Business in Thailand.
According to BCI, it has worked with six commercial banks in Thailand namely the Bangkok Bank, the Krungthai Bank, the Bank of Ayudhya, Kasikornbank, the Thai Military Bank (TMB), and the Siam Commercial Bank (SCB) in developing its LG on Blockchain platform. The collaboration has used its technologies in supporting and driving operations of both the government and private sectors, small and big organizations alike. Thanks to this LG on Blockchain platform, users find their performance improves while operational expenses reduce. The platform, in all, prepares users well for competitions in the digital age. In the future, this platform will cover many other banks too. BCI has got tech support, consultancy, and legal advice from seven specialist companies namely IBM Thailand Company Limited, Kasikorn Business Technology Group, Accenture Solutions Company Limited, Bluebik Group Company Limited, Processing Center Company Limited, TBM Software Company Limited, and Mckenzie Company Limited. In its latest development, BCI has joined the Bank Confirmation on Blockchain project. Conducted through the collaboration of BCI, the Bank of Thailand and the Securities and Exchange Commission (SEC), this project is expected to be ready for use in the third quarter of 2021. By integrating Blockchain technology into banks’ process of releasing financial or bank confirmations, this project promises to make financial institutes’ management of transactions and data highly efficient, fast, secure, and reliable. These results will also mean huge benefits to the financial and accounting sectors.
Mr. Surachai adds that Bangchak has planned to expand its usage of LG on Blockchain and join the upcoming Bank Confirmation on Blockchain. According to him, in addition to its integration of Blockchain for Accounting and Finance, Bangchak has also embraced Robotic Process Automation (RPA) for its greater efficiency. RPA is a robot software that works in place of humans in managing various types of data and carrying out mundane tasks such as audits of receipts and expenses, bank reconciliations, and e-submission of data to government agencies. Thanks to RPA, works can be done round the clock with accuracy at an impressive speed.