Targeting efficient international trade
PTT Polymer Marketing (PTTPM), a subsidiary of PTT Group, has embraced artificial intelligence (AI) for letters of credit (LC), making it the first firm in Asean to improve its international trade process efficiency.
"Emerging technologies like blockchain and AI help improve import and export efficiency, not just in the private sector but also at the national level," said Narongchai Pisutpunya, president of PTTPM, a polymer sales and marketing company.
In the past six months, PTTPM adopted IBM's Watson, an AI tool, for LC verification of export sales documents.
Global trade via LC amounts to US$1.6 trillion (50.8 trillion baht). As PTTPM exports polymer products overseas, LC is a major payment method that facilitates business expansion.
Reviewing LC applications and original LCs is a repetitive process, requiring PTTPM's LC verifiers to spend at least 30 minutes per LC, or up to three hours in more complex cases.
Verifiers need at least five years of experience, as any errors can cause longer or repeated reviews, which could delay product delivery.
While AI can work with a wide variety of data types without any additional integration, it understands the language of industries and helps PTTPM leverage data from a broad range of sources with ease.
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