Krungsri and Siam City Cement jointly develop Krungsri Supply Chain on Blockchain, first-of-its-kind solution, to enhance Thailand’s supply chain ecosystem (Krungsri)
Krungsri (Bank of Ayudhya PCL) and Siam City Cement Public Company Limited announced mutual collaboration to develop the Krungsri Supply Chain on Blockchain solution for business operators. For the first time in Thailand, the blockchain technology is deployed to facilitate the supply chain business. The technology will not only increase flow efficiency, improve credibility and transparency of business-to-business transaction data shared, but also help small-sized SMEs which are lower-tier suppliers in better access to financing. The project is currently conducted under the Bank of Thailand’s Regulatory Sandbox guidelines.
Mr. Sayam Prasitsirigul, Krungsri Head of SME Banking Group said; “With the Krungsri Supply Chain on Blockchain solution, blockchain technology is deployed on the entire-network of corporates and business partners within their respective supply chain. Krungsri has been entrusted by Siam City Cement, our long-time major business partner, with implementing the pilot experiment using Krungsri Supply Chain on Blockchain. It will not only facilitate Siam City Cement’s business flow, but also provide the company’s entire-network business partners convenience in all financial transactions. We strongly believe that the solution will significantly transform the supply chain ecosystem.”
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