Bangchak Corporation and Bangkok Bank Recognised for Innovation Projects at Annual AIBP Thailand Enterprise Innovation Award

Bangchak Corporation and Bangkok Bank are selected as the winners from Thailand in the 2021 ASEAN Enterprise Innovation Award, presented by AIBP. The 2021 edition of the award saw over 130 nominations across 5 countries, narrowed down to 27 finalists and 10 eventual winners – two of which came from Thailand.

Enterprise Innovation award winners from Thailand will be invited to showcase their digital transformation projects at AIBP’s Innovation Retreat along with other winners from ASEAN countries, including Malaysia, Philippines, Indonesia and Vietnam.

Developing Blockchain Applications for Trade Finance in Bangkok Bank

Established in 1944, Bangkok Bank is the largest bank by assets in Thailand (US$ 127.76 billion; THB 4.276 trillion), and has a market capitalisation of US $ 6.82 billion (THB 228.106 billion). Bangkok Bank has a global presence in 330 locations and currently employs 22,963 people.

Bangkok Bank and its partners established “Contour” in 2021 to revolutionise international trade transactions valued at US$ 18 trillion. This completely digitises letters of credit. Contour employs Distributed Ledger Technology (DLT), also known as enterprise blockchain, to improve and digitise the entire trade finance process, making it faster and more efficient while also allowing clients to conduct digital transactions along the process. As opposed to typical paper-based transactions, partners will be able to see real-time information, guaranteeing that the transaction is quick, transparent, and low-cost. 

This project resonates with findings in the annual AIBP ASEAN Innovation Survey among business and information technology professionals across Southeast Asia, which revealed that enterprises in the region are increasingly adopting digital technology to stay competitive. Data analytics (65%), IoT (44%), artificial intelligence (34%), machine learning (34%), and robotic process automation (33%) are the top 5 technologies enterprises in ASEAN are looking to invest in over the next 2-3 years.

Bangchak Petroleum PCL (BCP) – Efficient Fueling & Carbon Neutral 2030: Innovations from Refinery to Retail

Founded in 1984, Bangchak Petroleum PCL (BCP) has 3 core businesses – oil refinery, retail and marketing for distribution of refined oil products via petrol stations, and power generation as alternative energy, mainly solar, wind and biofuel, through subsidiaries like BCPG (listed on the Stock Exchange of Thailand (SET)). The utility has expanded its businesses to oil trading, green power, bio-based products, and natural resources and business development. Bangchak’s market capitalisation stands at US$ 1.05 Billion (THB 35 Billion).

Bangchak’s goal is to enhance national energy security and expand new investments to ensure business sustainability. An IoT system was installed throughout refining plants to monitor and increase operational reliability of machinery, and data analytics enabled cost savings from oil loss during transmission by ship, and reduced processing time. In collaboration with Krung Thai Bank, Bangchak developed a POC for a first-of-its-kind payment platform to offer integrated fuel points-accurring payment services, allowing for a 33% reduction in service time per vehicle and increased customer satisfaction.

About AIBP ASEAN Enterprise Innovation Award

Established in 2017, the key objective of the annual AIBP Enterprise Innovation Award is to give recognition to organisations who have embarked on projects to digitally transform their business through the adoption of innovative technology. The awards are held annually in the following ASEAN countries: Indonesia, Malaysia, Philippines, Thailand and Vietnam.

About AIBP

AIBP serves as an avenue for public and private organisations in Southeast Asia to access and exchange information about growth and innovation within the B2B space. With a current network of over 30,000 stakeholders in Southeast Asia, AIBP continues to develop ecosystems by engaging in activities which create value-adding information for our stakeholders seeking to make transformative impacts within their organisations.


3 January 2022