Bangkok--19 Feb--Siam Commercial Bank
Siam Commercial Bank recently sealed a deal to install a fully integrated system for Bill Placement and Supplier Financing for the Mitr Phol Group. The service is the first of its type in Thailand, and will enhance Mitr Phol Group's operational efficiency in bill placement and supplier financing. SCB President Mrs. Kannikar Chalitaporn and Mitr Phol Group President and Chief Executive Officer Mr. Krisda Monthienvichienchai joined the signing ceremony held at the Oriental Residence Bangkok.
Siam Commercial Bank recently signed an agreement to provide a fully integrated solution for bill placement and supplier financing for the Mitr Phol Group. This innovative financial solution has been developed jointly between SCB and the Mitr Phol Group for the first time in Thailand, and will accommodate bill placement and supplier financing through an electronic system. The new financial solution demonstrates SCB's commitment in introducing services customized to fit customer requirements, with SCB serving as an intermediary for operational processes relating to bill placement and all supplier financing.
Commenting on the event, SCB President Mrs. Kannikar Chalitaporn said that, "SCB is committed to developing innovative financial products meeting customer requirements. The Bank has worked closely with the Mitr Phol Group for over six months in designing an integrated system supporting bill placement and supplier financing through electronic channels for the first time in Thailand. This success is another important milestone for SCB as a leader in financial innovation. The new system will help accommodate Mitr Phol by saving time in bill placement and payments to suppliers, while enabling its suppliers to place bills and seek supplier financing, enhancing the efficiency of business operations."
The Fully Integrated System for Bill Placement and Supplier Financing combines bill presentment and lending features in a single system, providing increased flexibility for customers. SCB is responsible for placing bills and updating system data, eliminating time-consuming document preparation hurdles for customers, while increasing convenience when it comes to payment execution. SCB can use payment data already in the system for extending loans to Mitr Phol's suppliers right away, without having to resend loan request documents. Supplier financing is a scheme created to electronically assist suppliers, increasing their liquidity and operational efficiency. Loan approval remains at the sole discretion of the Bank.
Mitr Phol Group President and Chief Executive Officer Mr. Krisda Monthienvichienchai noted that, "The implementation of a Fully Integrated System for Bill Placement and Supplier Financing between the Mitr Phol Group and SCB marks a very important occasion. The project will help enhance our operational efficiency, starting from bill placement up until the moment payment is made. Data stored in the system will help reduce overlapping operational processes. More than that, supplier financing will help enhance liquidity for Mitr Phol's trading partners, forging smooth and strong business relationships."