Bangkok--21 May--Siam Commercial Bank
Siam Commercial Bank (SCB) by Senior Executive Vice President and Head of Corporate Banking Wasin Saiyawan (2nd from right) and Senior Executive Vice President and Head of Commercial Banking Solutions Pimolpa Suntichok (right) and the Electricity Generating Authority of Thailand (EGAT) Deputy Governor, Account and Finance Wanchai Hongcherdchai (2nd from left) and Assistant Governor, Finance Pattarakit Techasikarn (left) recently inked a cooperative deal for digital LG development. The letter of guarantee (LG) issuance process, once a painful process involving loads of documents and a lack of flexibility, will go paperless with digitization at every step. The process will be quicker, more convenient, and see lower operating costs, as applicants can apply for letters of guarantee by themselves on a 24/7 real-time basis. LG approval results will then be sent directly to EGAT. This digital LG development will help boost EGAT's competitiveness and keep pace with the business world in the digital era. The deal also lays the groundwork for introducing blockchain technology to LG issuance for EGAT and for further testing in the Bank of Thailand's regulatory sandbox in the next phase.