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AWC and SCB join forces to modernize Thai real estate industry, connecting supply chains to B2P blockchain procurement platform to boost project development for exponential growth
September 9, 2022 - Bangkok, Thailand - Asset World Corp PCL (AWC), Thailand’s leading real estate developer specializing in integrated lifestyles, is joining with Siam Commercial Bank (SCB) and Digital Ventures to enhance supply chains in Thailand's real estate industry using blockchain technology. The collaboration will roll out a B2P (Blockchain for Procure-to-Pay) digital platform to link up with AWC's supply chain network. The platform is designed to support extensive digital procurement and payments, bolstering the platform’s sustainability features with accurate, transparent, and verifiable technologies, along with SCB’s Supply Chain Financing services, which increase liquidity for entrepreneurs on B2P systems by allowing them to access financial loans directly from the Bank. This implementation will create a streamlined all-in-one platform and deliver long-term benefits to supply chain networks.
Wallapa Traisorat Chief Executive Officer and President, Asset World Corp Public Company Limited (AWC) said that, "AWC is pleased to collaborate with Siam Commercial Bank and Digital Ventures on the adoption of blockchain technology. This satisfies the requirements of project development and will quickly drive exponential growth in the Thai real estate industry and advancements in digital technology for efficient end-to-end supply chain processes. This partnership marks an important milestone for the real estate industry as the digital era develops in a meaningful manner. Under its corporate transformation plan, AWC is always striving to grow its strength and efficiency with partners from all industries through digital transformation. As part of the plan, the Company will implement a B2P platform in procurement and payments with business partners in order to improve efficiency, convenience, speed, safety, transparency, accuracy, and reduce inspection time. It will serve to reinforce the confidence of AWC’s partners and pass on the potential of holistic values to develop a strong network of alliances throughout the value chain, while strengthening the business operations of the whole Thai real estate industry."
SCB Senior Executive Vice President, Chief Wholesale Banking Officer and Chief Wealth Banking Officer. Yunyong Thaicharoen revealed that "SCB’s top priority is to upgrade products and services, leveraging technology to produce changes in business processes and sustainability for our clients. B2P is the first and only blockchain platform available in Thailand to transform the procurement and payment system. Siam Commercial Bank and Digital Ventures have collaborated on an ongoing basis to address the operational needs of each customer in their respective businesses. This is an additional significant step for the B2P platform trusted by the country's major real estate developer AWC, who recognizes the importance of adopting digital technology for their operational processes in order to improve AWC's long-term efficiency and competitiveness. The implementation also plays an essential role in enhancing business operations in the Thai real estate industry by leveraging the transparency and dependability of blockchain technology. The Bank has also integrated the concept of sustainable finance into its SCB Supply Chain Financing services in order to provide B2P operators with the freedom to manage liquidity inside the business prior to the payment due date without collateral requirements.
Digital Ventures Co., Ltd. Chief Executive Officer Orapong Thien-Ngern, stated that "The B2P platform was designed to be flexible for each customer's unique system. AWC’s real estate business has its unique procurement complexities. B2P can streamline the document management process with ease, speed, and transparency, supporting all sorts of procurement activity for AWC's partners, including legal entities and natural persons, with diverse and comprehensive payment systems. It can also be connected to an internal ERP with a digital onboarding system that enables suppliers to enter the system easily and quickly, as well as SCB Business Net, a digital banking platform for corporate customers that streamlines the payment process and partners' loan requests 24 hours a day. Since its first year of use, it has been acknowledged that B2B can save time and resources by more than 50%. More than 20,000 users in Thailand's supply chain network are enrolled on the site, which is now acknowledged by the country's most prominent business firms.
Digital Ventures Co., Ltd.'s B2P (Blockchain for Procure-to-Pay) is the world's first end-to-end digital procurement platform on Private Blockchain. The platform intends to optimize procurement efficiency for private companies with extensive supply chain networks, from the purchasing process to the final bank payment stage. The solution allows all parties engaged in the procurement process to monitor transactions at every stage. Those involved can also automatically verify documents such as purchase orders, receipts, and invoices, making the entire process more effective, faster, and cost-effective. Siam Commercial Bank also offers partners the option of seeking SCB Supply Chain Financing services through electronic channels. B2P is now embraced by enterprises in numerous industries, both locally and globally, due to its minimal financial expenses.