Krungsri Supply Chain on Blockchain Enhances the Ecosystem of Thailand's Supply Chain System

Krungsri Ayudhya Bank Public Company Limited and SCG Cement-Building Materials Co., Ltd. have announced their collaboration to develop the Krungsri Supply Chain on Blockchain solution for business customers. This initiative marks the first use of blockchain technology to facilitate Thailand's supply chain system, enhancing speed, transparency, and traceability in transactions between partners within the supply chain. It also aims to provide easier access to credit for small and medium-sized enterprises (SMEs), which are the downstream players in the business, thereby elevating the ecosystem of Thailand's supply chain. The project is currently in the process of participating in testing new innovations under the Regulatory Sandbox framework of the Bank of Thailand (BOT).

Mr. Siam Prasitsirirak, Head of SME Business Customer Division at Krungsri Ayudhya Bank, stated, "Krungsri Supply Chain on Blockchain applies blockchain technology comprehensively in the transactions of companies and partners within the supply chain. Krungsri has been trusted by SCG Cement-Building Materials, a long-standing partner, to pilot the use of the Krungsri Supply Chain on Blockchain system. This will not only enhance the agility of SCG Cement-Building Materials' business but also support partners in the supply chain to conduct transactions more conveniently. We believe this solution will bring significant changes to the comprehensive supply chain ecosystem."

The Supply Chain on Blockchain system is a modern, secure, and reliable transaction technology, and SCG Cement-Building Materials is pleased to participate in this pilot project. Together, they will develop the system to facilitate trading, billing, and transaction stability to benefit SCG Cement-Building Materials' partners. Krungsri and SCG Cement-Building Materials will closely collaborate on system development and strategic planning for business advancement to support transactions among the distributor network, retail network, and customer network, including services related to transactions for products within the SCG Cement-Building Materials group.

Krungsri is the first bank in Thailand to implement blockchain technology for the business sector. Following the successful development of real-time international money transfer services using blockchain technology, this initiative represents another step forward in creatively applying blockchain technology to Thailand's supply chain system for the first time. Krungsri is recognized as a leader in blockchain innovation, committed to delivering the best experience to all customer segments, aligning with the bank's strategy of "Think Digital First."