Pruksa reinforces its image as an innovative organization by announcing a collaboration with SCB to overhaul its comprehensive procurement and payment processes using blockchain technology on the B2P platform (Blockchain Solution for Procure-to-Pay). This initiative aims to enhance efficiency at every stage from upstream to downstream, driving the digital economy and reducing costs while showcasing the success achieved after implementation.

Mr. Piya Prayong, CEO of Pruksa Real Estate Public Company Limited, stated, "The real estate sector plays a crucial role in driving Thailand's economy by creating jobs through the supply chain to other businesses such as construction materials, financial institutions, electrical appliances, and furniture and decoration industries. Therefore, the procurement process is one of the core aspects of Pruksa's business. Pruksa has collaborated with Siam Commercial Bank Public Company Limited and Digital Ventures Company Limited to revolutionize the procurement process within the organization through the B2P platform, leveraging the benefits of blockchain technology. The B2P platform can seamlessly integrate with existing systems, benefiting all parties involved in the procurement process from upstream to downstream, allowing partners to access financial services more widely and efficiently. For instance, they can check invoice statuses in real-time, receive payments on time, and rectify any invoicing issues directly within the system. Additionally, it enhances business liquidity for partners by reducing document preparation time, creating convenience, speed, and security, while addressing the need to elevate business competitiveness in the digital age.

 

The introduction of the B2P platform is part of Pruksa's digital transformation efforts and contributes to driving the digital economy. After implementing the B2P platform, the company has seen tangible reductions in resources and costs across various areas. It has also ensured that payments are accurate, complete, fast, transparent, and secure, benefiting both partners and the various departments responsible for purchasing and procurement, especially accounting and finance. Besides, blockchain technology enhances the reliability and security of data generated in the procurement process by encrypting each transaction, improving work efficiency, reducing potential errors, and minimizing the use of documents, human resources, and time, which accounts for over 4 million baht in annual costs. Furthermore, it boosts the competitive capabilities of the organization and its partners. Pruksa believes that this platform will enhance liquidity for partners, allowing them to utilize funds effectively for their businesses.

 

Mr. Thanawat Kittisuwan, Executive Vice President of GTS and Ecosystems at Siam Commercial Bank, mentioned that businesses are entering a transitional era of integrating digital technology into their operations to enhance efficiency and develop competitive capabilities in line with evolving technologies. Siam Commercial Bank and Digital Ventures have developed blockchain technology to improve procurement processes for operators and supply chain networks through the B2P platform, which has gained trust from leading private organizations across various industries. Recently, Pruksa Real Estate Public Company Limited, a major property developer in the country, has joined the platform, marking another advancement for B2P that expands its capabilities to support procurement, payment, and supplier financing in the construction and real estate industries, which are characterized by complexity and numerous related supply chains. B2P simplifies document management, making it faster and more transparent through comprehensive digital and blockchain technology, saving time and resources by over 50%. Siam Commercial Bank is ready to support the construction and real estate sectors in driving Thailand's sustainable digital economy.

Mr. Orpong Tiengien, CEO of Digital Ventures Company Limited, stated that the development of the B2P platform aims to enhance efficiency for the entire construction and real estate industry in Thailand. By studying real business challenges, the system has been developed to support procurement and payment processes, including enabling partners to apply for financing from banks (Supplier Financing) through the platform for greater financial liquidity. B2P services cater to partners in all forms of contracting, covering the supply chain involving both legal entities and individuals associated with projects, such as general construction material sales, construction contracts, subcontracting, interior design, and various services. The system features payment methods specifically designed for construction work, such as advance payments, guarantees, and prepayments, which are additional features beyond standard procurement processes.

Moreover, B2P can seamlessly connect with the internal resource management systems (ERP) used by almost all construction companies. All related supply chains can easily onboard the platform through the Digital Onboard system. Additionally, the system is integrated with internet banking services for large business clients of Siam Commercial Bank, ensuring that procurement, payment, and supplier financing processes on B2P are genuinely digital. Currently, over 15,000 operators from leading business networks in Thailand have registered to use the system, and it has gained trust from government agencies for collaborative studies and testing for practical applications.