Thailand’s fifth-largest bank continues to revolutionise Thailand’s financial sector with the introduction of its Supply Chain on Blockchain innovation, according to a recent report.
The new system employs AI Deep Learning technology in the development of a complete purchasing and sales system for major distributors and smaller retail shop networks which form the supply chain system of a major cement company in Thailand.
The innovation aims to upgrade the business chain ecosystem of the entire building materials industry.
The Head of SME Banking Group stated that the bank and the cement company have always enjoyed a good and long-standing business partnership. They jointly developed business solutions to support processes and operations in the building materials industry supply chain, which includes dealers and sub-dealers.
The new AI and blockchain innovation is another successful development that will help make the purchasing, sales and various documentation systems making up the product supply chain of Siam City Cement Group faster and more accurate.
As a result, businesses in the supply chain will see their competitiveness improve. This reflects the efficiency and transparency of the business operations at the heart of the banks’ blockchain innovation.
The two parties had previously announced their cooperation in the development of the Supply Chain on Blockchain solution in Thailand.
The Blockchain innovation to enhance supply chain systems was introduced in March 2018 under the Bank of Thailand’s Regulatory Sandbox framework and is currently in use by many of the cement company’s dealers and sub-dealers.
The Director and Chief Executive Officer of the cement company stated that the bank’s continuous support in all aspects is encouraging.
The new Supply Chain on Blockchain innovation has been a particularly successful collaboration, involving the implementation of Blockchain and AI technologies in developing a business solution.
It is the first such innovation in Thailand involving actual transactions and responds to the Value Proposition of dealers and sub-dealers in terms of convenience, efficiency and reliability, as well as helping boost sales.
The cement company extended gratitude to its dealers and sub-dealers for joining hands with the company in helping develop and implement this high-technology trading system.
It was noted that the bank, as a premier financial institution, is a leader in the implementation of Blockchain technology, creating solutions that can accurately meet the needs of its business customers.
The success of the Supply Chain on Blockchain is a testament to the bank’s commitment to customer-centric business operations.
As the leader in the application of Blockchain technologies, the bank will continue to invest in innovation and revolutionary technology.
The bank’s leadership noted that it will continue to move forward with the development and application of other advanced technologies to support the creation of products and services with more value and greater efficiency so that we can continue to build growth and compete more effectively in the business arena.
In addition, the bank has integrated AI technology into the Supply Chain on Blockchain to increase the efficiency of the entire sales and purchasing the business chain.
The bank is confident that this innovation is a breakthrough that can bring positive change to the entire building materials sector.