To consolidate its leadership in financial innovation and upgrade its international commercial services to be one of the best in ASEAN, Siam Commercial Bank has set aside over 400 million baht for developing SCB Trade Net, a one-stop online tool that facilitates international trade for clients and enables them to complete all transactions within two hours and without the need to furnish original copies of documents.
Mr. Trirong Butragaht, SCB Executive Vice President and Head of the GTS Division, said that the Bank currently provides international commercial transaction services to more than 7,000 clients. Noticing that clients increasingly prefer using those services online, SCB has earmarked more than 400 million baht to improve the front and back systems of its international commercial transaction services. SCB Trade Net, the Bank's latest innovative online trade service system, was developed to enable clients to deal with all kinds of international commercial transactions conveniently and efficiently, and complete them within two hours. The paperless system helps clients run their businesses efficiently and saves them money because it eliminates the need to print, complete, submit, and store paper documents.
SCB Trade Net is a one-stop online international commercial transaction system that lets medium- and large-size businesses undertake all transactions via the Internet at www.scbtradenet.com, with completion within two hours. There is no need to submit original copies of application forms and relevant documents for any transactions, such as opening L/C, billing under L/C, and T/R packing credit applications. More importantly, users can also check their credit lines, interest rates, foreign exchange rates, and the status of trade transactions in real-time on a single terminal without having to contact any officials. It is the first online trade system in Thailand providing comprehensive international commercial transaction services. With the system, clients can save more than 30% in costs and cut international commercial transaction times by more than 50%.
“We expect that more than 1,500 clients will use our online international commercial transaction service system by 2013, and believe the number will further increase by over 30% because the system facilitates transactions and saves clients' money. At present, the Bank has a 14% market share of international commercial transactions, and is strongly determined to become the market leader with a share of over 15% by the end of this year,” said Mr. Trirong.