PTTEP – SCB announce success of Live Pilot Payment on Blockchain
In a bid to optimize operational efficiency, SCB and PTTEP have collaborated since mid-2018 on a research and development effort to adopt Blockchain technology for cross-border B2B payment. Earlier this year, the project was able to make pilot payments on Blockchain, with payments reaching destinations within one minute, compared to one to two days with conventional methods.
Speaking of the success, Siam Commercial Bank SEVP & Chief Wholesale Banking Officer Mr. Wasin Saiyawan said that, “The project marks a major success in bringing a new international payment service standard for corporate customers using Blockchain technology. The achievement reflects SCB’s commitment to harness the use of new technologies and innovations to transform business in the digital era. We would like to convey our appreciation to PTTEX for choosing SCB as a partner for this collaboration. We are now ready to take the success of this service forward to set a new norm for the industry, enabling our customers to enjoy efficient and speedy service. The service will be implemented in all CLMV and southeast Asian countries by this year, which will serve as a major milestone in the development of cross-border payment services.”
PTTEX Finance and Accounting Group Executive Vice President Mr. Sumrid Sumneing said that, “PTTEX will work closely with SCB to continue using Blockchain technology for other financial transactions to optimize its digital competitiveness effectively and quickly.”
This collaboration between SCB and PTTEX sets a new standard for real-time cross border payment, a major step in the evolution of a new financial industry.