SCB and Digital Ventures offer unprecedented B2P food business service for Minor Food

Stocks and Financial Services Press Releases Wednesday October 9, 2019 17:25
Bangkok--9 Oct--Siam Commercial Bank

Siam Commercial Bank and its financial innovation arm Digital Ventures Co., Ltd. have been entrusted with providing unprecedented food industry Blockchain Solution for Procure-to-Pay (B2P) platform to Thailand's largest food service and franchise operator, The Minor Food Group PCL (Minor Food). The service will help enhance the efficiency of the company's procurement process with its trade partners and save more than 50% of the company's resources throughout the process. The aim is to soon apply the B2P platform to facilitate the procurement process for all Minor Food's trade partners. Seen announcing the successful cooperation recently at SCB headquarters are SCB President Mr. Orapong Thien-ngern; SCB Senior Executive Vice President, Chief Wholesale Banking Officer Mr. Wasin Saiyawan; Minor Food Chief Financial Officer Mrs. Kanya Ruangprateepsang; Minor Food Chief Supply Chain Officer Mr. Lerssak Boonsongsup; and Digital Ventures Technology and Innovation Managing Director Mr. Paisal Kiattananan.

B2P is the world's first integrated digital procurement platform on the Corda Blockchain developed by SCB financial innovation arm Digital Ventures, with the aim of enhancing the efficiency of the procurement process for private-sector business organizations with huge supply chain networks. Service functions range from the product purchase order process to the final stage of product payments via the bank. Those involved in the procurement process can witness transactions together in each stage and automatically check documents such as purchase orders, receipts, and invoices. The process is more efficient, quicker, and offers significant cost reductions. In addition, trade partners can take advantage of invoice financing services from the bank conveniently via electronic channels and at low cost. The B2P process is widely recognized by business organizations in various industries, both locally and overseas.


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