Siam Cement Group promotes blockchain approach to procurement and payment

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Thailand: Siam Cement Group (SCG) is promoting a blockchain electronic accounting method for procurement and payment with its suppliers and partners to improve efficiency. Its Procure to Pay platform was started in 2018 and it has 240 suppliers using it at present, according to the Bangkok Post newspaper. The company aims to reach 2400 suppliers by 2020.

Thammasak Sethaudom, vice-president for finance and investment at SCG, said that the system had helped suppliers reduce processing times by 50% from 70 minutes to 35 minutes per purchase order. The platform speeds up the time required to issue invoices. The system also helps SCG’s partners to track transactions in real time.

Procure to Pay was developed with Digital Ventures, the corporate venture capital arm of Siam Commercial Bank. SCG has invested over US$0.3m on the project so far. Expansion to SCG’s subsidiaries in Indonesia, Myanmar, Laos and Vietnam is being considered.

Last modified on 21 August 2019

URL: https://globalcement.com/news/item/9747-siam-cement-group-promotes-blockchain-approach-to-procurement-and-payment

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