KBank president, Pipit Aneaknithi, said the blockchain technology is applied to create highly secure networks of document filing and retrieval of the 4.0 era. With the aim of setting a new business standard, KBank has developed a new blockchain network designed to help simplify procedures for the bank’s L/G process, and also tested the service on the Bank of Thailand’s Regulatory Sandbox. and PTT Polymer Marketing Co Ltd, have participated in the development of “Enterprise Letter of Guarantee on Blockchain” to upgrade their L/G management. Pipit added that L/Gs issued via the commercial banking system in Thailand is expected to reach over Bt1.35 trillion, increasing 8 per cent, in 2017. Of that, 80 per cent of L/Gs will be issued via KBank branches and 20 per cent via its electronic channels.

Source: The Nation Bangkok July 19, 2017 08:26 UTC