Corporate News
SCCC signs MOU with Bank of Ayudhya, being the first in construction industry to implement Blockchain technology for its supply chain management
Mr. Siva Mahasandana (2nd right), Director and CEO of Siam City Cement Public Company Limited (SCCC); Mr. Dennis van Heezik (far right), CEO of INSEE Digital Company Limited; Mr. Sayam Prasitsirigul (2nd left), Head of SME Banking Group, Bank of Ayudhya PLC; and Mr. Thakorn Piyapan (far left), Head of Krungsri Consumer Group and Head of Digital Banking and Innovation, Bank of Ayudhya PLC., recently signed a memorandum of understanding (MOU) to apply Bank of Ayudhya's Blockchain technology with SCCC's Supply Chain on Blockchain project. Marking the first of its kind in the construction industry, the pact highlights the jointly-developed Multi-Tier Ordering System in supporting transactions between distributors, shops and customers as well as various types of documentation such as purchase orders, invoices, settlements and financing for products in SCCC's supply chain. The signing ceremony took place at Bank of Ayudhya's headquarters on Rama III Road.
The Blockchain-based pilot project will help SCCC's partners access one of the technologies that are changing the world and ensure transaction transparency and security, for mutual competitive advantages and long-term business growth. Besides, the project aims to render other business benefits like a reduction in financial cost and transaction process as well as an increase in competitiveness.