Siam Commercial, Egat sign deal for digital development to ease LG issuance process
Siam Commercial Bank and the Electricity Generating Authority of Thailand (Egat) recently inked a cooperative deal for digital LG development.
The letter-of-guarantee (LG) issuance process, once a painful one involving a mass of documents and a lack of flexibility, will go paperless with digitisation at every step, the partners said.
The process will be quicker, more convenient, and see lower operating costs, as applicants can apply for letters of guarantee by themselves on a 24/7 real-time basis.
LG approval results will then be sent directly to Egat.
This digital LG development will help Egat boost its competitiveness and keep pace with the business world in the digital era.
The deal also lays the groundwork for introducing blockchain technology to LG issuance for Egat, and for further testing in the Bank of Thailand’s regulatory sandbox in the next phase.