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Thai Bank, IBM ............Collaborate on Blockchain Contract Management Project

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The Bank of Ayudha in Thailand has finished a Blockchain pilot, aimed to simplify the contract management process with the help of distributed ledger technology (DLT).

In a press release, Voranuch Dejakaisaya, the bank’s chief information and operations officer stated that  "We started conducting test runs of the pilot project last year and the results have been satisfactory. The goal is to digitize the paperwork process, store document contents with authentication and approval information in the Blockchain-based database, and expand this service platform across the bank and our subsidiaries."

They do thousands of agreements and transactions day to day so it is fitting for the bank to improve its process efficiency through a modern and faster approach. After months of collaboration, both the bank and IBM are satisfied with the results. They agreed that RPT capability has improved in terms of transparency, data security, and general operations.

Because of this Blockchain pilot, the bank has tested the potential benefits of the technology in furthering back-office efficiency. They found that the permanence of the encryption ensures "quick sharing of necessary information by transaction participants." Aside from this, they also recognize how Blockchain technology can be a big help in improving transparency by giving control to the auditing and supervising parties and allowing quick access to information.

The bank is currently the fifth largest in Thailand when it comes to assets, deposits, and loans. They are providing a wide scope of financial services, including credit cards, insurance, securities trading, as well as wealth and asset management.

Mrs. Parnsiree Amatayakul, Managing Director, IBM Thailand was full of praises for the collaboration with Ayudha bank on the Blockchain-based contract management pilot project.


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