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Wednesday, December 24, 2014   Source - Press Release, Local

 Emphasizing its leadership in financial innovation, KASIKORNBANK is the first bank in Thailand to introduce an Electronic Domestic Letter of Credit (E-DL/C), a move to promote operational efficiency among Thai businesses bracing for intense competition upon the upcoming ASEAN Economic Community (AEC) integration. Among the first clients is Siam Yamato Steel Co., Ltd., Thailand’s leading manufacturer of hot-rolled structural steel. With the new service, companies will be able to save time and costs in document preparation, reception and delivery, while being able to monitor their document status through E-DL/C anywhere, anytime. The service will soon be offered to other supply chains.

According to KASIKORNBANK Executive Vice President Mr. Vasin Vanichvoranun, the burden of paperwork among businesses is significant in terms of costs and time consumed in document preparation, reception, delivery and monitoring. In light of this, KBank has launched an innovation to help solve such problems, becoming the first bank in Thailand to offer E-DL/C on the K-Trade Connect platform. Customers can now undertake the entire process of domestic letter of credit (DL/C) documentation through this electronic channel. The Bank is currently offering the E-DL/C service to Siam Yamato Steel Co., Ltd., and the company’s major dealer, Yong Chareon Chai (2007) Co.,Ltd..

With the E-DL/C service, Siam Yamato Steel, the seller, and Yong Chareon Chai (2007) Co.,Ltd., the buyer, will enjoy convenience in documentation throughout the entire DL/C process, starting from DL/C issuance by the buyer to invoice submission to the buyer upon goods delivery by the seller per buy/sale contract. Therefore, the buyer will make payment afterward.

Overall, E-DL/C will enable trade partners to conveniently carry out related documentation, saving time and expense, and to monitor document status anywhere, anytime. KBank is planning to offer this service to other major supply chains to make this solution one of the business operational standards that will boost Thai business efficiency ahead of the AEC era.

Siam Yamato Steel currently has more than 20 dealers, selling its products under letter of credit (L/C) for approximately 40 percent of the company’s total domestic sales. The company currently processes more than 400 DL/Cs per year and prepares more than 4,000 invoices. Therefore, the company is expected to gain significantly from the E-DL/C service, being able to shorten the time consumed in document preparation and submission by at least 30 percent, and to cut expenses of document reception and delivery by at least 600,000 Baht per annum. Other benefits include convenience in conducting transactions and monitoring document status.

Siam Yamato Steel is Thailand’s leading producer of hot-rolled structural steel, which is essential to Thai construction industry development. Its goal is to become the market leader in ASEAN. The E-DL/C solution will enhance operational flexibility for the company, and is expected to assist in extending the company’s business towards the regional market going forward.

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