Saturday, 21 December 2024
Siam Commercial Bank introduces digital trade finance processing to support growth in Myanmar and Vietnam
Toronto, Canada, 20 May 2021 - Surecomp, the leading provider of global trade finance solutions for banks and corporates, today announced that Siam Commercial Bank - Thailand’s third largest bank - is deploying the IMEX and all NETT solutions for integrated, straight through digital trade finance processing into Myanmar and Vietnam.
The Bangkok-based bank - which has been a Surecomp customer since 2011 - is now deploying both solutions in Myanmar and Vietnam to support the bank’s increased demand for trade finance in these markets.
Using the SWIFT-certified IMEX solution to digitize and optimize the back-office trade finance transaction workflow - coupled and fully integrated with Surecomp’s front-office, multi-corporate-to-multi-bank platform allNETT - Siam Commercial Bank will also continue to leverage the solutions in Thailand and Cambodia for the streamlined processing of letters of credit (LCs) and collections for reduced costs and increased profitability.
“We are excited to see that by using Surecomp in Myanmar and Vietnam, we will be able to better support our newer customers and in turn drive future growth,” explains Apiradee Synsukpermpoon EVP of the International Banking function at Siam Commercial Bank. “We have a strong and successful partnership with Surecomp and look forward to extending this further into other markets across south east Asia.”
“It is testament to the strong partnership we have established that Siam Commercial Bank is using our solutions to support future growth and expansion into other markets,” comments Yaron Hupert, Surecomp’s SVP of Account Management. “We are helping to promote an enhanced customer experience by facilitating a faster time to market and allowing the bank’s corporate customers to initiate and manage a full range of trade finance transactions with access to real-time status updates.”
Re-disseminated by The Asian Banker
