Bangkok Bank launches financial innovation for petrochemical businesses

Bangkok Bank has signed an MOU, agreeing to provide a full range of financial services, called 'Smart Chaqin Solution", to PTTPM business partners.

“Smart Chain Solution” is an online financial service combining Bualuang iSupply and Corporate iCash, designed to enhance efficiencies between suppliers and customers – payments can be sent and received online, resulting in less time and paperwork for all parties. PTTPM as a supplier can also check payments conveniently via Bualuang iSupply, Bangkok Bank’s online supply chain system, while customers such as MMP Corporation can increase liquidity due to special bank loan rates.

Bangkok Bank Executive Vice President Kenneth See said the “Smart Chain Solution” reflects the bank’s leading position as a provider of financial services for petrochemical businesses.

Bangkok Bank and PTTPM have developed projects such as “Supply Chain Financing” to maximize benefits to all groups along the business supply chain. MMP Corporation is the first buyer of PTTPM products to see the benefit of “Smart Chain Solution”, especially in the bank’s low-interest financial support provided to MMP Corporation enabling it to buy materials from PTTPM. Bangkok Bank plans to offer this solution to a further 20 PTTPM business partners in the near future.

Commenting on the agreement, PTTPM Managing Director Pramin Phantawesak said ‘Smart Chain Solution’ is an excellent fit for PTTPM, and the company is determined to not only be a great supplier of quality polymer products, but to also enhance its customers’ business capabilities – growing together with its customers.

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Tags: smart chain solution, full range financial services