Siam Commercial GTS and Ecosystems Function Executive Vice President Thanawatn Kittisuwan and Digital Ventures Co., Ltd. Chief Executive Officer Orapong Thien-Ngern recently celebrated the continued success of their settlement platform PayZave, which enables supply chain partners to make and receive payments without having to wait for credit terms. The PayZave settlement platform recently won an Editors’ Triple Star award at The Asset Triple A Treasury, Trade, Sustainable Supply Chain and Risk Management Awards 2022. Selected by The Asset magazine’s editor for financial solutions that demonstrate exceptional innovation and meet the needs of organizations and businesses in an efficient manner, this award honors the achievement of the two firms’ cooperative efforts to develop financial innovations to benefit the overall supply chain ecosystem.
The PayZave platform is a digital payment platform that sets a new standard for payments among supply chain partners by allowing them to accept or make payments instantaneously without having to wait for credit terms. The platform was established during a period when Thailand is confronting the COVID-19 issue and helps to reduce the burden of small suppliers who do not have access to funding by altering the concept from a buy-before-pay-later method to a new alternative “pay first, save more.” SCB will provide financial support to purchasers to pay suppliers faster via an instant payout discount package. Buyers can cut costs while sellers receive money faster and are able to bring money to continue conducting business without relying on informal loans. The solution offers a win-win liquidity balance for all partners. Currently, the PayZave platform has established itself as a new standard for supply chain partner payments across a wide range of industries. It also assists many small suppliers in Thailand with minimal finance to manage their businesses successfully throughout all economic scenarios. Those interested in learning more about the PayZave platform service can visit www.payzave.com or send an email to [email protected].
Source: Siam Commercial Bank