Blockchain Guarantee

Bank of China (Thai) Public Company Limited (BOCT) provides an innovative solution for its customers also known as Electronic Letter of Guarantee: is a digital version of a Letter of Guarantee that uses blockchain technology. It provides advantages such as increased transparency, reduced costs, and faster processing times, and reduces the need for intermediaries. It's secured by using cryptographic algorithms and provides an immutable record of the transaction.

1. Efficiency: Digitizing and automating the process can make it faster and more efficient, reducing the risk of errors and delays.
2. Transparency: Blockchain technology provides a transparent and immutable ledger, making it easy to track and verify letters of guarantee, thereby increasing trust among the parties involved.
3. Security: The use of blockchain technology ensures high security, making it difficult for fraud and forgery to occur.
4. Cost-effectiveness: Leveraging blockchain technology can reduce the need for intermediaries, resulting in lower costs for all parties involved.

Any customer who values security, efficiency, and transparency in the transactions.

To submit a Letter of Guarantee (LG) Application, the requester can use an electronic-based method through the Blockchain platform. The following steps outline the process:

A) Corporate clients must sign the Master Application Form for e-LG on the Blockchain platform (E-Request) and accept the terms and conditions. Once completed, the client can submit their LG request electronically via the Blockchain platform.

B) The platform notifies the LG Team (tbd.lg@bankofchina.co.th)  via email of the incoming E-Request transaction.

C ) After verifying the transaction, the bank issues the Letter of Guarantee on the Blockchain platform to the beneficiary as requested.

Please refer to standard rates released by BOCT via: https://www.bankofchina.co.th/en-th/service/information/service-rates-and-tariffs/service-charges-for-letter-of-guarantee.html

1. Master application for electronic letter of guarantee on blockchain platform (E-Request)
2. Contract
3. Underlying
4. Letter of confirmation (not using the bank's format)
5. Letter of Indemnity (for retrospective L/Gs backdate our format).