17th May 2001, London: Siam Commercial Bank, one of the top four banks in Thailand, announced that it has gone live with the launch of 'scb-fx,' a web based Foreign Exchange trading service using the Cognotec AutoDeal LITE e-commerce platform. The bank, which has a network of over 400 branches across Thailand, is currently rolling the service out to its branch network and its corporate clients and plans to extend the service through its network across the Southeast Asian region. Siam Commercial bank is the first Thai bank to announce the launch of a web based FX trading service.
Through the AutoDeal LITE Liquidity Linq feature, the bank plans to use a liquidity providing institution to enable it to provide a 12-hour a day service in all major and Southeast Asian currencies to its branches and clients.
Siam Commercial Bank intends to utilise the Liquidity Linq feature of the service to enable it to act as a Thai Baht Liquidity provider by offering live executable prices to the increasing number of banks across the globe adopting the Cognotec AutoDeal LITE service. These banks will be able to execute back to back deals on a real time basis with Siam Commercial Bank to cover their own client related exposures in the Thai Baht.
Kriang Kietfuengfoo, SEVP International Banking and Markets Group of Siam Commercial Bank stated, "We wanted a web based service to automate the quote/execution process for Foreign Exchange out to our branches and directly to our corporate clients. For selected currencies, we can electronically source quality FX prices over Liquidity Linq from major international banks, and automatically execute cover transactions for client transactions back to back. The Cognotec AutoDeal LITE service will provide us with the ability to meet all our clients current and future foreign exchange trading needs. The new service has enabled us to offer a wider range of currencies for all delivery dates in all sizes and for longer hours, whilst controlling our exposure over FX rate movements."
David Jones, MD Cognotec Asia added, "We are delighted to have our first customer in Thailand up and trading over Cognotec AutoDeal LITE. In addition
to automating their own franchise, Siam commercial, as a Thai Baht market
maker, adds significant value to our global Liquidity Linq network
Over 90 banks across 23 countries have so far adopted the AutoDeal LITE
e-commerce platform which can be used to automate internal branches, provide
own branded web based foreign exchange and money market dealing services to
external clients and provide connectivity to a growing list of electronic
marketplaces such as FXall and Atriax as well as applications such as MarginTrac from Financial Software Systems.
Siam Commercial Bank was Thailands first indigenous bank, established in 1906 under Royal Charter. The bank was one of the first Thai banks to incorporate the development and use of modern information technology in its business. A key component of the banks strategy is to create an information technology infrastructure that allows it to provide innovative products and services to its customer base. In 1983, the bank was the first to introduce ATMs to Thailand and launched telephone banking the following year. The bank has since pioneered many other electronic banking services in Thailand, including its latest Internet channel SCB easy banking.