UOB Thailand has announced a partnership with Chulalongkorn University, marked by the signing of a memorandum of understanding to deliver digital cash management service through its Virtual Account System. This initiative aims to enhance the efficiency of funding receipt and disbursement for research and innovation activities, while supporting the digital transformation of the university’s research unit.
Mrs Vira-anong Chiranakhorn Phutrakul, Deputy CEO and Head of Wholesale Banking, UOB Thailand, said “This collaboration brings the Bank’s expertise in cash management to help raise the standards of the University’s research operations. The Virtual Account System is designed to streamline, simplify and accelerate the funding receipt and disbursement process for research and innovation projects.”
At present, Chulalongkorn University has around 2,800 researchers undertaking over 400 research projects each year. One of the major challenges in executing these projects is the prolonged process in identifying the sources of research funding, which arrive through various channels. Determining and reconciling the funding sources within the central account can take between one and three months. This often results in delays in disbursing funds to researchers for each project.
Professor Dr Wilert Puriwat, President of Chulalongkorn University, said “As an educational institution, one of our key goals is to drive economic and social development through the university’s diverse research initiatives. Managing research funds via UOB’s Virtual Account system reduces paperwork and enhances transparency, enabling researchers to efficiently track the disbursement process. It also facilitates quicker access to funding, allowing research activities to proceed without interruption.”
The Virtual Account digital cash management solution offers an alternative option for large organisations, such as educational institutions, to benefit from digitalisation. It improves operational efficiency and reduces accounting costs, resulting in greater flexibility in financial management.
