KBank sets to push forward global funds transfer service, expecting transfer value of THB500 billion a year

Stocks and Financial Services Press Releases Wednesday August 1, 2018 15:02
Bangkok--1 Aug--KASIKORNBANK

KASIKORNBANK (KBank) sets to push forward global funds transfer service for retail customers. The first step has been made via cooperation with the Development Bank of Singapore (DBS) – a giant Singaporean bank – to receive real-time transfer from Singapore or via KBank to recipient accounts in 21 other banks in Thailand. KBank is also preparing to introduce outward transfer service on K PLUS application for recipients in more than 40 countries worldwide this coming October and expects total transfer value both inward and outward of approximately THB500 billion a year and reaching a triple amount by 2020.

Mr. Patchara Samalapa, KBank President, said KBank has focused on adoption of digital technologies for connecting the systems of global funds transfer and cross-border transactions to enhance greater convenience and introduce more payment channels to customers, as well as responding to customers' requirements and improving their competitiveness amid many challenges of the digital era. Since March 2017, a service has been available for receiving funds transfer from foreign countries via fintech and KBank anticipates that the number of transactions will exceed 120,000 by this yearend.

Joining hands with DBS Bank, KBank is going to launch a real-time inward funds transfer from Singapore in August. Retail funds transfer from Singapore to Thailand is worth not less than THB30 billion annually. With the new service, the transfer will be automatically verified before crediting into a KBank account on a real-time basis though it currently takes more than one day to process international funds transfer (depending on systems and countries). Customers may choose to credit into an account in 21 other Thai banks. The new service unprecedentedly enables the sender to check the account name and status of the recipient before making funds transfer, allowing them to be aware of an exact amount of funds transfer fee as well as transaction status whereas the recipient will receive the full transfer amount. The system can accommodate up to THB1.5 million in funds transfer at a time per day. The Bank expects that there will be around 3,000 transfer transactions each month. The service will be shortly rolled out in other AEC countries for broader coverage.

Currently, the number of retail inward remittance in Thailand totals approximately 3.8 million transactions/year, accounting for about THB1.5 trillion. Of those, 620,000 transactions are made via KBank, valued at THB250 billion/year, representing 16 percent of the market share. The number of non-bank inward remittance (not illegal) in Thailand totals around 200,000 transactions/year, valued at over THB10 billion/year. KBank expects total transfer value both inward and outward of approximately THB500 billion a year and reaching a triple amount by 2020.

Mr. Patchara added that KBank is set to unveil a new feature for outward mobile remittance service via K PLUS in October, which will, for the first time, enable KBank customers in Thailand to expedite the funds transfer transactions by themselves to recipients in more than 40 countries across the globe, including the US, the UK, Singapore, Hong Kong, India, Australia and the EU. The service opens a new chapter of outward retail funds transfer because recipients will receive the full amount of money while senders can determine the receipt date and know the exact transfer fee immediately. This initiative marks a new dimension of outward retail remittance, presently at around 8 million transactions or topping THB650 billion in value annually.


Latest Press Release

DHIPAYA LAUNCHES THE PROJECT TIP GATEWAY HIGHLIGHTING THE SYSTEM CONNECTING TO TECH STARTUP SELLING INSURANCE VIA BUSINESS PARTNERS CATERING TO CONSUMERS IN THE DIGITAL AGE

Dhipaya Insurance Public Company Limited., moves towards the leadership of Digital Insurance at full course, mandating Acrosure to design and develop "Tip Gateway Powered by Acrosure" world's first "Self-serve Insurance API Gateway" embracing the concept...

mai welcomes integrated logistics operator Sonic Interfreight on October 19

Market for Alternative Investment (mai) will list Sonic Interfreight pcl, a total logistics services provider, on October 19, under the ticker symbol "SONIC". The company has a market capitalization at its initial public offering (IPO) of THB 1.07...

BGC Begins First Day of Trading of Its Shares in the Stock Exchange of Thailand Highlighting Potential As Thailands Largest Packaging Manufacturers Ready To Be Leader in ASEAN

BG Container Glass Public Company Limited (BGC) is floating its shares in the Securities Exchange of Thailand for the first trading today (18 Oct. 2018). The company is confident of positive investors' response. The company's vision is to be the leading...

Performance Marketing Firm LavaPM Brings China Perspective to 2018 SiriusDecisions APAC Summit

LavaPM was the exclusive Platinum Sponsor for SiriusDecisions 2018 APAC B2B Summit, which was held in Singapore on October 9. Over 200 B2B marketers and product leaders participated in the event where discussions were mainly on addressing...

Photo Release: KBank and AP unveil home loan campaign with special interest rates for two years

Mr. Charat Siriphongvuttikorn (right), KBank First Senior Vice President, and Mr. Pamorn Prasertsan, Chief Business Group: Low Rise Product of AP (Thailand) Public Co., Ltd., recently launched the "Happy 2 in 1" campaign for K-Home Loan customers. Under...

Related Topics