SCB and CP ALL announce key digital financial partnership, introducing

Stocks and Financial Services Press Releases Friday March 29, 2019 16:34
Bangkok--29 Mar--Siam Commercial Bank
  • Banking agent service: More access to SCB services via over 11,100 7-Eleven Counter Service locations nationwide
  • Digital cash deposits and withdrawals with QR code on the SCB Easy application for the first time in Thailand!

Siam Commercial Bank (SCB) PCL and Counter Service Co., Ltd., a CP ALL business, announce a key digital financial partnership. Together with Counter Service, SCB is introducing "SCB Service," a banking agent service at over 11,100 7-Eleven Counter Service locations nationwide. The cooperation brings new financial services to customers. Particularly, this is the first banking agent service in Thailand offering digital cash deposits and withdrawals via QR codes, all via the SCB Easy application to make life easier for customers who need to make cash transactions outside regular banking hours, providing more convenient access to banking services around the clock. Expecting an average volume of 100,000 transactions a month from the services, SCB and CP ALL will continue to study and develop other financial services to offer in the near future. Potential financial services include those such as transferring funds to recipients without a bank account, receiving money from international fund transfers, opening bank accounts, loan services matching customer needs, as well as joint rewards point redemption programs. These efforts under the SCB and CP ALL digital financial partnership aim to respond to customer requirements and introduce a new seamless experience to customers belonging to the digital generation.

Talking about this key partnership, SCB Chief Executive Officer Arthid Nanthawithaya said, "SCB's strategy places importance on digital technology development allowing the bank to develop platform banking along with strong banking partnerships to create a multi-dimensional digital ecosystem. Teaming up with strong and leading platforms, partners, and key players in each sector is the key to developing new capabilities to prepare for growth in the current business world, enabling us to achieve our goal of delivering the best things to our customers and to grow steadily together with them. The companies under the CP ALL umbrella are not just regular business partners. Rather, they are our key retail business partners, with matching technology visions and a strong determination to develop business competitiveness in the context of a business world that is rapidly changing every day."

"This partnership has integrated both our strengths– SCB's financial expertise and 7-Eleven's coverage with over 11,100 locations nationwide. This will be a key driver creating seamless experiences for customers with financial services that really meet their needs," added Mr. Nanthawithaya.

CP ALL Chairman of Executive Committee Officer Korsak Chairasmisak said, "Counter Service Co., Ltd., a business under CP ALL PCL, is a leading provider of payment services through 7-Eleven convenience stores and leading service locations nationwide. This partnership with SCB emphasizes our readiness to offer convenient products and services 24/7 to every community."

Counter Service Vice President Weeradej Ackapolpanich added, "This partnership marks a step toward leadership as a banking agent. Counter Service is determined to integrate our technological advances, personnel development, and continuous innovations to facilitate customers' changing behaviors with greater convenience. The comprehensive coverage of 7-Eleven locations nationwide offers not only digital deposit and withdrawal services, but we also serve non-digital users with deposit service requiring an account number and a mobile phone number to proceed. We are confident that the cash deposit and withdrawal services at our 7-Eleven Counter Service will be very useful for people. For example, we can help you save commuting costs and offer safety for your life and assets. With our business partner SCB, the country's leading bank, customers can be even more confident that the cash deposit and withdrawal services at our 7-Eleven Counter Service will respond very well to their needs and make their lives better through greater convenience."

SCB President Sarut Ruttanaporn talked about the launch of the banking agent service, "Among the rapid changes in consumer behavior in the new generation, their needs for financial transactions are not limited to the bank's physical branches or major channels anymore. SCB therefore wants to extend access to financial services for our customers at every touch point to match their lifestyles. We have found a large number of customers who need to make cash transactions outside regular banking hours, particularly deposits and withdrawals. That's why SCB has joined hands with Counter Service to introduce "SCB Service" as a banking agent allowing customers access to SCB services at over 11,100 7-Eleven Counter Service locations nationwide. A service highlight is that this is the first banking agent service in Thailand offering digital cash deposits and withdrawals with SCB accounts via QR code on the SCB Easy application. It's easy and convenient, with no need to remember the account numbers of transaction parties, no fuss with form filling, and it's available 24/7. SCB hopes for a warm welcome from customers, and expects an average volume of 100,000 transactions a month."

"Further, SCB and CP ALL will continue to explore new financial services to develop "total digital financial solutions." With digital technology at the core, our financial service development will extend to such financial services as transferring funds to recipients without a bank account, receiving money from international fund transfers, opening bank accounts, loan services matching customer needs, as well as joint reward point redemption programs, and more." Mr. Ruttanaporn added.


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