Bangkok Bank Executive Vice President Pipat Assamongkol revealed that the Bank set a target of providing Transaction Banking services to business customers this year to cover all segments, leveraging cutting-edge technology to develop products or solutions in line with today's competition and increasingly digital consumer behavior. These services include a Blockchain Solution that has revolutionized Letter of Credit (L/C) and Letter of Guarantee (L/G) transactions with greater speed, efficiency, security and verifiability, a Digital Payment Solution that applies QR technology to facilitate and increase the efficiency of receiving and paying funds with all types of business partners, and API Payment that makes payments faster and increases efficiency of liquidity management for businesses. Today, more than 150,000 leading business customers both in Thailand and overseas have trusted the Bank's Transaction Banking services.
Transaction Banking offered by the Bank comprises various services that will increase the efficiency of financial management such as Cash Management, Trade Finance, Supply Chain Finance and Securities Services. These enable the Bank to offer total solutions that fully meet the needs of business customers. At the same time, it is in line with the Bank's commitment to be a "trusted partner" who is ready to stay by your side and support business customers with four areas as follows:
- Being customer centric to understand customer needs and develop services or solutions that help solve the pain points of customers' businesses, such as offering All-in-One packages to SME customers doing business domestically and importers or exporters by supporting a full range of online and offline transactions.
- Having experienced personnel with expertise and knowledge in the services who are ready to offer proper advice in a timely manner.
- Selection of cutting edge and appropriate technology and innovation which are secure and reliable to continuously develop services.
- Having a branch network in Thailand and major economies of the world particularly in Asia, in line with the vision to be a regional bank, which has enabled the Bank to expand transaction banking capabilities to our overseas branches to facilitate businesses and increase the efficiency of financial management.
"Entrepreneurs have faced significant challenges due to the Covid-19 outbreak during the past 1-2 years and the situation is likely to persist throughout the year as the economy still has not fully recovered. To survive, businesses must adapt, especially in terms of financial management to be as efficient as possible. For example, businesses can benefit from quicker financial transactions with less need for process and greater liquidity to cope with any emergency. At the same time, businesses have to manage relationships with partners and customers and explore new markets. All of these aspects can be managed by Bangkok Bank's Transaction Banking services."
Mr. Pipat added that the Transaction Banking services are well received by the Bank's customers and its quality of services has been reaffirmed by the Bank winning 17 awards from world-class financial magazines in 2020, such as 'Best Cash Management Solution in Thailand 2020' and 'Best Trade Finance Solution in Thailand in 2020' from Alpha Southeast Asia, an Asian leading investment magazine as well as '#1 Market Leader Ranking in Thailand 2020'; as well as '#1 Global Market Leader for Thai Baht currency transactions' and '#1 Market Leader in Asia Pacific' from Euromoney, a leading UK financial magazine, among others. These awards reflect the outstanding capability of the Bank's Transaction Banking services, the use of modern technology, skilled personnel to advise and support business operations of customers quickly and comprehensively, and the Bank's ability to forecast and evaluate the development direction of services or solutions to meet the needs of businesses.
"The Bank places great emphasis on upgrading its business ecosystem in line with current business practices, such as joining government agencies in the 'BOT Smart Financial Infrastructure' development project. This will help transform the end-to-end domestic trading process and simplify the manual workflow, improving work efficiency and increasing opportunities for entrepreneurs to access funding conveniently and quickly. We are involved in building a strong and comprehensive network platform in the trade finance business group using Blockchain technology to develop a platform to connect customers, their partners in Bangkok Bank and partner banks' networks to provide loans. The Bank is also accelerating the cooperation with other partners, for both public and private sectors, that play an important role in the trade finance business to provide a seamless experience in doing business, manage capital and provide One Stop Service for payment," Mr. Pipat concluded.
Source: Bangkok Bank