Krungsri and Hattha Bank Join Forces to Promote Real-Time International Transfer between Thailand and Cambodia to Propel Cross-Border Business Expansions in ASEAN

Monday 11 October 2021 14:48
Krungsri (Bank of Ayudhya PCL) joins forces with Hattha Bank Plc. (HTB), Krungsri's wholly-owned and the top 5 largest commercial bank in Cambodia in terms lending portfolio, to strengthen cross-border transactions between Thailand and Cambodia through the launch of "Thai-Cambodian Real-Time International Transfer Service" through direct integration of bank networks via API to enhance the flexibility and convenience of business transactions between Thailand and Cambodia. This is in line with the Bank's Medium-Term Business Plan (MTBP), which aims to develop financial innovations to connect customers' needs across ASEAN.
Krungsri and Hattha Bank Join Forces to Promote Real-Time International Transfer between Thailand and Cambodia to Propel Cross-Border Business Expansions in ASEAN

Ms. Yingluk Kongkasai, Krungsri Head of Transaction Banking Group, said "The cooperation project of direct network integration via Application Programming Interface (API) technology between Krungsri and its partner banks to develop real-time cross-border transaction services is part of the strategic directions of Krungsri's Medium-Term Business Plan which aims to connect customers' needs in Thailand and ASEAN by leveraging the competitive advantage of MUFG strong network and the capabilities of developing financial products and innovations and turning them into service innovations that meet customers' needs domestically and internationally. The real-time international transfer service will provide customers with faster, lower cost, and more convenience. Krungsri has been successful in API integration with Hattha Bank and is able to launch the services for Thai-Cambodian businesses as an initial phase before expanding to other partner banks in ASEAN. The services in Indonesia and Vietnam will be available within 2021 whereas the cooperation projects with other countries are currently under the planning process."

"We have seen a favorable growth of overall international transfer transactions attributable to several factors including soaring international trades, investment, e-commerce businesses, and international labor mobility, despite prevailing challenges from COVID-19 pandemic. We believe that the linkage of the payment system between Krungsri and partner banks in ASEAN will be one of the mechanisms for accelerating the growth of cross-border trade and investment transactions. Moreover, the technological innovation of financial services will enable us to truly meet and satisfy people's needs.

Mr. Wanchairabin Jitwattanatam, Hattha Bank Deputy CEO said, "Amid the uncertainties in the wake of COVID-19 pandemic in 2020, the cross-border trade value between Thailand and Cambodia was as high as 7.2 billion USD and is expected to grow this year. The number of Thai companies and entrepreneurs investing and doing business in Cambodia has been rising continuously as well. Therefore, the successful linkage of APIs for real-time international transfer between Krungsri and HTB is an opportunity to facilitate trading activities between the two countries. Companies and entrepreneurs of both countries now have a very good option to do international transfer that is convenient, swift, and easy to access at the special exchange rate and lower service fee. The Bank believes that this is one of the best services available that will support bilateral trades between the two countries aligning with our business direction. Recently HTB launched the Thai-desk service to facilitate Thai corporates and entrepreneurs doing business in Cambodia."

Currently, the real-time international transfer service between Thailand and Cambodia has been officially launched. In the first phase, the service is available for money transfer from Hattha Bank to the destination account of Bank of Ayudhya. Recipients in Thailand will receive the full transferred amount in their deposit account either USD, THB, or JPY at Krungsri. Customers in Cambodia can perform the transaction at service counters of all HTB 177 branches nationwide with a limit of 200,000 USD/transaction at a special exchange rate together with the promotional fee of only 2.5 USD/transaction from now until 31 December 2021. Later, the service will be available on Hattha Mobile.

Source: Bank of Ayudhya

Krungsri and Hattha Bank Join Forces to Promote Real-Time International Transfer between Thailand and Cambodia to Propel Cross-Border Business Expansions in ASEAN