Bangkok--29 Dec--IRPC
IRPC President Mr. Atikom Terbsiri said the company and KASIKORNBANK have signed an agreement of financial innovation product for export credit insurance named ‘IRPC Global Export Insured’, in order to strengthen the company’s export business efficiency and potential. The product provides 100-percent coverage for non-payment of export value. Claim Payment can be delivered within 90 days from the scheduled payment date. Within 2012, total Export Volume for plastic resin via this product are anticipated to reach 1.5-2.0 billion Baht.
“The new IRPC Global Export Insured will accomplish the company’s export demands, as the product can support the marketing channel by granting the credit term to customers. Risk of customer payment default will also be reduced. As a result, the company will be able to expand new marketing channels and new customers with more confidence,” Mr. Atikom said.
Mr. Predee Daochai, Senior Executive Vice President of KASIKORNBANK, said IRPC Global Export Insured is export credit insurance that covers goods payment from trade partners as soon as the shipment is made, from the shipping port to its destination. IRPC’s trade payment will be completely insured up to 100 percent of goods value. Claim Payment can be made as quickly as within 90 days from the payment due date (compared to 180-300 days with existing products). The company can select trade partners of which payment would be insured by the Bank. The insurance product has been developed from an agreement between KBank and Factors Chain International (FCI), a partnership of more than 250 leading commercial banks in 67 countries, which is a highly popular service provider among exporters and the international banking community. KBank is the only bank in Thailand that is a member of FCI and able to offer this service. The product will ensure exporters of business undertakings without concern of risks, and enhance their competitiveness in the international market. The Bank projects that IRPC Global Export Insured, a part of K-Value Chain Solutions, will generate 1.5-2.0 billion Baht of transactions and will boost the Bank’s total export credit insurance in 2012 to 35 billion Baht.
Mr. Predee added that KBank has so far introduced a variety of financial innovations to IRPC. Recently, with KBank’s assistance, the IRPC ideal SOLUTION for Pro-Export System was developed, which is an online document management service of plastic resin exports for IRPC, in order to save time and manpower, and reduce errors in document preparation.
For more information, please contact:
Ms. Chanida Sanhakorn, Corporate Communication Division of IRPC Public Company Limited
Tel: 02-649-7285 Fax. 02-649-7290
Email:
[email protected]
Public Relations Unit, KASIKORNBANK
Tel: 02-470-2653-8