Bangkok--15 Aug--KASIKORNBANK
KASIKORNBANK continues to expand its Sino-Thai business services through comprehensive financial solutions implementing specially oriented branches, Chinese-language forms, documents and call centre service, as well as a number of renminbi-based transaction services. These solutions are aimed at supporting investments from China of up to 28.5 billion Baht by businesses ranging from SMEs to large corporations. Chinese investment in Thailand is trending upward at 25 percent a year.
According to Mr. Pipit Aneaknithi, KASIKORNBANK Executive Vice President, Thailand is a major investment destination for Chinese businesses, with investment growing apace. Chinese investors, however, often encounter difficulties doing business here, especially in communicating verbally and in dealing with forms and documents that are unavailable in Chinese.
In response, KBank is introducing a comprehensive set of financial solutions for Chinese customers. These services have been developed specifically to meet the needs of Chinese businesspersons in Thailand, overcoming language barriers through four strategies.
Convenience — Bank branches catering to the business needs of Chinese nationals in Thailand will be opened with Chinese-speaking staff and queuing machines with voice system available in Chinese. These services will be introduced in three branches: Thanon Sua Pa Main Branch, Thanon Ratchada Phisek (Huai Khwang) Branch and Amata City, Rayong Industrial Estate Branch. Chinese-language call centre services are being made available via the K-Biz Contact Center at 0 2888 8822 ext. 2, Monday to Friday, 8:30 a.m. to 5:30 p.m., along with a Chinese-language option on more than 7,400 ATMs nationwide and on the KBank website.
Credibility — A team of expert Relationship Managers with knowledge in Chinese language has been assembled, ready to advise Chinese customers and facilitate their use of services from transactions in general, loans and cash management to international transactions and more.
Simplicity — Chinese-language forms and documents such as account opening forms, debit and credit card applications, insurance policies, deposit and withdrawal slips, funds transfer forms and pass books will help to overcome language barriers and take much of the difficulty out of conducting transactions.
Diversity — A wide variety of services meeting the needs of customers from SMEs to large corporations, with financial products such as trade financing, trade insurance, cash management and foreign business service. Apart from US dollar, a complete RMB-based foreign business service will be provided including RMB-denominated L/Cs and RMB hedging. Among these, fund transfers to China have been offered for the first time by KBank.
Mr. Pipit notes that these comprehensive financial solutions have been identified by continuing research by the Bank, to ensure full and direct response to Chinese customer needs, especially in helping to overcome language barriers and boosting the confidence of Chinese doing business in Thailand. RMB-based financial solutions will enable Chinese businesses to manage foreign exchange risks and to conduct financial transactions with the greatest possible efficiency.
Direct investment from Chinese businesses from 2005 to 2011 surged at an average compound annual growth rate of 25.36 percent. Their application for investment incentives in Thailand reached 28.5 billion Baht in 2011, the second largest of all foreign applicants. Chinese investment from 2005 to 2011 has focused mostly on construction, wholesale-retail, transportation, financial services, property, machinery, rubber and chemical products.
Chinese investment in Thailand over the next three years is expected to accelerate, due mainly to China’s overseas investment policy. The inception of the ASEAN Economic Community (AEC) in 2015 will attract even more Chinese investment to the region. Thailand’s proximity to China’s southern regions provides a gateway for Chinese investment over routes R3a, R9 or R12 connecting Thailand with Yunnan and Guangxi.
Major Chinese companies entering the Thai market will need large amounts of funding in the initial stages of investment, including for building up their production base, according to Mr. Vasin Vanichvoranan, Executive Vice President, KASIKORNBANK. The Bank stands ready to provide comprehensive financial solutions, including loans for production base investment and for short-term working capital. International transaction services will accommodate Chinese customers in exporting to other countries in the region and Relationship Manager teams will help with paperwork to expedite transactions.
According to KASIKORNBANK Executive Vice President, Mr. Patchara Samalapa, KBank is confident that with these comprehensive financial solutions, especially the special branches for Chinese customers and Chinese-speaking Relationship Managers, customers will be able to access financial products easily and conveniently without having to struggle through communications barriers. KBank is ready to apply its SME customer base nationwide to business matching and networking so as to facilitate expansion for Chinese SMEs. As of July 2012, KBank had 2.5 billion Baht in loans to Chinese SMEs, 19 percent of the market, and was the top player in the Chinese SME market in Thailand.