Bangkok--18 Oct--SCBS
SCB Securities has joined force with Siam Commercial Bank (SCB), its parent company, to offer an express stock trading account opening service at SCB. SCBS is the first in Thailand's brokerage industry to come up with the fastest approval process — within one business day, given that a client presents a complete set of required documents. With SCB branch network nationwide, investors can have a more convenient channel to open a stock trading account at SCB branches, and SCBS expects 5,000 accounts opened through this channel by 2013. SCBS' move to expand investor base through branch network is an answer to investors' need in line with the Stock Exchange of Thailand's 'banker to broker' program, which promotes bank branch counter as a channel for stock investment.
SCBS Chief Executive Officer M.L. Thongmakut Thongyai said that the great support from SCB has enabled the company to accommodate investors with such convenient transaction. Customers can open SCB stock trading accounts at an SCB branch and SCBS will continue with the approval process, which takes a half- business day for prepaid (cash balance) account and one business day for cash account. In this regard, SCBS is the first in the industry to provide the fastest approval process, while it normally takes 3-5 business days to approve a stock trading account request.
“The service is the fruit of SCB Group's effective synergy in IT development, backed by SCB's extensive branch network, strong customer relationship, and streamlined process for both customers and branch staff with a simplified stock trading account request form and SCBS approval results sent to applicants via an SMS or e-mail. SCBS looks set to expand the client base through this channel by over 5,000 accounts by the end of 2013, and we plan to extend the service to be available at 70 SCB branches by the end of 2012 and every SCB branch by the second quarter in 2013,” M.L. Thongmakut said.
SCB first executive vice president and head of branch network division Phanporn Kongyingyong said that the bank continues its customer-centric approach to provide total financial solutions. With currently 1,126 branches nationwide, SCB has constantly improved services, including the recent ‘form-free’ service for deposits, withdrawals and fund transfers at bank counter, bringing customer satisfaction to another level. As for the cooperation with SCBS on the express stock trading account opening service, SCB optimizes its most extensive branch network and has prepared knowledgeable staff to station at a personal investment advisory counter at 42 branches in the first phase. SCB branch staff have been well trained on investment and stock markets. Particularly, SCB branch managers hold a single license certified by the Thailand Securities Institute (TSI) and pass a 'banker to broker' training course arranged by SCBS, so SCB is confident that branch staff are ready to effectively engage in a full range of securities and/or derivatives services. In addition to the 42 branches in business districts, SCB and SCBS plan to continuously roll out the service to every SCB branch by the second quarter next year.
The Stock Exchange of Thailand (SET) president Charamporn Jotikasthira said that SET has promoted investment opportunities through diverse channels, including commercial banks which provide convenient access for investors. SET has introduced the 'banker to broker' program to promote commercial banks as an investment channel, so that investors can conveniently open stock trading accounts at bank counters. SET also encourages a comprehensive range of services that facilitate investors' access to investment and offer diverse financial management options. In this regard, SCBS and SCB have actively participated in the program.
“The Stock Exchange of Thailand congratulates the new chapter of investor service innovation developed by the SCB Group. I hope that it will help facilitate those interested in stock investment and help increase the number of investors and extend the service coverage across the country. The cooperation surely help promotes the Thai capital market development,” Charamporn said.
For more information on the express stock trading account opening service, call SCBS Call Center 02-949-1999 or SCB Call Center 02-777-7777.