Bangkok--8 May--KASIKORNBANK
KASIKORNBANK is expanding channels for the workers’ remittance service, launched in July 2012, placing emphasis on the Bank’s regional connections and strategy to be an Asian Bank. The Bank recently joined hands with a leading Myanmar bank, Co-Operative Bank (CB Bank), in order to double KBank’s funds transfer service network in Myanmar. Available in Myanmar language, the service is offered via more than 880 K-ATMs nationwide, located in communities with a large number of workers from Myanmar.
According to KASIKORNBANK President Mr. Predee Daochai, Myanmar workers in Thailand number approximately 3 million, while an additional 1.8 million Myanmar workers are expected to be granted work permits in Thailand by this year-end. KBank, in cooperation with CB Bank, is thus expanding local service areas for the workers’ remittance service offered through K-ATMs nationwide. The maximum funds transfer amount is 100,000 Baht per person per day. Funds can be received within the same day (for transactions made before 2 p.m.) at CB Bank’s 260 branches in Myanmar. Interested persons can apply for the service via KBank branches, while the funds transfer service with an expanded service area in Myanmar starts on May 28.
Mr. Predee added that it is KBank’s policy to offer complete financial services ahead of the ASEAN Economic Community inception in 2015. The Bank has opened a Yangon Representative Office in Myanmar as a center to serve Thai businessmen who wish to invest in Myanmar or are seeking new markets for their exports. The representative office offers one-stop service for consultation and in-depth information in markets, trade, investment, law, major business networks, local financial institutions and global business matching based on the Bank’s customer base and business networks.
KBank is the first commercial bank in Thailand to offer a workers’ remittance service to Myanmar, having launched it last year. Another Myanmar bank offering the service in cooperation with KBank is Asia Green Development Bank. The service ensures Myanmar workers in Thailand of safe money transfer to their hometown with guaranteed receipt of money within the scheduled time. Established in 1992, CB Bank is one of the leading commercial banks in Myanmar and one of the four banks permitted by the Central Bank of Myanmar to receive funds transferred from Thailand, Singapore and Malaysia.