KASIKORNBANK (KBank) has partnered with NIUM, a Singapore-based digital cross-border money transfer platform, in developing an application programming interface (API) for international funds transfer via K PLUS, with 12 currencies available – increasing from six previously – covering 30 countries worldwide. Customers can make outward funds transfer via K PLUS with no documentation required. KBank intends to offer outward remittance to all countries worldwide by the end of this year.
Mr. Silawat Santivisat, KBank Senior Executive Vice President, said that since the launch of Outward Remittance on K PLUS in May 2019, just over one year ago, the service has received overwhelming response from customers, especially those making their first international funds transfer. As evidenced, value of international funds transfer has topped 4 billion Baht. Most funds transfer transactions have been for education, goods payment, funds repatriation by foreign workers and remittance made to their family members abroad. Currently, outward funds transfer value per transaction of retail customers at KBank is relatively low, accounting for more than 25 percent of the total market value in 2019.
KBank established a partnership with NIUM, a global fintech platform redefining the way consumers and businesses send, spend and receive funds across borders, through a 2018 joint investment via Beacon VC, KBank’s investment arm. This cooperation has allowed KBank to improve the quality of its cross-border funds transfer service for retail customers, resulting in an exponential growth in funds transfer transaction volume and value. Recently, KBank improved its cross-border funds transfer service by using related technologies via application programming interface (API), which has facilitated K PLUS in adding six new currencies as part of its outward funds transfer service, bringing the total to 12 currencies. They are the US Dollar, Singapore Dollar, Australian Dollar, Hong Kong Dollar, British Pound, Euro, Philippine Peso, Indian Rupee, Indonesian Rupiah, Vietnamese Dong, Korean Won and Malaysian Ringgit. The outward funds transfer service via K PLUS now covers 30 countries, compared to 24 countries before.
KBank intends to enhance its outward funds transfer service via K PLUS to cover all countries by the end of 2020, and increase such transactions to more than 60,000 or approximately 10 billion Baht per year by 2025.
Mr. Rohit Bammi, Global Head of Institutional Business, NIUM said that the company is happy to announce the expansion of new remittance routes for customers of KBank as it looks to scale its cross-border payments services. NIUM looks to create a fintech infrastructure that can help banks and financial institutions launch and?scale innovative digital financial services without?the complexity, time and cost previously?required to do so, and this continued partnership with KBank to launch more remittance routes with our real-time payments capabilities is a testament of that. NIUM looks forward to further working closely with KBank to provide an even better payments experience to their customers.
Mr. Silawat said that Outward Remittance on K PLUS is suitable for the current COVID-19 situation, during which crowded areas and handling banknotes should be avoided. Thus, transactions via mobile phones are a suitable option because they allow customers to conduct transactions from home or wherever else they are, without having to travel to a bank branch. This outward remittance service is convenient, easy, secure, has an inexpensive fee, and requires no supporting documents, while also ensuring that the total amount is received in full. Up to 12 currencies are available for funds transfer, covering an expanse of 30 countries worldwide.
As a promotion, KBank is offering a special remittance fee of 250 Baht per transaction, from the standard rate of 450 Baht, from now until June 30, 2020. Additionally, new customers who make their first international funds transfer via K PLUS with a transaction of 1,000 Baht or more will receive a Starbucks e-Gift Card valued at 150 Baht, from now until July 31, 2020.