Krungsri (Bank of Ayudhya PCL) aims to become a major ASEAN financial powerhouse driven by a continuous improvement of international money transfer service capability to reinforce its leadership in digital banking and innovation. The new service enhancement encompassed the development of new platform to meet evolving needs of retail customers as well as strengthen business competitiveness for corporate customers.
Mr. Pairote Cheunkrut, Krungsri Chief Strategy Officer, said that "International money transfer services plays a vital role in today's financial world. Krungsri strives to be one of preferred leading financial institutions when customers want to transfer fund overseas. The service is, thus, one of the key strategies that drive Krungsri to become a major ASEAN financial powerhouse. Throughout the recent years, we have continually developed platforms and products to meet the requirements of different international financial transactions, and constantly expanding service capabilities to capture the needs of both retail and corporate customers, with Krungsri Mobile App (KMA) and Krungsri Biz Online (KBOL) staying at the forefront of service platforms."
For retail customers, the KMA is the primary international money transfer platform. In December 2020, Krungsri will offer new key service feature that allows customer to transfer funds to more than 220 destinations worldwide, supporting 15 major currencies, with lower fees and more competitive exchange rates. The new feature makes the service ideal for customer who wish to make an online purchase of products and services from overseas, transfer money for family members living abroad, and for expatriates working abroad who need to send money back home. Retail customers holding Krungsri Boarding Card, a prepaid card, can purchase 16 foreign currencies and store the value in the card at a special exchange rate exclusively offered for the cardholder. Customers can apply for the currency exchange service and buy foreign currency at a favorable exchange rate themselves online via the KMA. Other additional benefits and privileges will also be offered to Krungsri Boarding Card holders to meet growing online shopping demand of their online shopping spree, which is rapidly increasing in popularity in Thailand with a constant growth anticipated in the future.
For corporate customers, the KBOL application is the key platform to serve business corporations and SME operators in transferring money internationally and can support 15 major currencies. During the past three years, the volume of international money transaction via KBOL has seen an average annual growth rate of 100%. Corporate customers can also make real-time international money transfer between Thailand and Laos PDR with Krungsri Blockchain Interledger technology and Krungsri Global Transfer service. Krungsri Global Transfer service currently connects Krungsri and Lao Development Bank (LDB) using Application Programming Interface or API, enabling fast and convenient money transfer between Thailand and Laos. During the initial phase, as part of the bank's determination to stimulate the economy and trade between Thailand and neighboring countries, Krungsri-LDB Global Transfer service is free of charge. Krungsri also planned to develop fund transfer platform leveraging blockchain technology to allow customers to make real-time international money transfer around the world and expand API connection with other overseas banks, especially in the ASEAN region.
"Krungsri endeavors to optimize our available capacity and network to connect all matters of finance, making domestic and international money transfer fast, easy and convenient for all customer groups, while offering competitive exchange rates and capability to support all currencies. This demonstrates another testament to our commitment to becoming a major ASEAN financial powerhouse," concluded Mr. Pairote.