21 July 2023
Bangkok (21 July 2023) –
Krungsri (Bank of Ayudhya PCL) by the Transaction Banking Group is aiming to build on its success and upgrade the service to add diversity and enhance efficiency by emphasizing the strategy of digital solution development. The implementation of such strategy will cater to the needs of customers in all segments, enabling them to undertake the transactions with ease, convenience, and speed. The service will cover payment and money transfer locally and internationally, especially in ASEAN, in accordance with the strategic guidelines on driving the organization towards the aspiration of
being a trusted partner for customers in payment and liquidity management locally and abroad. At the same time, the Transaction Banking Group expects the growth of 32% in 2023.
Miss Ninlawan Jeeraboon, Krungsri Head of Transaction Banking Group, said “The key to successful business or satisfying life of customers today is making financial transactions in an easy, convenient, fast, and secure way, hence Krungsri strives to develop the service continuously to meet customer needs and deliver the best experience of making financial transactions, payments, and cash management to retail and business customers locally and abroad. Our effort and hard work have certainly paid off as we won several accolades from global leading institutions such as The Asset, The Digital Banker, and Asian Banking & Finance. Over the first half of this year, the Transaction Banking Group surpassed our target income and increased transactions volume through digital solutions by 31% compared to the same period last year.”
Regarding the strategies for the latter half of 2023, the Transaction Banking Group stays committed to driving forward and is ready to serve customers at any stage of the business journey by emphasizing the strategies of digital solution development and ASEAN expansion as follows:
- Enhance the capability of transaction channels to satisfy the needs of customers in every segment by adding new products and improving the capability in undertaking more comprehensive and diversified transactions through the Bank’s channels -- KMA krungsri app for retail customers, Krungsri Biz Online (KBOL) for business customers, or Krungsri CashLink, a transaction platform that for large corporate customers. As a result, customers can make transactions of payments and domestic and international money transfers through one single platform without the need to toggle between platforms and can choose the service as desired anywhere and at any time.
- Further develop API technology by collaborating with business customers in the development of new financial solutions in addition to the existing services of Krungsri Digital Wallet Solution (PromptPay) APIs and Krungsri Smart COOP Application, which are initiated by the Bank to facilitate non-bank customers in conducting cash management through their own applications. The Bank is poised to accelerate the expansion of services to new sectors to support the business operations of customers, enabling them to be well prepared for integrating a diverse range of digital technologies effectively and make business transactions accurately, quickly, and immediately with 24/7 availability.
- Focus on developing innovative features to expand the customer bases. The new features on the existing applications for merchants, Krungsri EDC, and Krungsri Mung Mee SHOP will allow merchants with online stores or selling on social commerce to close the sales easily and faster and accommodate payments through credit cards and QR code scanning. The store owners can verify the details of transactions conveniently and instantly and stop worrying about fake slips. The new features are included cash on delivery service.
- Expand real-time cross-border payment and transfer services in ASEAN. Krungsri has continuously collaborated with partner banks in ASEAN under MUFG networks to develop real-time cross-border payment and money transfer services to meet customer needs, which is in alignment with the Bank of Thailand’s policy on promoting connectivity of cross-border payments and money transfers, particularly among the neighboring countries of ASEAN, under the concept of ASEAN Payment Connectivity.
“Currently Krungsri offers QR code payment service to Thai customers traveling abroad. Foreign tourists visiting Thailand can also make cross-border QR payments for goods and services at various stores in Thailand. The service is now available in 6 countries including Japan, Singapore, Vietnam, Indonesia, Cambodia, and Malaysia and is schedule to expand to Lao PDR, India, and Hong Kong soon. As for real-time cross-border money transfer, Krungsri plans to extend the service to Vietnam and Cambodia in the latter half of this year and is set to launch an international PromptPay service which link the international money transfer system with Malaysia through mobile phone number in the next year. By implementing all the aforementioned strategies, the Transaction Banking Group’s income is expected to increase by 32% from the previous year,”
Miss Ninlawan concluded.