Friday, 10 May 2013

The Nation: KBank expands remittance service to Myanmar

The Nation reports:
Kasikornbank is expanding the channels available for its workers' remittance service, aiming to double the bank's fund-transfer service network in Myanmar.

KBank president Predee Dao-chai yesterday said the number of Myanmar workers in Thailand currently stood at around 3 million, with an additional 1.8 million expected to be granted work permits by this year-end.

The bank, in cooperation with the leading Myanmar institution, Cooperative Bank, is broadening local service areas for the remittance service offered through 880 K-ATMs nationwide and available in the Burmese language.

KBank is the first commercial bank in Thailand to offer a workers' remittance service to Myanmar. The bank introduced the service last year.

A second Myanmar bank, Asia Green Development Bank, is also offering the service in cooperation with the Thai institution.

The service ensures Myanmar workers in Thailand of safe money transfer to their home town, with a guaranteed receipt of arrival within a specified time.

Established in 1992, Cooperative 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.

Predee said the expansion of banking partners would help increase KBank's number of remittance customers to about 100,000, from 10,000 at present. This will boost the relatively low level of fee income currently generated by the service.

The fee charged for fund transfer is Bt100 per transaction, and the maximum transfer amount is set at Bt100,000 per person per day.

Funds can be received within the same day, for transactions made before 2pm, at Cooperative Bank's 260 branches in Myanmar.


The expanded service area in Myanmar will kick off on May 28.

Predee said KBank's policy was to offer complete financial services ahead of the Asean Economic Community's inception in 2015, with the bank placing emphasis on regional connections and strategy to be a truly Asian bank.

KBank early this year opened a representative office in Yangon as a centre.

Its aim is to serve Thai businesses wishing to invest in Myanmar and/or seeking new markets for their exports.

The representative office offers a one-stop service for consultation and in-depth information in markets, trade, investment, law, major business networks, local financial institutions and global business-matching, benefiting from the bank's customer base and business networks.

Siam Commercial Bank last month cooperated with Kanbawza Bank, the leading private bank in Myanmar, to introduce a new SCB ATM fund-transfer service catering to Myanmar workers in Thailand.

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