Krungsri (Bank of Ayudhya (PCL), one of Thailand’s biggest banks, has teamed up with global payments platform Nium in order to streamline their international transfer offerings for corporate and individual Krungsri clients.
The partnership comes as research reveals that 82% of consumers in Thailand have “attempted to go cashless, driven by increased consumer adoption of card and contactless payments, as well as the perceived safety of digital payments amid the pandemic.”
The announcement also noted that online shopping, or digital commerce, has “undergone an explosion in demand worldwide, including Thailand.”
As stated in a release:
“Through this partnership, Krungsri and Nium will enhance the international transfer experience for millions of banking customers across Thailand.”
The integration provides their clients with the option to transfer funds in real-time to various countries across Europe, the United Kingdom, the US, and the Asia Pacific region.
Frederick Crosby, Chief Revenue Officer at Nium, stated:
“We are proud to be partnering with another one of Thailand’s largest and most reputable banks. Like Krungsri, we believe in the importance of financial inclusion and innovation. Together, we hope to enhance cross-border payments for millions of people and businesses across Thailand.”
Sayam Prasitsirigul, Krungsri Chief Information and Digital Officer, remarked:
“Krungsri, as one of the largest banks in Thailand and a strategic member of MUFG, one of the world’s leading financial groups, has expanded the real-time payment network globally. Krungsri and Nium have started to deliver a new experience of seamless real time cross-border payment services with multiple corridors, to key countries around the globe. For this collaboration, Krungsri expects to bring the best experience of financial technology through fintech and partnership.”
Nium and Krungsri have enabled services to offer:
- Seamless B2B, P2P, B2P and P2B cross-border payments for customers in multiple currencies.
- Access to multiple real-time payment corridors such as the UK and Singapore and availability across Europe, the US, and Asia Pacific.
- Instant, speedy settlements.
- Nium currently has strategic partnerships with some of the largest banks in Thailand.