Thai financial service provider outlines several digital initiatives in early 2021.
Bangkok Bank is progressing its roadmap to create digital experiences by connecting online-offline platforms to provide customers with easy and smooth services.
The Bank has extended its banking agents through Counter Service to 12,500 7-Eleven stores nationwide which will provide a 24-hour deposit-withdrawal service. Customers can now make transactions via Bangkok Bank Mobile Banking and receive cash anywhere anytime even when there are not nearby branches or ATMs, said Prassanee Ouiyamaphan vice president at Bangkok Bank.
He noted the Bank was determined to deliver good financial experiences across all channels to suit customers’ lifestyles and needs.
The Bank has developed various channels to support financial transactions including Bangkok Bank Mobile Banking which links to other channels, both online and offline, that customers can seamlessly use anytime, anywhere, enlarging their digital experience.
In early March, the Bank joined Gojek to develop Bill Payment 2 Way to provide top-up options for GoPay’s e-wallet via the Bangkok Bank Mobile Banking app so that users can instantly make safe, secure and convenient cashless payments for all Gojek services, which include motorbike ride-hailing (GoRide), couriers (GoSend), and food delivery (GoFood).
This service has increasingly gained popularity as it perfectly serves the digital lifestyle that most customers prefer, offering e-payment for seamless transactions to reduce risks from handling cash which is another concern of today’s customers, said Pipat Assamongkol executive vice president at Bangkok Bank.
“Coordinating with business partners who use cutting-edge technology and operate a high-potential business will help us to meet the increasing demands of the business environment,” he noted. “At the same time, it will enable businesses to satisfy their customers while providing digital experiences in line with today’s lifestyle trend of moving towards a cashless society.”
Pipat believed it also reflects the cooperation within the business sector to help bolster the digital financial ecosystem.”
In February this year Bangkok Bank announced its trade finance service via Contour has broken through the limitations of traditional transactions by sending fast, accurate Letters of Credit via enterprise blockchain between Thai businesses and partners in Vietnam and Oman. With Contour all transactions are digital, enhancing efficiency, simplifying costs and saving time for both importers and exporters. The Bank also joined with leading international banks to provide Cross Bank Blockchain transactions to provide even better international trade services to customers.
Bangkok Bank was one of the first Thai bank to join with leading global banks and organizations to establish Contour in early 2020 to provide trade finance services.
Contour uses Distributed Ledger Technology, or enterprise blockchain, to enhance and digitize the entire trade finance process to make it faster and more efficient. The first successful Letter of Credit (L/C) transaction on the Contour network between a Bangkok Bank branch in Hanoi and Bangkok Bank in Thailand occurred in August last year, reducing the total time it took to open a L/C to less than one hour.
Pipat said the bank was continually developing trade finance services via Contour to break through the limitations of traditional trade finance transactions.
This addition will extends the Bank’s collaboration with leading local and global banks to facilitate Cross Bank Blockchain transactions on the Contour network to three major customers. The Bank collaborated with SCG Chemicals, a manufacturer of petrochemical products under SCG Group, and GC Marketing Solutions Limited, the chemical flagship of PTT Group under GC Group, to facilitate their L/C transactions with their partners via leading local banks in Vietnam.
The Bank also joined with Pacific Containerbag Co., Ltd. to facilitate the company’s transactions with corporate partners in Oman, opening and receiving L/C, supporting both import and export customers.
L/C transactions on the Contour network using the enterprise blockchain platform enables customers to seamlessly make digital transactions for the entire process. This enables trade partners to see real-time information, ensuring that the transaction is fast, transparent and at a lower cost when compared with traditional paper-based transactions. These types of transactions reflect current and future requirements for trade finance to be both fast and secure.
“Our continuous development of financial technology has proven that we can introduce practical innovations. Contour enterprises blockchain revolutionizes traditional trade finance providing customers with modern services using cutting edge technology. It also reduces the time and cost associated with traditional security measures while retaining the excellent services of the Bank’s international trade experts. Contour is a good blend between financial technology and the international trade business.”