KASIKORNBANK has announced that it is the first Thai bank to provide U.S. dollar-denominated funds transfers service through the use of J.P. Morgan’s U.S.Dollar Clearing – Asia Direct, an intelligent routing technology that allows the funds transfer to directly reach the destination branch in key economic zones throughout China within the same day. If the banks in China cannot receive the funds within one day, KBank will refund the transfer fee. The excellent servicing standards of the two Banks will facilitate exporters to manage their time, expenses and liquidity without any difficulties.
Mr. Songpol Chevapanyaroj, Executive Vice President, KASIKORNBANK, said China is currently one of the key trading partners of Thailand. The trading volume of the two countries measured 1.19 trillion Baht in 2009, and has grown an average of 27 percent per annum since 2003. However, funds transfers have constrained trade between Thailand and China due to complications in funds receipt times caused by geography, organization, and time zone differences. China has more than 50 cities in 34 provinces with an earlier time zone than Thailand. This has made it difficult to know exactly when funds would reach recipients.
KBank has been aware of this problem and developed operations that allow U.S. dollar-denominated funds transfers from Thailand to bank branches in China within one day, with the cooperation from J.P. Morgan, one of the world’s leading banks in international funds transfer.
Thus, KBank can now provide a time guarantee for customers who transfer U.S. dollar-denominated funds to around 700 bank branches in China. If a customer completes the transaction before noon, the bank branch in China will receive the funds within one day. If the funds are not received within one day, the Bank will refund the transfer fee to the customer.
Mr. Percy Batliwalla, Managing Director and Asia Pacific head of financial institutions - banks at J.P.Morgan Treasury Services said that “As a result of the increasing intra-Asia trade flows, enhancing the efficiencies of U.S.Dollar payments, particularly within the Greater China region and Japan has become essential for all banks within Asia.
Mr. Batliwalla added that Thailand remains an important market for J.P.Morgan, and we are confident that our unique U.S.Dollar Clearing - Asia Direct solution will enable KASIKORNBANK to provide greater efficiencies to its existing and potential clients, thereby enhancing the bank's competitiveness.
In addition, this service, developed in cooperation between KBank and J.P. Morgan, will increase potential of businesses that need to make funds transfers to China, as they will more efficiently manage liquidity without the need to wait several days for transfers to be completed. Such businesses will be able to more easily control their spending without the need to submit funds transfer orders through several branch layers.
Mr. Songpol added that KBank’s network in China includes leading banks covering key economic zones throughout the country, with a total of 700 outlets. The Bank hopes the new service will match customer needs and further build confidence in the Bank as a trusted business partner. Businesses that wish to use the service can contact any KBank branch nationwide, or ask for more information at the K-BIZ Contact Center, tel. 0 2888 8822.
About KASIKORNBANK
KASIKORNBANK (KBank) has for over 60 years of operation been regarded as Thailand's premier banking institution, and a renowned forward thinking bank which always continues to deliver innovative financial services to customers. The founding of KASIKORNBANKGROUP in 2005, raised the Bank to a comprehensive financial service provider with one singular brand of quality service - K Excellence. For more information, visit www.kasikornbank.com.
About J.P. Morgan
J.P. Morgan is the world's largest U.S.Dollar clearing and commercial bank. J.P.Morgan Treasury Services leverages the services and products of its Worldwide Securities Services division, as well as its Investment Bank, Asset Management and Private Bank lines of business to provide its clients with integrated banking solutions.
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