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Published Nov 3, 2021
The partnership enables Krungsri customers in Thailand to send real-time payments to more countries
BANGKOK, 4 November 2021 – Krungsri (Bank of Ayudhya PCL), one of Thailand’s largest banks, partners with leading global payments platform Nium to enhance their international transfer offerings for both corporate and individual Krungsri customers. The partnership comes as new research[1] reveals that 82% of consumers in Thailand have now 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. Moreover, online shopping, or e-commerce, has undergone an explosion in demand worldwide, including Thailand.
Through this partnership, Krungsri and Nium will enhance the international transfer experience for millions of banking customers across Thailand. The integration offers their customers the ability to transfer money in real-time[2] to various new countries across Europe, the UK, the US, and Asia Pacific.
Frederick Crosby, Chief Revenue Officer at Nium, said: “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, said: “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 provide:
- 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.
[1] Findings outlined in Visa’s Consumer Payment Attitudes Study 2021: https://www.visa.com.sg/dam/VCOM/regional/ap/documents/visa-cpa-report-2021-smt.pdf
[2] In markets where Nium offers real-time services. For full details, please visit: https://www.nium.com/network/