CIMB Thai Bank pushing SpeedSend ahead of AEC

Economy June 19, 2014 00:00


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CIMB THAI Bank is strongly promoting its SpeedSend real-time international money-transfer service with a view to tapping into the expected flow of registered migrant workers and business activities ahead of the upcoming Asean Economic Community (AEC). The

The Thai bank believes that the AEC, which is set to come into effect next year, will attract business flows and migrant workers to Thailand from around the region – and from Myanmar and the Philippines in particular – and that this will provide a greater opportunity to expand its international fund-transfer business, Anchalee Charasyosvuthichai, senior vice president and head of cards and fee-based products at CIMB Thai, said yesterday.

The Kingdom currently has more than a million registered Myanmar migrant workers, and around 20,000 from the Philippines, and people from both nations are key clients of SpeedSend, she said. “After one year, we found that most SpeedSend fund transfers were made by Filipinos in Thailand, followed by Myanmar and Malaysians,” she said. The strong point of the SpeedSend service is that the money is made available to the receiving party within just 15 minutes of being sent. The minimum daily amount that can be transferred is Bt300, while the maximum is Bt300,000.

Monthly transactions currently total some 2,000 and the amounts transferred are generally in the range of Bt30,000 to Bt100,000 per transaction, said the executive.

SpeedSend transactions are currently mainly undertaken by individuals, but the bank believes that after the AEC comes into effect, more international fund transfers will also take place between businesses and its fee income will dramatically increase, Anchalee said.

Fee income from SpeedSend is projected at Bt10 million this year, while the number of transactions and income from the service is expected to double each year.

Forex booth

Meanwhile, the bank is actively promoting its foreign-exchange booths in Thailand, she said.

It is also working in collaboration with the Tourism Authority of Thailand to promote tourism destinations via the booths to foreign visitors. It is adding a free Wi-Fi service at the booths and will increase the number of kiosks to 43 from the current 33 in order to expand the service.

In addition, Anchalee said the bank would officially launch its first credit card in the fourth quarter of this year, with a focus on affluent and high-net-worth customers who fall under its “preferred” category. The key feature of the credit card will be regional campaigns that comply with its parent’s Asean concept. A zero-interest instalment payment promotion will also feature, she said.

“Average monthly credit-card spending of high-net-worth individuals is Bt5,000-Bt6,000 but, with the regional campaigns, we hope to have monthly spending higher than the average,” she said.