KBank extends funds transfers to Singapore

business August 01, 2018 16:50

By The Nation

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Kasikornbank (KBank) is expanding its global fund transfer service for retail customers through cooperation with the Development Bank of Singapore (DBS) to receive real-time transfers from Singapore or KBank to recipient accounts in 21 other banks in Thailand.



KBank is also preparing to introduce outward transfer service on Kthe  PLUS applications for recipients in more than 40 countries in October and expects total transfers of Bt500 billion a year and tripling by 2020.

Patchara Samalapa, KBank president, said the firm has focused on the adoption of digital technologies for connecting the systems of global funds transfer and cross-border transactions to enhance greater convenience and introduce more payment channels to customers. It would also respond to customers’ requirements and improve their competitiveness amid many challenges of the digital era. 

Since March 2017, a service has been available for receiving international transfers via fintech and KBank anticipates that the number of transactions will exceed 120,000 by this year’s end.