SINGAPORE and BANGKOK, June 29, 2021 /PRNewswire/ — Siam Commercial Bank (SCB), Thailand’s first and oldest bank, and Thunes, a global leader in cross-border payments, today announced a partnership to enable consumers and businesses overseas to send funds to Thailand faster, cheaper and with higher transaction limits. Locals and expats in Thailand will now be able to receive payouts in real time directly into their bank accounts from all over the world.
Existing methods of cross-border money transfer into Thailand are often slow, unreliable and burdened with high fees and low transaction limits. With the help of Siam Commercial Bank, Thunes’ global customers are able to send transactions to Thailand more quickly, securely and cost effectively, helping to satisfy fast rising demand for the seamless movement of funds across borders. Senders can now transfer money via Thunes’ global network to Siam Commercial Bank’s 16.4 million customers and all other bank account holders in Thailand.
Along with consumer remittances, Siam Commercial Bank will also be able to facilitate B2B transactions, such as mass payouts in Thailand on behalf of enterprises based in other parts of the world.
"Thunes is leading the way in global cross-border payments and this is recognised by the caliber of our partners. We are now honoured by the addition of Siam Commercial Bank to our global network. This new partnership demonstrates our deep local knowledge of an important Southeast Asian market and builds on our experience in successfully overcoming compliance obstacles and understanding the country’s local banking landscape," said Andrew Stewart, Global Head of Networks, Thunes.
"We are pleased to enter this partnership with Thunes, a global leader in the cross-border payments landscape. This latest innovative fintech solution aligns with Siam Commercial Bank’s forward-thinking strategy. Partnering with Thunes, we are putting into action our mission that aims to respond to the rapidly evolving financial services industry, which is being reshaped by digital technology, regulatory change, and new consumer behaviour," said Mr. Sirote Vichayabhai, First Executive Vice President, Head of GTS and Ecosystems, Siam Commercial Bank (SCB).
NOTES TO EDITORS
Thunes is a B2B company that powers payments for the world’s fastest-growing businesses. Corporates and financial institutions are able to move funds seamlessly, securely and cost-effectively with Thunes’ well-established, reliable and far-reaching network. Thunes is used by global banks, money transfer operators, platforms and many other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world. Thunes’ platform currently connects more than 260 customers and network partners from across 110 countries to send and receive money globally. Thunes is headquartered in Singapore with regional offices in London, Shanghai, New York, Dubai, and Nairobi.
For more information, visit www.thunes.com
About Siam Commercial Bank
Siam Commercial Bank PCL was established by Royal Charter in 1906 as the first Thai bank. As of March 31, 2021, the Bank had Baht 3,177 billion in total assets and Baht 379,008 million in market capitalization on a consolidated basis. The bank is one of Thailand’s leading universal banks, providing a full range of financial services to clients in all segments, including wholesale, SMEs, and retail banking services, through its nationwide branch network. SCB is committed to becoming "The Most Admired Bank" by balancing value propositions to all stakeholders – customers, employees, shareholders, regulators and society – and becoming a leader in shaping the future of Thailand’s banking industry.
For more information, visit https://www.scb.co.th
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