Bangkok Bank enhances fast CNY transfer capabilities, becoming the first Thai bank to connect with China's funds transfer network, supporting import-export businesses while reinforcing its position as a 'leading regional bank' ready to assist customers in expanding trade with China
Bangkok Bank provides faster CNY transfer services after receiving approval from China's central bank to use the CIPS (Cross-border Interbank Payment System), enabling direct transfers to CIPS member banks without intermediary banks. This reduces costs for import-export businesses, enhances financial management efficiency, and opens opportunities for expanded international trade, reinforcing its position as a 'leading regional bank' committed to supporting Thai-Chinese business growth.
Bangkok Bank Executive Vice President Pipat Assamongkol said that: "Bangkok Bank has enhanced its capacity for international funds transfer in Chinese Yuan (CNY) using the Cross-border Interbank Payment System (CIPS). As the first Thai bank approved by China's central bank to become a Direct Participant, the Bank can now facilitate direct international transactions in CNY via the CIPS. This reduces transaction times, ensures faster payments for business partners, boosts business liquidity, and elevates operational efficiency, leading to increased competitiveness. Furthermore, it fosters greater opportunities for future trade between Thailand and China."
Mr. Pipat further stated that this service is suitable for import-export businesses with international trade transactions involving partners in China, particularly industries with high trade value such as machinery, electronics, and agricultural products. In 2024, China was Thailand's largest trading partner, with bilateral trade reaching nearly 4.1 trillion baht, comprising approximately 1.2 trillion baht in exports from Thailand to China and about 2.9 trillion baht in imports from China to Thailand, making it a highly significant market.
"Joining the CIPS as a Direct Participant reflects our unwavering commitment to continuously enhancing our services to better support customer business operations. This enables our customers to benefit from the changes in the modern business world, reinforcing our role as a 'trusted partner and reliable close friend' that stands beside our customers and helps their businesses reach their full potential. Furthermore, this service development will strengthen the economic relationship between Thailand and China.
To support our customers' businesses and promote Thailand-China trade, Bangkok Bank (China) has its headquarters in Shanghai and branches in major cities across China. This reflects Bangkok Bank's commitment as a 'leading regional bank' to support the robust and sustainable growth of Thai businesses in the Chinese market," said Mr. Phiphat.
The Bank is ready to provide consultation and support for all financial transactions. Those interested can find more details at www.bangkokbank.com/Business-Banking/My-International-Trade or contact our business relationship officers at business centers or branches nationwide, or contact the Corporate Services Center at 02 031 7888.