Kasikornbank is joining with 35 banks from nine countries to launch the Asean+3 Banking Initiative, aimed at enhancing services for customers conducting cross-border transactions.

The collaboration on banking products and services, as well as financial human resources development, will be through the Taksila Asean Banking Forum – a platform for expert bankers to develop training courses and share their experience.

The move aims to reinforce cooperation on financial transactions and to offer international standard banking services prior to the Asean Economic Community (AEC).

Banthoon Lamsam, chairman of KBank, said the regional integration by the end of next year under the AEC will allow for freer movement of capital, goods and services.

This will stimulate economic activities within the Asean+3 bloc and increase trade and investment. Banks in the region have to rapidly adjust to customers’ ever-changing needs in order to provide cross-border trade advice with in-depth information and innovative banking products through efficient channels.

aseanbank35
The nine countries are Thailand, China, Japan, South Korea, Indonesia, the Philippines, Cambodia, Vietnam and Laos.

 

The effort to share expertise in banking business development is the first cooperation of its kind that will bring Asean banking to the international level with the Asean+3 Banking Alliance under the Bangkok Declaration, which will see expert bankers exchange knowledge and share experiences and contribute their expertise that will lead to many financial innovations.

via KBank joins in Asean initiative of tie-up with 35 banks from 9 nations.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thai Banking Sector Expected to Postpone Raising Interest Rates

Thai banks may not react immediately to increases in interest rates to support borrowers amid the gradual economic recovery in the second half of 2022, given the policy rate hike trend in the second half of this year.

New Requirements for MSME Franchise Holders in the Philippines

MSMEs in the Philippines are defined as businesses that employ between 10 to 200 workers and have asset sizes (excluding land) between PHP 3 million (US$56354) and PHP 10 million (US$187,866).

Indonesia, Malaysia, Philippines, Singapore and Thailand sign MOU on cross-border payments

In the future, this payment connectivity initiative could be expanded to include other countries in the region as well as potential partner countries outside the region.