Krungsri announces international transfer partnership with Nium

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Krungsri has confirmed that it will pair up with Nium for a new international money transfer offer.
  • The two companies will work together to offer the service to both consumer-level and business-level customers.
  • “Like Krungsri, we believe in the importance of financial inclusion and innovation. Together, we hope to enhance cross-border payments for millions of people and businesses across Thailand,” said a spokesperson for Nium.

Krungsri, one of the biggest banks in Thailand, has confirmed that it will work with international money transfer payments platform Nium as part of a new push to help with global transfers.

The bank, also known as Bank of Ayudhya PCL, will offer both its business-level and consumer-level customers this new service.

This partnership will see customers given the chance to enjoy a better international money transfer experience thanks to real-time transfers to various global locations.

These will include the US and the UK as well as key markets in Europe and the Asia-Pacific region.

Multiple currencies will be supported as part of the arrangement and settlements are expected to happen quickly.

Around 82% of customers in Thailand have gone cashless, according to figures shared by Nium.

The company claims that this is largely due to the perception that this is safer during the pandemic.

In a statement, Frederick Crosby, the chief revenue officer at Nium, said that his company was “proud” of the new arrangement.

“We are proud to be partnering with another one of Thailand’s largest and most reputable banks,” he said.

He also explained that the two firms shared an ethos when it comes to innovation and inclusivity.

“Like Krungsri, we believe in the importance of financial inclusion and innovation. Together, we hope to enhance cross-border payments for millions of people and businesses across Thailand,” he said.

Krungsri’s chief information and digital officer pointed out that the company is a “strategic member” of a major international financial institution.

Sayam Prasitsirigul also explained that the company has worked hard building instant payment capabilities over the last few years.

“Krungsri, as one of the largest banks in Thailand and a strategic member of MUFG, one of the world’s leading financial groups, has expanded the real-time payment network globally,” he said. 

He went on to say that the two firms have engaged in payments exercises in a number of global payments corridors.

“Krungsri and Nium have started to deliver a new experience of seamless real time cross-border payment services with multiple corridors, to key countries around the globe.

“For this collaboration, Krungsri expects to bring the best experience of financial technology through fintech and partnership,” he said.

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