- Group will work alongside Siam Commercial Bank, which is the biggest commercial bank in Thailand
- New partnership will focus on QR codes and comes as part of an enhanced focus on the payment corridor emerging between Thailand and Singapore
- "Thailand is a top tourist destination globally and partnering with SCB, the country's largest commercial bank, will offer a tremendous boost to our cross-border QR payment network”, said Liquid’s CEO
A major payment services company has announced that it will work alongside Thailand’s largest commercial bank to help Thailand-based consumers with their payments.
Liquid Group will work alongside Siam Commercial Bank to help offer new QR payment acceptance systems for customers both in Thailand and in the nearby city-state of Singapore.
The partnership will work off the back of a new “payment corridor” between the two Southeast Asian economies.
Siam Commercial Bank will be the “sponsoring bank” in the system and will enable Thai banking apps to offer QR payments to their customers.
The move will mean that when Thai tourists or visitors head to Singapore, they will be able to use their domestic Thai QR payment kit to settle bills at the stores of merchants associated with Liquid Group – meaning a big step up for cross border payments in the country.
The merchants associated with Liquid Group will derive more benefits from the new pairing too.
It will be possible for marketing campaigns, for example, to be run to help encourage uptake of the new services.
End-users will be able to benefit from promotions which are offered only through the app.
In a statement, the first senior vice president of Sian Commercial Bank’s Global Transaction Banking Services Division – Sopol Chattananant – said that the partnership looked set to “provide more opportunities” for “seamless global payment experiences”.
"One of SCB's key business operation strategies is to have strong partners to create new capabilities to keep pace with drastic changes in consumer behavior around the world”, he said.
“Partnership with a QR payment service provider such as Liquid Group will propel the SCB Global Payment 2019 strategy to increase its potential and expand its scope of service.
“It will also help provide more opportunities and better access to real-time and seamless global payment experiences for Thai customers going abroad and foreigners coming to Thailand”, he added.
For Liquid Group, founder and chief executive officer Jeremy Tan focused on the record of innovation enjoyed by SCB.
"Thailand is a top tourist destination globally and partnering with SCB, the country's largest commercial bank, will offer a tremendous boost to our cross-border QR payment network”, he said.
“Furthermore, we are excited to team up with an innovative leader in digital banking like SCB, and believe the synergetic effect from our partnership will bring multiple benefits to our intra-regional travelers”, he added.
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