Bangkok Bank speeds up yuan transfers to boost China trade
Thai bank launches streamlined system for smoother transactions between regional businesses and Chinese markets
Bangkok Bank has launched an expedited yuan transfer service aimed at reducing costs and enhancing trade with China.
Pipat Assawamongkol, assistant manager at Bangkok Bank Public Company Limited, announced that the bank now offers faster yuan transfers after receiving approval from China’s central bank to use the CIPS (Cross-border Interbank Payment System).
The system allows direct transfers to CIPS member banks, reducing the need for intermediary banks, thereby cutting costs for importers and exporters while improving cash management efficiency.
The service also opens up greater opportunities for international trade, reinforcing the bank’s position as a leading regional bank committed to supporting Thai-Chinese business growth.
Bangkok Bank has enhanced its capability for international transactions in Chinese yuan (CNY) through CIPS, becoming the first Thai bank approved by China’s central bank as a Direct Participant.
This status enables the bank to conduct yuan transactions directly through CIPS, shortening transaction times, speeding up payment receipt for partners, and boosting business liquidity. This improvement enhances business efficiency and competitiveness while fostering future trade opportunities between Thailand and China.
Pipat noted that the service is particularly suited for import-export businesses engaged in international trade with Chinese partners, especially in high-value industries such as machinery, electronics, and agricultural products.
Last year, China remained Thailand’s largest trade partner, with a total trade value of nearly 4.1 trillion baht. This includes approximately 1.2 trillion baht in Thai exports to China and about 2.9 trillion baht in imports from China, marking a significant market size.
Becoming a Direct Participant in the CIPS system reflects Bangkok Bank’s commitment to continuously developing services to better support customers’ business operations. This development enables clients to benefit from the changing global business landscape, allowing their businesses to reach their full potential, reported KhaoSod.
Additionally, this service enhancement strengthens economic relations between Thailand and China, supporting client businesses and promoting Thai-Chinese trade.
Bangkok Bank (China), headquartered in Shanghai with branches in major Chinese cities, demonstrates the bank’s dedication to supporting the robust and sustainable growth of Thai enterprises entering the Chinese market.
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