Bangkok: TTB is enhancing Thai-Chinese trade relations by launching a "full payment" yuan transfer service, aimed at helping Thai businesses manage costs more efficiently when dealing with Chinese partners. This new service will allow Thai businesses to transfer yuan via the API system, ensuring that Chinese partners receive the full amount. The service is designed to be convenient, fast, and economical, with a fee of only 300 baht.
According to Thai News Agency, Mr. Sarun Poopat, Chief Business Client Officer of TTB, highlighted that the global economy will continue to face volatility due to geopolitical tensions and evolving trade policies, as reflected in the rising geopolitical risk index. Despite the International Monetary Fund revising its global economic growth forecast upwards to 2.4%, driven by private consumption in the US and export-driven growth in China, the role of China in trade and supply chains has significantly increased in Asia. For Thailand, while last year's growth was propelled by accelerated exports, this year presents challenges due to changes in the global trade structure. These include trends towards diversifying production bases to partner countries, stricter environmental regulations, and the increasing importance of bilateral trade agreements. Consequently, TTB's introduction of the full-payment yuan remittance service aligns with its vision to strengthen Thai entrepreneurs in the long term.
Ms. Busarat Benjarongkul, Chair of the Financial Market and International Transactions Group at TTB, revealed projections that by 2026, trade between Thailand and China is expected to grow by 26.70%, with small and medium-sized enterprise (SME) customers accounting for 46.7% of imports from China. As international trade rapidly evolves, businesses not financially prepared will likely incur higher costs.
TTB is committed to developing financial solutions to support the complex and fast-changing international business landscape. The bank aims to provide comprehensive support to import-export businesses, covering fund management, transaction processing, and exchange rate risk management. This will enable more efficient buying, selling, receiving, and paying, particularly with Chinese partners. TTB currently offers solutions tailored to trade with Chinese partners, such as the 1TB Multi-Currency Account (MCA), which supports up to 11 currencies, including the Thai Baht and Chinese Yuan, simplifying account management and increasing flexibility.
In addition, Trade Finance Solutions services facilitate money transfers and trade financing in up to 13 major and local currencies, including the Chinese Yuan. The foreign exchange risk management products offered utilize the Chinese Yuan, making it easier to manage foreign exchange risk in advance through the CNY Pro-rata Forward, allowing businesses to know the exact cost and improve cost planning and management efficiency.
Recently, TTB launched the "Full Payment Yuan Remittance Service for Corporate Clients," a first in Thailand, which features a transaction fee of only 300 baht. The service ensures that Chinese trading partners receive the full amount via the tb business one platform, significantly reducing costs compared to the usual foreign bank fee of 1,200 baht per transaction. This service helps businesses avoid overpayments and allows for real-time transfer status tracking, fostering confidence in international transactions.
Ms. Busarat added that in a rapidly changing international trade environment, tools that help reduce risk and enable effective cost planning are crucial for competitiveness. TTB is dedicated to being a business partner that supports Thai entrepreneurs in achieving sustainable growth.
Furthermore, businesses can conduct international transactions through ttb business one, an internet banking platform designed for comprehensive management of transactions and financial data, saving time and increasing business efficiency. Businesses interested in TTB Business One and full-rate Yuan money transfer services can contact their Business Relationship Manager or reach out to the TTB Business Customer Service Center for more details.