Thunes partners with Siam Commercial Bank for cross-border payments
As more and more trade opens up and businesses of all segments join the digital payments wave, commercial companies have started to emphasise the role of cross-border payments which was long neglected.
This week, Singapore-based cross-border payments network Thunes and Thailand based commercial bank, Siam Commercial Bank announced a partnership to enable the bank’s consumers and business clients overseas to send funds to Thailand which the company in press notes claims would be faster, cheaper and with higher transaction limits. Locals in Thailand and expats would be able to receive payouts in real-time directly into their bank accounts from around the globe.
In May, Thunes got $60 million in a Series B round of funding.
According to the company in a press note, the existing methods of cross-border money transfer into Thailand are often slow, unreliable and burdened with high fees and low transaction limits and with the help of Siam Commercial Bank, Thunes users can send funds to Thailand ‘quickly, securely and cost effectively’.
Earlier this year, EMQ announced the enhancement of its cross-border payment capabilities in the Asia region while CardUp partnered with Visa to launch the cross-border payment solutions.
This however would be available to consumer remittance as well as commercial B2B payments which the company in press notes says would be in case of ‘mass payouts in Thailand on behalf of enterprises based in other parts of the world’.
Thunes is a cross-border payments company that has a presence in over 110 countries with 260 clients and network partners around the globe and is used by global banks, money transfer operators, platforms and many other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers.
Siam Commercial Bank is a commercial bank based in Thailand and has assets over Baht 3,177 billion in total assets and provides financial services in wholesale, SMEs, and retail banking services.