KASIKORNBANK (KBank), one of Thailand’s leading banks, has launched a direct Baht-to-Kyat remittance service between its mobile banking app K PLUS and KBZPay, Myanmar’s largest e-wallet. This new cross-border digital remittance partnership aims to give more than 2 million Myanmar nationals living in Thailand a safe and convenient way to send money home, with all transfers free of charge during the initial rollout period from August to October 2023.
This partnership marks a notable milestone in cooperation between KBank, a leading Thai bank, and KBZ Bank, Myanmar’s largest private bank.
“Each of the millions of Myanmar nationals working and living in Thailand typically sends home an average of MMK 100,000–200,000 every month. That’s why we’re delighted to partner with KBZ Bank, which has Myanmar’s largest branch and ATM network, and its mobile wallet KBZPay, which has more than 13 million users, to enable safe and convenient payments across Myanmar,” said Dr. Pipatpong Poshyanonda, Chairman of KBank.
Customers can use the K PLUS app to send money to Myanmar simply by entering the recipient’s KBZPay phone number and the amount they wish to transfer. As soon as the transfer is completed on K PLUS, the recipient receives a notification in their KBZPay app confirming receipt of the funds. Recipients in Myanmar can then easily withdraw cash at KBZ Bank branches, KBZPay centers, and KBZPay agents across the country. The service also offers transparency, letting users view the applicable exchange rates in Myanmar language.
Image: KBZ Bank
Since the leading financial institutions of Thailand and Myanmar back this service with advanced, secure technology, every digital transfer is automatically recorded in both the sender’s and recipient’s transaction history, allowing for easy, reliable money management and record-checking.
“We’ve made it easier than ever for customers in Thailand to send money to their loved ones back in Myanmar. Thanks to this highly convenient mobile banking service, customers no longer need to make a special trip to a bank or fill out paperwork to send money. We’re glad that this excellent partnership between KBZ Bank and KBank lets us provide financial services that are convenient for all Myanmar citizens, whether living at home or abroad,” said U Zaw Lin Aung, Chief Executive Officer of KBZ Bank Limited.
The direct transfer service from K PLUS to KBZPay is the first digital banking service enabling cross-border, app-to-app transfers from Thailand to Myanmar. Because it offers real-time transfers with no need to visit a bank branch or complete paperwork, it is more time-saving, secure, and convenient than conventional remittance services. Through the KBZPay mobile wallet, KBZ Bank has been able to bring its banking services to people digitally beyond its branch network, and this partnership further reflects KBZ Bank’s efforts to build a fully inclusive financial sector for everyone.
Myanmar nationals living and working in Thailand can now visit any KBank branch, present a valid passport or government-issued ID along with their work permit, and open a KBank account and K PLUS account to send money directly to Myanmar anytime, anywhere.