BANGKOK,(NNT) – To aid Thai investors doing business abroad, Kasikorn Bank has become the first bank to accommodate transactions in all the currencies of the ASEAN+3 grouping.
Kasikorn Bank Vice President Silawat Santiwisad pointed out that trade between Thailand and the ASEAN+3 group, which includes China, Japan and South Korea totaled up to 66 trillion baht last year. The figure has prompted the bank to develop a system allowing financial activities without the need for currency exchange.
From now on, all Kasikorn Bank offices throughout ASEAN and its three partners will accommodate financial transactions in any of the grouping’s currencies. The move is in line with government policy for Thai investors to accept other regional currencies as a way to avoid issues arising from currency fluctuations and the uncertainty of the US dollar.
It is expected the bank will handle up to 280 billion baht worth of transactions in various currencies this year.