Mitihoon – Siam Commercial Bank (SCB) has elevated its RMB Outward Remittance for business clients engaged in trade with partners in China and other countries worldwide through the Cross-Border Interbank Payment System (CIPS) The system enables recipients to receive payments quickly and conveniently, enhancing trade and investment agility. It reflects SCB’s customer-centric approach and supports businesses in managing costs more efficiently.
Mr. Thanawatn Kittisuwan, First Executive Vice President, Head of the Digital Business and Payment Solutions Function at SCB, revealed that the bank recently signed a cooperation agreement with Bank of China (Thai) to utilize the (Cross-border Innovative Service Device -CISD), connecting to the CIPS network. This initiative responds to the growing demand for yuan-denominated transfers among SCB’s corporate clients with Chinese trade partners.
SCB recognizes the increasing potential of Thai-Chinese business transactions. China has consistently been Thailand’s top trading partner, and in the first five months of this year, Chinese exports to ASEAN rose by 16.8%, with exports to Thailand showing the highest growth in the region at 27.9%. This surge has led to a corresponding increase in yuan transactions. Direct and efficient yuan transfers are therefore a key enabler of bilateral trade and investment, helping businesses optimize cost management. SCB will begin offering yuan transfer services via CIPS within September 2025.
CIPS is a payment system authorized by the People’s Bank of China to facilitate international RMB clearing and settlement services for participating banks around the world, making cross-border payments easier and promoting broader use of the RMB. The agreement with Bank of China (Thai), a specialist in CIPS and CISD services, marks the first launch of CISD in Southeast Asia by the Bank of China Group.
“The participation of SCB strengthens Thailand’s role in regional financial integration and expands our client base engaged in Chinese trade. It reflects our commitment to leveraging technology to drive customer-centric business solutions and build a financial ecosystem that better serves our target clients,” Mr. Kittisuwan added.
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