KogoPAY partners with Siam Commercial Bank

Wednesday 14 February 2024 14:50 CET | News

Fintech startup KogoPAY has announced a Memorandum of Understanding (MoU) with Siam Commercial Bank

(SCB), aiming to deliver improved cross-border financial services. 

With its operations based in Thailand, Siam Commercial Bank is committed to providing essential financial services, while maintaining best practices, including Environmental, Social, and Governance (ESG) principles. As per the information detailed in the press release, the collaboration between KogoPAY and Siam Commercial Bank focuses on offering QR code payment and ATM withdrawal services that support the convenience of British and European tourists visiting Thailand. The partnership also supports the use of the PromptPay system, which was introduced by the Central Bank of Thailand and leverages a standardised QR code format that is adopted by all banks to effectively simplify the payment process for users across different financial institutions.

Fintech startup KogoPAY has announced a Memorandum of Understanding (MoU) with Siam Commercial Bank (SCB), aiming to delivering improved cross-border financial services.

KogoPAY – Siam Commercial Bank collaboration objectives

Considering the number of British and European tourists visiting Thailand annually, KogoPAY and SCB intend to allow them to use the former’s mobile wallet and PromptPay QR code payment functionality to make transactions in locations where conventional debit or credit cards may face limitations. According to KogoPAY’s officials, the collaboration with SCB supports the improvement of the financial experience for individuals travelling to Thailand while underlining the company’s commitment to provide customers with more advanced cross-border financial services. KogoPAY aims to offer efficient, convenient, and secure payment options, while assisting the development of the financial sector of the region.

Furthermore, the tourism sector represents has a significant importance in the Thai economy, with 2023 seeing over 33 million international tourists in the country. The initiative to collaborate with Siam Commercial Bank underscores KogoPAY’s allegiance to align with the objectives of Thailand’s Ministry of Tourism in attracting an increased number of international tourists to the country. Representatives from SCB highlighted that, in a borderless financial landscape, transactions expanded to a varied client base in additional territories necessarily increasing the demand for a versatile and efficient money payment solution. By introducing the financial solution through the KogoPAY application, SCB aims to support international tourists’ convenience in conducting payments in Thailand, while driving the growth of tourism and economy.

KogoPAY’s capabilities

As a fintech startup with its operations based in the UK, KogoPAY provides virtual IBANs account in GBP and EUR, as well as mobile wallets in different currencies. The company’s initial wallet and account are already functional for fiat-to-fiat transactions, however, as digital currencies become more common, it intends to also introduce in the wallet a crypto-to-fiat and fiat-to-crypto payments. One of KogoPAY’s objectives is to advance financial inclusion, ensuring that individuals and communities have access to financial services. The company focuses on providing affordable services, especially to underserved and marginalised populations, while leveraging technology to expand solutions to remote and underserved regions. KogoPAY also supports the promotion of gender equality by ensuring equal access to financial services for all genders.

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Keywords: cross-border payments, cross-border ecommerce, online payments, mobile payments, travel payments, QR payments
Categories: Payments & Commerce
Companies: KogoPay, Siam Commercial Bank
Countries: Thailand
This article is part of category

Payments & Commerce



Siam Commercial Bank

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