HSBC launches mobile collections service in Thailand
HSBC and payments firm 2C2P have unveiled an integrated omni-channel collections service in Thailand.
The new solution allows corporates in the country to collect payments from customers via credit cards, bank transfers, e-wallets and cash.
“Thailand’s mobile social media penetration ranks as top ten in the world”
Ai Chen Lim, head of global liquidity and cash management for Thailand at HSBC, says the launch follows a “successful” roll-out in China – and “as a reference, Thailand’s mobile social media penetration ranks as top ten in the world”.
The service offers one direct interface and the bank says retailers in Thailand get one consolidated collections report, which helps “simplify their reconciliation process”.
According to HSBC, Thailand is the second-largest economy in ASEAN, and is one of the fastest growing markets for digital payments adoption.
As of June 2018, Thailand’s mobile banking users were 37.9 million, rising 44% year-on-year, with a total mobile banking transactions of 203 million or 123% growth.
HSBC adds that it is globally investing $2.1 billion in digital transformation in retail banking and wealth management, commercial banking, and global banking and markets from 2015 to 2020,
The bank is also on the steering committee of the Bank of Thailand’s Central Bank Digital Currency initiative known as Project Inthanon.
HSBC was established as the “first commercial bank” in Thailand in 1888.
Singapore-headquartered 2C2P enables payment acceptance through credit and debit cards, ATMs, internet banking and mobile banking. It was founded in 2003.
In our Banking Technology Awards 2018, HSBC and Tradeshift were “highly commended” in the Best Fintech Partnership category.
