Date
17 August 2017
The partnership with Alibaba.com and Alipay will open new markets for Thai products, Kasikornbank says. Photo: HKEJ
The partnership with Alibaba.com and Alipay will open new markets for Thai products, Kasikornbank says. Photo: HKEJ

Kasikornbank touts benefits in tie-up with Alibaba.com, Alipay

A tie-up between Alibaba.com and Thai banking group Kasikornbank promises to help small and medium-sized enterprises (SMEs) in Thailand sell their products in the e-commerce marketplace.

Thai companies will also have another route to the huge Chinese consumer market thanks to an agreement with Alipay, a payment service provider affiliated to Alibaba.com parent Alibaba Group, Kasikornbank said in a statement Thursday.

An integration between the Alipay platform and Kasikornbank’s K-Payment Gateway will enable online cross-border transactions. 

The partnership will enable “our customers to access a broader global or domestic market at a limited cost, in industries ranging from agriculture, jewelry, textiles, wooden furniture, food and beverage, cosmetics and skincare”, said Kasikornbank chairman Banthoon Lamsam.

Under the agreement, Thai businesses can apply for Alibaba.com’s verified membership or gold supplier membership through Kasikornbank to gain buyers’ trust more easily.

China imported goods worth US$21.64 billion in the first seven months this year from Thailand, according to data from China Customs. 

“We are pleased to work with Kasikornbank to enable more Thai SMEs to experience the major advantages of e-commerce including high efficiency and low cost,” said Timothy Leung, head of business development at Alibaba.com.

Thai products are well-received by Chinese consumers for their exotic flavor and craftsmanship, Kasikornbank said.

The number of Chinese tourists visiting Thailand reached 4.7 million in 2013, accounting for 18 percent of the total number of visitors during the year, the bank said citing Thai tourism statistics.

The Kasikornbank-Alipay partnership will offer Thai merchants an effective channel to sell their products and services to Chinese consumers while Alipay customers can use a familiar system to make payment for purchases.

Liang Minjun, vice president of Alipay International, said he expects a “deeper collaboration” with Kasikornbank in the future.

–Contact the reporter at [email protected]

JL

Ayishah Ma is a financial reporter on Greater China issues.

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