In a bid to solidify its digital banking leadership even further, Siam Commercial Bank (SCB) recently announced a business partnership with Korean Fintech startup "FinShot", a leading comprehensive financial service provider and the owner of the “CoinShot” application. Coinshot offers easy, convenient, fast, and safe real-time money transfers from South Korea to recipients in Thailand with a lower service fee. Customers are able to easily conduct transactions by themselves, 24 hours a day, with SCB serving as a center for real-time distribution of funds into the beneficiary's bank account in Thailand. Customers can also track transfer status through the application. The new collaboration will help support the growth of global financial transactions.
In revealing the new partnership, Siam Commercial Bank GTS and Ecosystems Function Executive Vice President Mr. Thanawatn Kittisuwan, said, “The arrival of digital technology is an important factor rapidly changing consumer behavior across the world. Supporting customers and encouraging them to conduct their financial transactions through this digital channel will not only offer them greater convenience, but also help reduce the risks posed by COVID-19. SCB is determined to quickly adapt and transform its financial services by embracing technological capabilities to develop new financial solutions, increasing its potential and expanding the scope of services it can offer. SCB foresees the demand for international financial transactions continuing to increase. We have therefore partnered with Korean Fintech startup company “FinShot”, the owner of the “CoinShot” application, to offer real-time money transfer services from South Korea to recipients in Thailand. The service will provide a convenient, fast, and secure solution for customers, without any need to visit a branch counter. Featuring cheaper fees and higher transfer limits, customers will be able to easily conduct transactions 24 hours a day. SCB will serve as a center for distributing real-time remittances to bank accounts in Thailand. This mutual cooperation is expected to bring a seamless cross-border remittance experience to customers. It also makes things easier for Thai users living abroad by enabling them to transfer money back to Thailand easily and in a timely manner. This move fits well with today’s business demands.”
Mr. Park Norman, CEO of FinShot, said “We are delighted to partner with Siam Commercial Bank, one of Thailand’s leading banks. I'm glad that CoinShot has been a part of the solutions helping foreigners residing in South Korea access the Korean financial system more conveniently. Overcoming language barriers and domestic financial systems may seem complicated to foreigners, so we are committed to developing new financial technologies and innovations to support the rapidly growing number of foreigners in Korea, as well as meeting the growing demand for international transactions. In the future, FinShot plans to partner with other leading companies and financial institutions across the globe to extend financial services between South Korea and the world. We strive to be part of the bridge that will drive the development of South Korea to become an economic powerhouse in Asia alongside strategic government policies.”