Thailand: Commercial customers see upgrade

• Apr 28, 2020

Banks have made a push for greater adoption of digital banking channels, offering more services to improve convenience for commercial customers amid social distancing to contain the pandemic.

Kasikornbank (KBank) emerged as the country’s first bank to offer e-payment for tax invoices and tax receipts on a digital platform, said senior executive vice-president Silawat Santivisat. The bank joined hands with the Electronic Transactions Development Agency (ETDA) and the Revenue Department to develop the service.

KBank, the country’s largest lender by assets and biggest mobile banking service provider, passed ETDA’s standards assessment and received a licence from the Revenue Department for e-tax invoices and receipt services for businesses and organisations via the tax-collecting agency’s system.

These services will help entrepreneurs meet all their cash management needs, spanning from payment to taxation, and allow them to issue e-tax invoices and e-tax receipts that meet the Revenue Department’s standards faster, he said.

The system helps business owners reduce problems related to managing data or paper documents.

Such services help save time and expenses associated with the submission of documents, and support electronic transactions. System data can be processed for the benefit of the organisation, thus enhancing reliability and fulfilment of legal obligations regarding electronic data, said Mr Silawat.

TMB Bank has launched digital invoice and online payment services to offer more convenience, speed and security for business operators on the digital platform.

The digital services support the government’s social distancing policy amid the pandemic because it can reduce banknote usage and physical contact, lowering the chance of catching the virus, said Kanokwan Phetpisitchot, TMB’s head of products for commercial digital innovation.

The digital service allows business operators to receive a high volume of payment transactions from individual customers, particularly from schools, hospitals, juristic persons of condominiums, businesses related to member fee collection and those with sales staff and dealers.

Data on the digital platform should benefit business operators in terms of data analysis, improving business operations, and offering more business opportunity, she said.

Source: https://www.bangkokpost.com/business/1908855/commercial-customers-see-upgrade