Krungsri takes lead in ASEAN cross-border services, unveils QR Payment between Thailand and Hong Kong

Krungsri (Bank of Ayudhya PLC), a member of Mitsubishi UFJ Financial Group (MUFG), one of the world's largest financial institutions, has reinforced its leadership in the ASEAN region by extending its network connectivity throughout the Asia-Pacific region through the introduction of cross-border QR payments, an international payment solution. This solution is designed to streamline cross-border transactions, while also enhancing convenience and ensuring heightened safety. Travelers will also benefit from better exchange rates when making payments between Thailand and the special administrative region of Hong Kong by scanning QR codes through the KMA krungsri app, effective from today.

This success reaffirms Krungsri's dedication, as outlined in the Medium-Term Business Plan (MTBP) 2021-2023, to become the Preferred Thai Bank Connecting Customers' Needs across the region by delivering innovation and solutions that make customers' lives simple every day.

Mr. Pairote Cheunkrut, Krungsri Chief Strategy Officer, said, "This innovative international payment service via QR code is a pivotal part of a collaborative initiative that fosters financial integration by connecting retail cross-border payments from the Bank of Thailand (BOT) with other central banks in the region. Krungsri is committed to continuous innovation as we strive to provide financial services that bring tangible benefits to the daily lives of our retail, business and corporate customers across the region. The launch of QR code payments between Thailand and Hong Kong, in collaboration between the Bank of Thailand and the Hong Kong Monetary Authority (HKMA), marks a significant milestone for Krungsri. As a leading bank in Thailand, our involvement in co-developing the project showcases our dedication to delivering trusted financial services and underscores our capability to connect customers throughout the region. This is achieved by harnessing the expertise and extensive global network of our parent company, MUFG, further reinforcing our commitment to connectivity and excellence in financial services."

The QR code cross-border payment service between Thailand and Hong Kong via KMA krungsri app is another financial services innovation from Krungsri that supports the ongoing changes in digital payments and enhances the transaction experience to be more convenient, fast, and secure with 24-hour real-time payments. The solution provides a real-time exchange rate which is lower than a credit card, allowing tourists and entrepreneurs from both countries to carry less cash when travelling. Travelers from Thailand and Hong Kong can make payments by using mobile payment applications to scan the FPS QR code (Hong Kong) and Thai PromptPay QR Code (Thailand) displayed at the merchant point of sale.

Krungsri offers services that link international payment networks across the ASEAN and Asia Pacific regions. Customers can conveniently scan QR codes through the KMA krungsri app to pay for goods and services, and the app supports QR code scanning at merchants overseas or allows users to display MyPromptQR for in-store scanning. The service being launched in Hong Kong has already been introduced in six countries namely Japan, Cambodia, Indonesia, Malaysia, Singapore, and Vietnam.

"This announcement underscores Krungsri's pivotal role in supporting national policies to propel Thailand's digital economy forward. It marks the successful accomplishment of yet another objective in the concluding phase of our Medium-Term Business Plan (MTBP) 2021-2023, paving the way for the new chapter of challenges. Krungsri stands prepared to support and drive Thailand and the region's financial landscape and digital economy to unprecedented levels, ensuring stability and sustainability in the process." Mr. Pairote added.