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KogoPAY And Siam Commercial Bank to improve cross-border QR Code Payments for British and European Tourists in Thailand

London, February 14, 2024 – KogoPAY, an award-winning fintech startup founded by the visionary Dr. Narisa Chauvidul-Aw, today announced an unprecedented Memorandum of Understanding (MOU) with Siam Commercial Bank (SCB) to deliver cutting-edge cross-border financial services.

Founded by Royal Charter on January 30, 1907, Siam Commercial Bank is Thailand’s inaugural bank with 117 years dedicated to delivering essential financial services. And with an unwavering commitment to best practices, including Environmental, Social, and Governance (ESG) principles, SCB has cultivated a rich tradition of collaboration with seasoned partners and experts.

The groundbreaking collaboration signifies an historic milestone for both KogoPAY and SCB, as they embark on providing cutting-edge QR code payment and ATM withdrawal services for the convenience of British and European tourists visiting Thailand including the unique PromptPay system. Introduced by the Central Bank of Thailand, PromptPay utilises a standardised QR code format which, in contrast with other systems, is uniformly adopted by all banks to effectively streamline the payment process for users across different banks.

With millions of British and European tourists visiting Thailand annually, travellers will now be able to use KogoPAY’s mobile wallet with Promptpay QR code payment functionality to easily make transactions especially in locations where conventional debit or credit cards may encounter limitations.

Dr. Chauvidul-Aw, Founder and CEO of KogoPAY, explained: “This partnership with Siam Commercial Bank marks a significant stride in enhancing the financial experience of travellers to Thailand while underscoring KogoPAY’s mission to consistently innovate and provide customers with more advanced cross-border financial services enabling us to offer a quick, convenient, and secure payment option.”

While signing the MOU Dr. Chauvidul-Aw also underscored the significance of the tourism sector in driving the Thai economy and said: “Having recently engaged with the Tourism Authority of Thailand, I understand that in 2023 Thailand welcomed over 33 million international tourists to the country, amongst those the UK ranked 7th with 1,242,577 tourists and Germany took 8th position with 1,091,109 tourists. This initiative underscores our commitment to align with the goals of Thailand’s Ministry of Tourism in attracting an increased number of international tourists to the country.”

Mr. Thanawatn Kittisuwan, First Executive Vice President and Head of Digital Juristic & Payment at Siam Commercial Bank, added: “In a borderless financial landscape, transactions have increasingly extended to a diverse clientele in new territories necessarily heightening the demand for a versatile and efficient money payment solution.

“Therefore, we take great pride in introducing this state-of-the-art financial solution through the KogoPAY application, which will be of enormous benefit to international tourists to our country.”

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