Bangkok Bank connects with China’s fund transfer network

This is expected to reduce transaction times and costs for export-import businesses.

Bangkok Bank has received approval from China’s central bank to use the cross-border interbank payment system (CIPS), enabling direct transfers without intermediary banks.

With this, the bank can now facilitate direct international transactions in CNY via the CIPS, according to a statement posted on the bank’s website.

“This reduces transaction times, ensures faster payments for business partners, boosts business liquidity, and elevates operational efficiency,” said Pipat Assamongkol, Bangkok Bank executive vice president.

In 2024, China was Thailand's largest trading partner, with bilateral trade reaching nearly THB4.1t, according to Assamongkol. Of this, THB1.2t are exports from Thailand to China; about THB2.9t are imports from China to Thailand.

The CIPS connection is expected to reduce costs for import-export businesses.

Bangkok Bank is reportedly the first Thai bank to connect with China’s funds transfer network.