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RETAIL BANKING | Staff Reporter, Thailand

Thailand's GSB expands deposit network

GSB aims to have a total of 226,000 top-up points.

Thailand's Government Savings Bank (GSB) is expecting to receive central bank approval from its plan to cooperate with three top-up machine service providers as it aims to have the largest deposit network in the country, reports Bangkok Post. 

The three providers, which have a combined 211,000 top-up machines nationwide under the brands Boonterm, TermsabuyPlus and Termde, will give GSB a total of 226,000 points to accept deposits, said president Chatchai Payuhanaveechai.

"We expect new client numbers will increase to 2 million a year in three years, with deposits estimated to increase by 5% or 100 billion baht a year over the same period," he said.

The bank expects customers to start depositing money through top-up providers from April 1. 

Apart from the three top-up machine operators, GSB recently appointed Thailand Post, TOT, TrueMoney, Central Department Store, and Counter Service as banking agents.

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