RETAIL BANKING | Staff Reporter, Thailand

7-Eleven stores in Thailand to start offering banking services

The convenience store operator is aiming to be a commercial bank agent.

Convenience store 7-Eleven operator CP All is planning to expand the scope of its financial offerings to offer banking services in Thailand on behalf of commercial lenders following an amendment in central bank rules last March, reports Nikkei Asian Review.

"We are [waiting for] the bank to license us to be an agent," chief executive Tanin Buranamanit told the Nikkei Asian Review.

Also read: Thai bank loans up 4.7% in Q1 as SME lending strengthens

Under the revised guidelines, commercial banks can appoint juristic persons to act as representative and handle banking transactions.

However, this does not cover loan services and daily withdrawals would be limited to $600 (THB 200,000).

Under the partnership with the convenience store operator, Thai banks can get access to 7-Eleven's 10,000 locations across the city in an effort to offset a looming profit loss from their decision to waive digital fees. 

Photo from Omio Asad - Own work, CC BY 3.0

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