KASIKORNBANK Teams up with Alibaba.com and Alipay to Enable Thai SMEs to Enter the Global and China Markets through E-commerce
KASIKORNBANK, Thailand’s leading universal banking group, today announced a collaboration agreement with Alibaba.com (
www.alibaba.com), the leading platform for global wholesale trade, to help Thai SMEs looking for new customers to introduce their products to the e-commerce marketplace, hence increasing product exposure and export opportunities. KASIKORNBANK also reached an agreement with Alipay (
www.alipay.com), a related company of Alibaba.com’s parent company Alibaba Group and China’s largest third-party online payment service provider, to help Thai products enter the robust Chinese consumer market.
Banthoon Lamsam, Chairman of the Board of KASIKORNBANK, revealed that KASIKORNBANK is collaborating with Alibaba.com to help more Thai SMEs reach out to potential buyers from more than 240 countries and regions through Alibaba.com’s online platform. KASIKORNBANK has been committed to SMEs in Thailand for a number of years and this partnership with Alibaba.com will allow KASIKORNBANK customers to access a broader global or domestic market at a limited cost, in industries ranging from agriculture, jewelry, textiles, wooden furniture, food and beverage, cosmetics and skincare.
According to the agreement between KASIKORNBANK and Alibaba.com, Thai businesses can apply for Alibaba.com’s Verified Membership or Gold Supplier membership through KASIKORNBANK, to enjoy various privileges and services on Alibaba.com that will help them gain more business opportunities. Verified Members and Gold Suppliers on Alibaba.com must first pass an authentication and verification process conducted by Alibaba.com or a third party, which allows them to gain buyers’ trust more easily. Businesses applying for those memberships through KASIKORNBANK are entitled to participate in Alibaba.com’s online marketing training for free and enjoy promotion opportunities on the Thailand Channel on Alibaba.com (th.alibaba.com).
"In today’s fast-changing global economy, buyers are faced with shorter product cycles so their requirements also often have to be met instantly. Thai suppliers must adapt to this change in global sourcing in order to fulfill buyers’ demand promptly and stand firm in the competitive export market. We are pleased to work with KASIKORNBANK to enable more Thai SMEs to experience the major advantages of e-commerce – high efficiency and low cost," said Timothy Leung, Head of Business Development, Alibaba.com.
In addition, KASIKORNBANK announced that it has integrated its K-Payment Gateway with the payment system of Alipay to build an online cross-border payment receipt channel for corporate customers of KASIKORNBANK. In response to China’s domestic economic development and increasing interest in foreign goods, Alipay is committed to driving its international business to help foreign brands and retailers get easier access to the Chinese market, in addition to its online and mobile payment services within China. Currently, consumers from more than 200 countries and regions are able to purchase products from Chinese merchants using Alipay, and an increasing number of overseas merchants are leveraging Alipay’s cross-border payment solutions to sell their products and services to Chinese consumers.
With the number of Chinese tourists visiting Thailand reaching 4.7 million in 2013, accounting for 18% of the total number of visitors during the year, according to official tourism statistics, Thailand’s specialty products are well-received by Chinese consumers for their exotic flavor and craftsmanship. With the partnership between Alipay and KASIKORNBANK, Thai merchants can now access an effective channel to sell their products and services to Chinese consumers; meanwhile, Alipay’s individual Chinese users can make use of a payment method they are already familiar with to purchase different types of products from Thai merchants in the comfort of their own homes.
“KASIKORNBANK has been a pioneer of innovation in the commercial banking space of Thailand. Its acute sense of the market together with Alipay’s expertise in online payment will definitely help Thai merchants expand beyond their home market and offer Chinese consumers direct access to authentic Thai products. In the days to come, Alipay and KASIKORNBANK will explore ways to deepen our collaboration to create more businesses opportunities for Thai merchants and deliver a better user experience to Chinese consumers,” said Liang Minjun, Vice President of Alipay International.
Banthoon Lamsam added, “It is the first time a financial institution in Thailand has established cooperation with Alibaba.com and Alipay. The tie-ups are expected to create exciting opportunities for SME customers of KASIKORNBANK to enter the global market as well as access to the burgeoning Chinese consumer market.”
