Thailand’s Kasikorn Bank is setting up its China headquarters in Shenzhen, southern Guangdong province, to further strengthen its presence in the country and seize growing business opportunities brought about by the Belt and Road Initiative.
The China headquarters is an important step for Kasikorn Bank to expand its business in the Chinese market, said Banthoon Lamsam, chairman and chief executive officer of the bank.
Besides traditional financial business, the Thai bank will work with Chinese financial technology enterprises to build a digital banking platform to promote digital payments and set up a regional settlement center to carry out cross-border settlement of foreign currency in the Association of Southeast Asian Nations plus China, Japan and South Korea.
It will also provide investment consultancy services for enterprises in the region.
“The Chinese and Thai governments are making active efforts to synergize the Belt and Road Initiative and Thailand’s 4.0 strategy, especially between China’s pan-Pearl River Delta region and Thailand’s Eastern Economic Corridor. That will bring unprecedented opportunities for cross-border financial services,” Banthoon said.
The bank will further integrate its resources in China, Thailand, ASEAN and Asia to offer more services to Chinese, Thai and ASEAN enterprises in order to promote cross-border trade and investment in the region, he said.
Ai Xuefeng, deputy mayor of Shenzhen, said finance is one of the pillar industries of Shenzhen and the local government has introduced a number of policies to support the development of its finance industry, hoping to attract more foreign financial institutions to set up office in the city.
“With the implementation of the Belt and Road Initiative, more and more Shenzhen enterprises are entering Thailand and, more broadly, ASEAN markets. They need support from local financial institutions,” Ai said.
“As the only ASEAN bank with its China headquarters in Shenzhen, Kasikorn Bank will play an important role in supporting Shenzhen enterprises to go global and facilitate Thai and ASEAN enterprises to do business in Shenzhen.”
Founded in 1945, Kasikorn Bank is one of the four commercial banks in Thailand.