IRPC inks export credit insurance pact

 The IRPC Global Export Insured pact is expected to generate Bt1.5-Bt2 billion of transactions and will boost the bank’s total export credit insurance in 2012 to Bt35 billion.
 In case that a client can't make payments for IRPC goods, the bank promises to pay non-payment claims within 90 days from the scheduled payment date.
 “Risk of customer payment default will be reduced and this will allow the company to expand new marketing channels and new customers with more confidence,” said IRPC President Atikom Terbsiri.
 According to Predee Daochai, senior executive vice president of KBank, the insurance product has been developed from an agreement between KBank and Factors Chain International (FCI), a partnership of more than 250 leading commercial banks in 67 countries, which is a highly popular service provider among exporters and the international banking community. KBank is the only bank in Thailand that is a member of FCI and able to offer this service. The product will ensure exporters of business undertakings without concern of risks, and enhance their competitiveness in the international market.
 KBank as so far introduced a variety of financial innovations to IRPC, including the online document management service of plastic resin exports for IRPC, in order to save time and manpower, and reduce errors in document preparation.