CIMB Thai seeks BOT approval for savings account service at 7-Elevens
CIMB Thai Bank is seeking approval from the Bank of Thailand for a system allowing people to open deposit accounts at 7-Eleven stores as the next step in its co-branding with Thai Smart Card Co, a payment subsidiary of CP All, the operator of 7-Eleven.
Adisorn Sermchaiwong, senior executive vice president and head of CIMBT’s retail banking group, said people who wanted to hold CIMB Thai Smart Point, the ATM co-brand between the bank and Thai Smart Card, were required to open an e-savings account without having a bankbook. But this is not convenient for some people, as CIMBT does not have many branches.
Therefore, at the first stage, the bank will set up booths near 7-Eleven outlets to serve shoppers who want to apply to use the ATM co-brand, he said.
"Next, we plan to open a service at 7-Eleven stores for opening savings accounts for customers who want to use the CIMB Thai Smart Point ATM card – if the BOT gives us approval," he said.
CIMBT was the first bank to launch an ATM co-brand with Smart Purse to ride the cashless trend, while Thai Smart Card is also looking for partner banks in providing a top-up service to Smart Purse cardholders.
CIMB Thai Smart Point ATM cardholders can top up their cards at CIMBT automated teller machines nationwide and through Internet banking, apart from top-ups at 7-Eleven stores.
Chalermchai Chatchaiganan, chief commercial officer and chief operations officer of Thai Smart Card, said that from the cooperation with bank, the company expected Smart Purse card users to becomes more active and their numbers grow. A total of 4.5 million of the cards are active and accounted for spending at 7-Eleven stores of Bt18 billion last year.
The economic slowdown has had an impact on spending via Smart Purse, but the company hopes this year’s spending will similar to last year’s.
