Thailand Post considers becoming virtual banking agent

[webfact]

 

Thailand Post, the government-owned logistics firm, is examining the possibility of becoming a neutral virtual banking agent to supplement the functions of emerging virtual banks, according to Chief Executive Dhanant Subhadrabandhu. The national organisation plans to use its extensive network of 1,600 branches and a delivery workforce of 25,000 to support this initiative.

 

Serving as a neutral virtual bank agent presents a fresh business prospect for Thailand Post’s ongoing financial and retail operations, Dhanant stated. The company is slated to decide by June on its potential participation in the evolution of virtual banks, three months before the Bank of Thailand’s September cut-off for virtual bank applications.

 

Contrary to the primary digital nature of virtual banks, Thailand Post could simplify these operations by acting as a physical touchpoint via its branches and delivery personnel, Dhanant suggested. For instance, Thailand Post could assist unbanked individuals or migrant workers who are paid daily in cash to deposit their earnings through the virtual banking system. Delivery staff could introduce customers to a range of virtual bank services at their homes.

Thailand Post could offer associated services as a virtual bank agent across its 1,600 branches, Dhanant added. The company already functions as a banking agent for all banks, facilitating deposits and withdrawals using bank account passbooks at its postal branches.

Thailand Post is currently in discussions with several banks that could potentially transition into virtual banks to jointly investigate the feasibility of a proposed neutral banking agent partnership, according to Dhanant. The state-owned enterprise could also contemplate acquiring shares in a consortium planning to apply for a virtual bank licence.

 

Dhanant confirmed that discussions have been held with several major commercial banks as well as non-bank companies that operate diverse businesses through a retail consumer base. However, these discussions have not yet concluded.

 

Migrant workers

 

Thailand Post believes it could assist lenders with several operations.

 

“Apart from Thais, one target group for virtual bank service is migrant workers who do not receive a pay slip from their employer.”

 

This latest strategy aligns with Thailand Post’s core goal to transition from last-mile delivery to a first-mile service, striving to be recognised by Thais for its services and trusted for its quality, Dhanant stated.

 

Thailand Post recently set a bold profit target for this year of 350 million baht, a significant increase from last year’s 78 million. Last year marked the first time in three years that the state enterprise recorded a net profit, reported Bangkok Post.

 

by Alex Morgan

Picture courtesy of spacebar.th

 

Source: The Thaiger 2024-04-19

 

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[ikke1959]

OMG they are not able to deliver the post normally...I would not trust Thailand Post for a dime

[hotchilli]

No thanks I'll stick with who I trust

[herfiehandbag]

Get delivering letters right first!

[mikebell]

The last three dealings with Thai Post:

1  I sent a very important letter (about my pensions); paid a lady; got sticker; noted the place closed down three days after; letter never arrived.

2 Awaited Car Insurance policy which had to be 'signed' for.  Tracking number showed the letter never moved for over six days; then two more days.  Insurance agent phoned a number of times on my behalf.  It took 14 days to travel 140 kilometres = 10 kms a day which I could probably manage on foot even at my age.  It eventually appeared, quietly dropped in my mail box; unsigned for after days of not daring to go shopping.

3 Previous year the delivery lady 'lost' the the packaged policy and I went a year with only a downloaded copy.

[brianthainess]

Maybe they could consider delivering my mail more than once every 3+ months. I wouldn't trust them with a 3b stamp.

[brianthainess]

I did a test once at my last house, 6 weeks to deliver a self addressed envelope/letter from the mail box directly outside the post office just 12 kilometers away. 3.5 kilometers a day about 0.44 kilometers an hour. 

[Red Phoenix]

I only have very positive experiences with ThaiPost. 

Very customer friendly and efficient service staff wherever I make use of them. 

And when sending packages, they as good as always arrive next day or day after (even when sent from Bangkok to my address in the sticks). 

Banking and immigration are dreadful but In my experience ThaiPost is one of the only Thai service organizations that deserves praise, and I have used them at least 20 times already always with same excellent service/performance.  Am I just lucky? 

[NE1]

On 4/19/2024 at 12:15 PM, brianthainess said:

I did a test once at my last house, 6 weeks to deliver a self addressed envelope/letter from the mail box directly outside the post office just 12 kilometers away. 3.5 kilometers a day about 0.44 kilometers an hour. 

I thought about doing that with the post box outside my house.

In all the years I have been living hear , I have never seen a postie open it once.

[NoshowJones]

On 4/19/2024 at 6:37 AM, hotchilli said:

No thanks I'll stick with who I trust

In financial terms is there anyone you can trust in Thailand?

[george]

Always send, and request, to be sent with EMS. I've been here since 1986 and never lost an EMS or package.

Registered letters always works for me as well. Both domestic and international.

[Lee65]

Another word in praise of Thailand Post.  Been very impressed with their service.  

[george]

44 minutes ago, Lee65 said:

Another word in praise of Thailand Post.  Been very impressed with their service.  

 

And they are cheap!