Thai Banks Expand Atm Networks To Neighbouring Countries

Thai banks expand ATM networks to neighbouring countries

BANGKOK: -- In a development step considered a breakthrough in the Thai banking sector, the kingdom's commercial banks are joining with their counterparts in neighbouring countries to form cross-border cash transaction service networks via automatic teller machines (ATM) for the first time.

Nine Thai commercial banks on Tuesday signed an agreement with seven Malaysian banks to form the cross-border ATM networks.

This enables their clients in either Thailand or Malaysia to withdraw, deposit or transfer cashes via about 16,000 ATMs--about 10,000 in Thailand and the rest in Malaysia.

The Thai commercial banks plan to clinch similar agreements with their counterparts in Singapore and Indonesia in the future, according to a media publicity announced here on Wednesday.

--TNA 2006-09-13