Danamon joins hand with Krungsri to bridge real-time International transfer between Indonesia and Thailand

Press Release / 27 April 2022

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Jakarta (27 April 2022) – PT Bank Danamon Indonesia, Tbk (Danamon) and Krungsri (Bank of Ayudhya PCL) the fifth largest financial group in Thailand, jointly launch a real-time International transfer. The service serves as a booster for trade and direct investments between Indonesia and Thailand as well as connects customers’ needs across ASEAN with limitless solutions on the digital platform.

Mr. Andrew, Bank Danamon Head of Transaction Banking said “As members of MUFG network, we strongly believe that connecting and synergizing between partner banks will bring MUFG Group into a stronger position in South East Asia region. Digitalization will be our first out of many other initiatives to provide faster cross border payment between Danamon and Krungsri. Through Application Programming Interface (API) for Remittance services, we are able to provide a faster, better & cheaper remittance services to our customers which ultimately will improve the business transaction & economy recovery post pandemic time between Indonesia & Thailand”.

Mrs. Yingluk Kongkasai, Krungsri Head of Transactions Banking said “The collaboration between Krungsri and Danamon, both being members of MUFG network, marks another synergized capability to serve as a springboard for our customers across ASEAN in alignment with our medium-term business plan (MTBP). Leveraging our direct network integration via Application Programming Interface (API) technology between two banks, we achieved an enhanced flexibility and convenience of business transactions between Thailand and Indonesia. The solution therefore expands business opportunities for our customers and elevates end users' experience as well as reinforces Krungsri’s position as one of the digital and innovative financial institutions with advanced solutions for all customers’ needs.”

The collaboration is a part of MUFG’s the peer-to-peer (P2P) settlement network. Danamon  leverages the strength of MUFG and its network, which boosts the synergy between Danamon and Krungsri to mutually deliver a faster and low-cost financial solution to customers. Danamon is well prepared for future collaborative projects with members of MUFG in the future.