Thailand 7-Elevens to offer banking services

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Thailand 7-Elevens to offer banking services

Post by buksida » Thu Feb 22, 2018 7:28 am

In the past year alone, 7-Eleven has wooed consumers with cashless payments and wowed them with draft beer machines – though the latter was killed before the foam settled.

Coming soon to the ubiquitous convenience store chain that millions rely on for midnight snacks, utility payments and caffeine doses? Cash deposits and withdrawals, say regulators. It’s a move an economist described as the natural next step in the evolution of financial services as banks scale down branches and personnel.

Word that 7-Eleven could start offering banking services surfaced a week ago when senior Bank of Thailand official Daranee Saeju said an upcoming regulatory change would clear the way for the convenience stores to launch deposit and withdrawal services.

That happened Tuesday with an arcane rule change enacted by the central bank. The Bank of Thailand announced it would authorize commercial banks to assign private companies – like 7-Eleven franchises – to provide services on their behalf.

The new rule, which goes into effect next month, would allow 7-Eleven to operate as an authorized banking agent. Finance Ministry Secretary Somchai Sajjapongse said allowing 7-Eleven to get into banking would expand access to financial services.

He said any businesses that wish to apply for banking agent licenses would have to comply with relevant banking conditions and regulations.

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Re: Thailand 7-Elevens to offer banking services

Post by HHTel » Thu Feb 22, 2018 8:17 am

Assigning 7-Elevens as banking agents will reduce the need to maintain branches or transport money to remote locations such as small islands, but he questioned the wisdom of adding a service that is already met by the ATMs outside nearly every 7-Eleven store.

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Re: Thailand 7-Elevens to offer banking services

Post by oakdale160 » Thu Feb 22, 2018 8:43 am

a six pack of beers, a bag of crisps and while Im here can I re-mortgage my house please.

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