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Employee exchange programme of KBank and Kanbawza Bank of Myanmar
The emphasis is on import-export transactions via the financial system and the support of cross-border payment transactions via the Mae Sot Boarder Business Center, which is to rise to around 200 million THB. Mr. Kittichart Potithat, First Vice President for World Business Strategy and Marketing Management Department, KBank, said the banks has always attached importance to the Myanmar local markets in view of the large scale of frontier trading with Thailand.
The KBank Boarder Trading in Mae Sot, Tak, was founded with the goal of supporting foreign and domestic companies in the area. So far, the Mae Sot Centre has provided loans of more than 150 million THB to companies for investments in Myanmar, closed 10 best-practice cases of commercial match and organised various workshops to exchange information on commerce and investments to foster commercial and finance operations between the two states.
Recently, KBank extended its collaboration with KBZ Bank by transferring KBZ Bank employees to the Myawaddy office of KBZ Bank and recruiting KBZ Bank employees to the Mae Sot one year. The aim of this collaboration is to provide KBank with in-depth knowledge of the Myanmar bank's model and rules, as well as the use of Myanmar's consumers' retail finance in Myanmar.
In addition, as part of this personnel exchange programme, KBank employees can provide advice to Myanmar businessmen on the implementation of financing operations in Thailand so that both Thailand and Myanmar businessmen can carry out frontier trading operations with ease. Thailand's SME's still need help to learn more about Myanmar's bank system and trusted ways to find Myanmar's counterparts, while Myanmar SME's want to use Thailand's banks' finance and service offerings but are hampered by communication obstacles.
It is therefore to be expected that this co-operation will help to improve awareness and comprehension of each country's finance and cross-border trading operations. By 2018, as always, the KBank will provide a finance mechanism to assist cross-border trading, with a focus on cross-border payments. In addition, KBank will place greater focus on cross-border payment traffic in order to encourage the processing of import-export payments via a regular bank system, as almost 100 per cent of these operations are now processed via an unregulated system.
The KBank aims to raise cross-border transfers of cash to Myanmar via the KBank Mae Sot office's Boeing Banking Board Business Center to around 200 million THB by 2018. Besides cross-border trading, KBank has always focused on companies in Myanmar. The KBank and KBZ Bank have also collaborated to develop cross-border payments by providing domestic cash transfers and the Myanmar Worker Remittance System to allow Myanmar employees in Thailand who have a KBZ bank profile to send cash back to Myanmar just by checking the bar code of their Myanmar Remit Card at KBank ATMs.
In addition, KBank and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) are organizing the SME Capacitance Building Program to strengthen the capacities of SME companies in Myanmar. Aim of the course is to provide them with information about the operation of the company and in-house work procedures in order to pave the way for their growth and the compilation of accounts in accordance with the relevant global lending practice.
To date, more than 600 Myanmar businessmen have taken part in the workshop. It will also take place this year to strengthen Myanmar's businessmen in the midst of thriving cross-border businesses and investments.