Deutsche Bank expects Thai finance and banking sectors to see robust growth

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The bank has introduced a new payment platform through 2C2P, Southeast Asia’s leading payment platform, to help its corporate customers in Thailand.

Its corporate clients now find it easy and simple to raise funds through a range of online banking and non-banking channels, such as mobile payments.

DB also recently launched PromptPay instant payments for its customers in
in Thailand, combining this with API technology. The technology allows customers to seamlessly integrate payments into their business and treasury processes.

The bank expects cross-border services to continue to expand, with increased banking activity in local and international transactions from Thailand to other overseas markets, higher payment volumes and increased hedging activity. These underpin Thailand’s high potential growth, von zur Muehlen said.

“We are deeply connected to local markets in the region,” he said.

“When many foreign banks talk about Asia, they are actually talking about China. But we are really talking about Asia and our large footprint across the region. ASEAN markets are critical to us because long-standing economic relations,” he said.

“Our business in Thailand is very balanced in terms of business around banking and offering core finance products, and we are committed to growing that,” he told The Nation.

Muehlen said hedging activity is ramping up and looking positive this year. DB has had more customer requests for expanding overseas support.

“We have been in the Thai market for almost 44 years now. When the financial crisis hit the region, several foreign banks withdrew. Deutsche Bank remained in the region during the crisis,” he said, adding: “We are proud to have been locally based for so long.”

Country Director Pimolpa Suntichok said Deutsche Bank expects total revenue growth in the country of 10-15% for 2022, witnessing growth in the number of non-resident and local Thai customers.

“In Thailand, about two-thirds of our business comes from multinational companies, but over the past year we have seen very strong volume growth with local Thai companies as we support them, especially with increasing demands around growing overseas investment activity,” she said.

Regarding the evolution of the Thai financial and banking scene, as digital assets increasingly come into play, Pimolpa said the local market is adapting quickly, as is the regulatory landscape, including taxes. related.

Thailand’s economy is expected to recover from last year. However, there are no signs that it will reach pre-Covid levels.

Economic growth in 2022 is expected to be 3.0-3.5%, down from 0.8 last year and -6.1 in 2020, according to a recent report by the Thai Development Research Institute.

“Economic growth this year will be driven by a recovery in business activity and purchasing power, provided there are no prolonged pandemic-related shutdowns,” the report added.

Pimolpa Suntichok, Country Director of Deutsche Bank

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