News & Announcement
“Krungthai-MTS Gold” set to revolutionize investment with a commission-free, end-to-end gold trading platform in Pao Tang
Updated Date 8 Oct 2021
Krungthai Bank is set to revolutionize gold trading by introducing Thailand’s first end-to-end gold trading platform “Krungthai Gold Wallet” on its Thailand Open Digital Platform, Pao Tang mobile application. Investors will be able to conveniently and securely trade gold at the global market prices without incurring any commission fee. The US Dollar-denominated trade is real-time and the fund is directly debited and credited to investors’ accounts. The bank also offers a special currency exchange rate. The Krungthai Gold Wallet will be pioneered by MTS Gold Mae Thongsuk; trading will be available from 25 October onwards.
Rawin Boonyanusasna, Senior Executive Vice President, Head of Global Markets Group at Krungthai Bank, stated that Krungthai Bank has been continuously developing investment innovations in order to cover a wider range of assets to meet investors’ demand, and make investment platform easily accessible and aligned with the trend of online investment. Pao Tang mobile application, the Thailand Open Digital Platform developed by Infinitas by Krungthai, is an open platform that welcomes all users, regardless of being Krungthai’s customers or not, and all partners to co-develop products and services that meet consumer demand.
The latest development is “Krungthai Gold Wallet” in Pao Tang mobile application which will allow general investors to invest in gold 99.99% provided by one of the country’s leading gold bullion traders. The platform offers an end-to-end online gold trading service, starting from opening an account, depositing money into the account, exchanging the money, buying and selling gold, all this without having to physically visit a bank branch or retail gold shop, making it suitable for investment in new normal lifestyle and relieving the investors’ burden of keeping the gold bars safe.
“Krungthai Gold Wallet will disrupt traditional gold investment in Thailand. Investors will be able to trade gold anytime and anywhere literally at their fingertips. The platform is highly convenient, fast and secure. Minimum investment is only 0.1 ounce or approximately 6,000 Baht (referencing exchange rate and gold price as at 7 October 2021). Trading is available Monday - Friday (excluding public holidays) between 07.00 - 02.00 hrs so investors can trade during the opening hours of foreign markets and would not miss any chance arising from changes in gold prices in the global markets. The price used in trading is referenced against global market prices in US Dollars to reduce the risk of currency fluctuation,” said Rawin.
The first gold trading service via Krungthai Gold Wallet, in collaboration with MTS Gold Mae Thongsuk which is one of the country’s leaders in gold trading, is starting from 25 October 2021 onwards. When investors purchase gold, it will be automatically added to MTS Gold’s wallet and they will receive the money in their accounts in real-time when they sell gold. The platform incurs no fees or charges. Investors can make profit from trading gold at global market prices in US Dollars using their US Dollar bank accounts without having to exchange the money to Thai Baht every time. Krungthai Bank also offers Thailand’s first fully electronic foreign currency deposit account (eFCD) which can be opened online any time of the day, 7 days a week with no fee and no minimum balance requirement. The exchange rate offered for the eFCD accounts is also better than the counter rate; this service is built upon the success of Krungthai Travel Card, which was the first product of its kind in Thailand.
Nattapong Hirunyasiri, chief executive of MTS Gold Group, stated that gold is appealing as an investment and it has been a popular investment alternative for years both in Thailand and other countries. MTS Gold Mae Thongsuk is delighted to join hands with Krungthai Bank to develop and offer an easy, fast and secure investment channel. With MTS Gold’s long experience in gold trading and investment, including gold online, gold futures and COMEX gold market, the group is widely recognized both in Thailand and internationally. It also holds a license issued by the Bank of Thailand to offer US Dollar-denominated gold trading services. It believes that connecting to Pao Tang mobile application would lead to the advancement and success of Thailand’s gold industry as it diversifies trading channels and offers more convenience in making gold-related transactions to investors nationwide.
Alisara Mahasantana, Assistant Governor for Financial Markets Operations Group, Bank of Thailand, said that the Bank of Thailand is currently developing a new FX ecosystem and one of the main objectives is to allow Thai people to invest more easily in foreign assets. The Bank of Thailand has relaxed regulations to allow domestic trading of foreign assets and gold in US Dollars as well as allowing Thai people to open FCD accounts, buy and sell foreign currencies and freely transfer foreign currencies between FCD accounts. Therefore, the development of a US Dollar-denominated gold trading platform and the launch of Thailand’s first eFCD would make the online investment service end-to-end and facilitate the investment in foreign assets and the management of foreign currency funds. It will also help to reduce currency fluctuation risk and diversify investment options in foreign assets, which aligns with Bank of Thailand’s long-term goal of developing a new FX ecosystem.
Marketing Strategy Team
8 October 2021
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