News & Announcement
Krungthai Gold Wallet on Pao Tang met with enthusiastic response with over 12,000 investors joined and over 500 million Baht gold traded
Updated Date 5 Nov 2021
Krungthai Bank is delighted at the success of Krungthai Gold Wallet in offering gold trading with MTS Gold Mae Thongsuk via Pao Tang mobile application, which is the first time in Thailand that an end-to-end gold trading service is offered on an all online platform. Over 12,000 accounts have been created, generating over 500 million Baht in trading volume. This proves that Krungthai Gold Wallet fits well in new investment trends. It allows investment in gold 99.99% provided by gold bullion traders. Making transactions via the wallet is instant, simple, fast and incurs no fees. Funds are directly deducted and added to investors’ accounts right after trading.
Rawin Boonyanusasna, Senior Executive Vice President, Head of Global Markets Group at Krungthai Bank, said that Krungthai has successfully launched Krungthai Gold Wallet, the first end-to-end online gold trading platform in Thailand, on Pao Tang mobile application, a Thailand open digital platform developed by Infinitas by Krungthai. Since the launch, it has gained much interest from investors; over 12,000 people have opened a gold wallet account in Pao Tang and generated over 500 million Baht in trading volume.
“Krungthai Gold Wallet is another showcase of our success in developing products and services that meet investor needs. It has revolutionized Thailand’s gold trading industry, making trading available for investors at their fingertips so they can enjoy faster, safer and more convenient gold trading than ever before. The minimum investment is only 0.1 ounce or approximately 6,000 Baht (referencing exchange rate and gold price at the time of transaction). Investors can trade in US Dollars at the price referenced against global market prices. 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 bank will continue innovating investment products and services to cover a wider range of assets and meet the needs of all groups of investors, as well as offering them on an easily-accessible platform that fits well in new investment trends,” Rawin said.
When investors purchase gold, it will be automatically added to the 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.
Marketing Strategy Team
5 November 2021
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