7-Eleven stores in Thailand to start offering banking services

The convenience store operator is aiming to be a commercial bank agent.

Convenience store 7-Eleven operator CP All is planning to expand the scope of its financial offerings to offer banking services in Thailand on behalf of commercial lenders following an amendment in central bank rules last March, reports Nikkei Asian Review.

"We are [waiting for] the bank to license us to be an agent," chief executive Tanin Buranamanit told the Nikkei Asian Review.

Also read: Thai bank loans up 4.7% in Q1 as SME lending strengthens

Under the revised guidelines, commercial banks can appoint juristic persons to act as representative and handle banking transactions.

However, this does not cover loan services and daily withdrawals would be limited to $600 (THB 200,000).

Under the partnership with the convenience store operator, Thai banks can get access to 7-Eleven's 10,000 locations across the city in an effort to offset a looming profit loss from their decision to waive digital fees.

Photo from Omio Asad - Own work, CC BY 3.0

Follow the link for more news on

7-Eleven

Also Read

Bangkok Bank logs net profit of $1.05b for 9M 2024

Banks face value creation challenge despite record revenues

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit