“Bank employees” fear they might not have a job anymore since Bank of Thailand approves “7-11” as a banking agent

“Bank employees” fear they might not have a job anymore since Bank of Thailand approves “7-11” as a banking agent

Bank of Thailand is preparing to make grocery and convenience stores like 7-11 banking agents, to provide financial services in the future and expand financial transactions such as receiving, depositing and withdrawing money. Now the requirements for becoming a banking agent are being prepared to be announced. On February 16th, 2018, Ms. Daranee Saeju, the senior director of Strategic Financial Institutions of Bank of Thailand revealed that there will be an official announcement of the requirements as soon as Mr. Wiratai Santhipraphob signs his name.

Anyhow, banking agents will expand the ways for people to have access to financial transaction services through grocery and convenience stores like 7-11. Stores that will be approved as banking agents must have good security system because of the associated high risks. For choosing banking agents, Bank of Thailand will look at the business plan of each agent.

Anyway, “Reporters” have noted that when the announcement of these requirements is out, it will be interesting to see whether all other commercial banks will provide their financial services conforming to the policy of Bank of Thailand.

To date, there is no official announcement from any commercial bank. However, we will have to keep an eye on whether any commercial bank will reduce the number of branches, including the number of employees, to conform to the cost-reduction approach. This is the main purpose of Bank of Thailand, for all commercial banks to manage their costs better.

Credit: kaohoon.com

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