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Bangkok Bank launches BBL BeWallet, becoming the first bank in Thailand to provide QR code payments worldwide via a mobile application

January 23, 2020

Bangkok Bank launched BBL BeWallet, becoming the first bank in Thailand to provide QR code cross border payment services via a mobile application. Payments can be made using Be1st Smart TPN UnionPay debit cards and can be accepted by 16 million merchants in the worldwide UnionPay network including more than 70,000 merchants in ASEAN.

Bangkok Bank Executive Vice President, Manager Credit Card Division, Shoke Na Ranong said the Bank is proud to play its part in moving Thailand towards a cashless society. Bangkok Bank will be the first bank in Thailand to launch a payment service in which customers can scan QR codes using a mobile application. The transactions can be made using Be1st Smart TPN UnionPay debit cards.

The initiative is a collaboration between Bangkok Bank, Thai Payment Network and UnionPay to develop a payment service using a QR code scan. Customers simply need to download the BBL BeWallet application and link it with their Be1st Smart TPN UnionPay debit card. To make a payment for products or services, the customer simply needs to scan the QR code of merchants in the UnionPay network, comprising more than 16 million merchants worldwide and 70,000 merchants in ASEAN. The network covers China, South Korea, Japan, Taiwan, Singapore, Malaysia, Philippines, Vietnam, Cambodia, Hong Kong and Hong Kong Special Administrative Region and Macao Special Administrative Region. The UnionPay network will continue to collaborate with new partners including merchants and large payment networks.

Mr Shoke added that BBL BeWallet, which provides QR code payment services for products and services via mobile application, will resonate well with people in the younger generation who prefer digital payments to cash as they are convenient, quick, modern and safe. The BBL BeWallet is protected by a PIN and customers can use their mobile phone to make secure payments and immediately view their transactions. The service responds to the Thai government, Finance Ministry and the Bank of Thailand’s National e-Payment strategy that aims to move Thailand towards a cashless society.

“To continue the development of the service, around the middle of February the BBL BeWallet application will be upgraded so that users can generate their own QR code on their mobile phone for a merchant to accept payments for products or services, a method which is gaining popularity among large merchants.” Mr Shoke added.

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Bangkok Bank reports 2019 net profit of Baht 35,816 million

January 21, 2020

In 2019, the Thai economy expanded at a slower rate than in 2018 as export contraction led to the decline in manufacturing production and private investment. Weaker global growth, uncertainties around global trade relationship, and the stronger-than-expected Baht have all contributed to falling exports. Domestic demand was weighed down by the ongoing structural challenges such as elevated household debt and a rapidly ageing population. Furthermore, government spending expanded more slowly than anticipated following a delay in government’s budget approval for the fiscal year 2020.

Net profit for 2019 grew 1.4% amid challenging economic environment

In 2019 Bangkok Bank and its subsidiaries posted a net profit attributable to owners of the Bank of Baht 35,816 million, increased 1.4 percent compared to last year amid challenging economic environment. Net fees and service income increased 3.3 percent, driven by higher fees from loan-related services coupled with the strong performance in bancassurance and mutual funds in line with the Bank’s strategic direction. Net interest income slightly declined with net interest margin at 2.35 percent. Other operating income grew 52.3 percent, led by higher gains on investments. While non-performing loan (NPL) had remained stable, an one-off higher provision for impairment loss of loans and debt securities was set aside on conservative premise to strengthen the loan loss reserves, in light of the imminent adoption of the new accounting regime which would entail lower credit cost provisioning rate. Operating expense marginally decreased by 0.4 percent from last year. The cost to income ratio was poised well at 41.1 percent.

Healthy balance sheet and strong capital position

At the end of December 2019, loan amounted to Baht 2,061,309 million, an increase of 3.0 percent from the previous quarter, due to an increase in loan in all business units. The non-performing loan (NPL) ratio was at 3.4 percent with strong loan loss reserves to NPL at 220.2 percent. The Bank continued to focus on loan quality through robust control over credit underwriting and risk management while maintaining the allowance for doubtful accounts at prudent level.

The Bank’s financial position remained healthy with a strong capital base and optimal liquidity position. At the end of December 2019, the loan to deposit ratio stood at 86.9 percent. On September 25, 2019, the Bank issued 15-year Subordinated Notes qualified as Basel III-compliant Tier 2 capital amounting to USD 1,200 million, which supported the Bank’s well mixed of capital structure to be even stronger. As of December 31, 2019, total capital adequacy ratio, Common Equity Tier 1 capital adequacy ratio and Tier 1 capital adequacy ratio of the Bank and its subsidiaries were 20.0 percent, 17.0 percent and 17.0 percent, respectively, comfortably above the Bank of Thailand’s minimum capital requirements.

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