Thai Airways International Public Company Limited (THAI) and the Industrial and Commercial Bank of China or ICBC (Thai) held a Memorandum of Understanding (MoU) signing ceremony on Strategic Corporate Finance Support in order to promote THAI to ICBC Chinese passengers using credit and debit cards in Thailand. Furthermore THAI will join ICBC’s eCommerce platform “E Mall” which is expected to boost THAI’s eCommerce business in China. Mr. Sumeth Damrongchaitham, THAI President, and Dr. Zhigang Li, ICBC Chairman of the Board of Directors, signed the MoU on Strategic Financial Support with Mr. Nattapong Samitampaipisarn, THAI Executive Vice President, Finance & Accounting, and Mr. Yang Liu, ICBC Senior Executive Vice President, as witnesses of the MoU that was signed at THAI’s Head Office.
Mr. Sumeth Damrongchaitham, THAI President, said THAI is pleased to cooperate with ICBC (Thai), a globally renown financial institution, on Strategic Financial Support in Corporate Finance, Aircraft Financing, as well as Cash Management and FX Management. This also includes the I Go Thailand program that facilitates over 500 million ICBC credit card and debit card holders to make payments on THAI’s payment platforms and travel to primary and secondary cities, to pay for various products, services, and air tickets through Unionpay, Alipay and WeChatPay. As well, ICBC (Thai) will help THAI to integrate its products with ICBC’s eCommerce platform EMall, reaching ICBC’s Chinese customers, who can make convenient e-payments through ICBC credit cards and debit cards. The financial support and collaboration that THAI will receive from ICBC enables the Company to reach an even greater number of Chinese passengers and benefit from other eCommerce business opportunities in this digital age of technological advancement. THAI appreciates the corporate financial support and commitment that results from this MoU agreement with ICBC.
Dr. Zhigang Li, Chairman of ICBC (Thai), said that the Bank has signed an MOU with THAI in order to provide financial support to THAI and become business partners, enhancing the strengths of both entities in developing a business to better serve their customers.
This MOU signing represents a cooperation between the two entities that will strengthen the THAI’s competitive edge, which ICBC (Thai) will be providing financial support in various aspects including UnionPay, AliPay, and WeChatPay payment services to Chinese passengers; eCommerce of THAI products through ICBC’s eCommerce platform E-mall as well as cash management and FX management services that aims to increase the number of Chinese tourists flying THAI directly to Thailand.
“For the past nine years that ICBC (Thai) has been operating in Thailand, it has been the bridge connecting the economies and trades of Thailand and China. As the number of Chinese tourists traveling to Thailand has been steadily increasing to more than 10 million a year, therefore, this cooperation will surely enhance the business of THAI as the national airline that flies to many strategic destinations in China and has access to more than 500 million retail customers of ICBC in China,” said Dr. Li.
The cooperation between THAI and ICBC (Thai) is expected to help increase the spending volume of ICBC’s Chinese passengers traveling into Thailand. THAI, the national flag carrier, welcomes Chinese passengers visiting Thailand with touches of Thai throughout all aspects of airline service. THAI operates roundtrip services to six destinations in China: Beijing, Shanghai, Kunming, Guangzhou, Xiamen, and Chengdu. THAI Smile, THAI’s subsidiary, operates roundtrip services to three destinations in China: Chongqing, Changsha, and Zhengzhou.