CIMBT, Sabuy tie up to offer cross-border transfers

CIMB Thai Bank (CIMBT) has joined forces with MAI-listed Sabuy Technology Co to jointly develop an ecosystem platform for cash management and money transfers domestically and regionally.

The partnership aims to offer cross-border money transfers by the second quarter, said Paisan Thumpothong, head of transaction banking at CIMBT.

Under the collaboration, CIMBT will provide a cash management service. CIMBT, 94.8% owned by Malaysia-based CIMB Group, offers an international remittance service under its own platform, SpeedSend, which was developed by CIMB Group.

In Sabuy’s case, the company developed its own digital payment platform for several services after receiving four business licences from the Bank of Thailand. These services include top-up machines, vending machines, food court payment system management, a point-of-sale service and e-wallets.

Sabuy has 54,000…