KTB Prepares Digital Wallet for Gold Trading
Mr Rawin, second from left, says Krungthai Gold Wallet is about to disrupt traditional gold investments in Thailand.
Krungthai Bank (KTB) plans to introduce Thailand’s first end-to-end gold trading platform, dubbed Krungthai Gold Wallet, on October 25.
The new digital wallet allows investors to trade gold at global market prices without commission fees on its Pao Tang mobile app.
This application, developed by Infinitas by KTB, is a platform open to everyone, even to people who are not KTB customers.
Rawin Boonyanusasna, senior executive vice president and head of the global markets group at KTB, said Krungthai Gold Wallet will “disrupt traditional gold investments in Thailand.”
He said the bank is offering a wider range of assets to meet investor demand, in line with online investing trends.
“The minimum investment is only 0.1 ounce or about 6,000 baht [referencing the exchange rate and gold price as of Oct 7]. Trading is available Monday through Friday [excluding public holidays] between 7:00 am and 2:00 am, so that investors can trade during the opening hours of foreign markets and will not miss an opportunity resulting from the development of world gold prices, âMr. Rawin said.
“The price used in trading is benchmarked against world market prices in US dollars to reduce the risk of currency fluctuations.”
He said that when investors buy gold with 99.99% purity on the platform, it is automatically added to MTS Gold’s portfolio and they receive the money in their accounts in real time.
This style of investing avoids the burden of keeping physical gold bars safe.
KTB also offers Thailand’s first fully electronic Foreign Currency Deposit Account (FCD).
The first gold trading service through Krungthai Gold Wallet is in collaboration with MTS Gold Mae Thongsuk, a major Thai gold trader, from October 25.
Nattapong Hirunyasiri, managing director of MTS Gold Group, said gold has been a popular investment alternative for years in Thailand and other countries.
He believes that connecting MTS Gold Mae Thongsuk to the Pao Tang app will advance the Thai gold industry as it diversifies trading channels.
Alisara Mahasantana, deputy governor in charge of financial market operations at the Bank of Thailand, said the central bank was developing a new forex ecosystem to make it easy for Thais to invest in foreign assets.
She said the central bank has relaxed regulations to allow domestic trade in foreign assets and gold in US dollars, as well as to allow Thais to open FCD accounts, buy and sell foreign currencies. and freely transfer foreign currency between FCD accounts.
The launch of Krungthai Gold Wallet aims to render the end-to-end online investment service and facilitate the investment in foreign assets as well as the management of foreign exchange funds, Rawin said.