The first gold trading service via Krungthai Gold Wallet, in collaboration with MTS Gold Mae Thongsuk which is one of the country’s leaders in gold trading, is starting from 25 October 2021 onwards. When investors purchase gold, it will be automatically added to MTS Gold’s wallet and they will receive the money in their accounts in real-time when they sell gold. The platform incurs no fees or charges. Investors can make profit from trading gold at global market prices in US Dollars using their US Dollar bank accounts without having to exchange the money to Thai Baht every time. Krungthai Bank also offers Thailand’s first fully electronic foreign currency deposit account (eFCD) which can be opened online any time of the day, 7 days a week with no fee and no minimum balance requirement. The exchange rate offered for the eFCD accounts is also better than the counter rate; this service is built upon the success of Krungthai Travel Card, which was the first product of its kind in Thailand.
Nattapong Hirunyasiri, chief executive of MTS Gold Group, stated that gold is appealing as an investment and it has been a popular investment alternative for years both in Thailand and other countries. MTS Gold Mae Thongsuk is delighted to join hands with Krungthai Bank to develop and offer an easy, fast and secure investment channel. With MTS Gold’s long experience in gold trading and investment, including gold online, gold futures and COMEX gold market, the group is widely recognized both in Thailand and internationally. It also holds a license issued by the Bank of Thailand to offer US Dollar-denominated gold trading services. It believes that connecting to Pao Tang mobile application would lead to the advancement and success of Thailand’s gold industry as it diversifies trading channels and offers more convenience in making gold-related transactions to investors nationwide.
Alisara Mahasantana, Assistant Governor for Financial Markets Operations Group, Bank of Thailand, said that the Bank of Thailand is currently developing a new FX ecosystem and one of the main objectives is to allow Thai people to invest more easily in foreign assets. The Bank of Thailand has relaxed regulations to allow domestic trading of foreign assets and gold in US Dollars as well as allowing Thai people to open FCD accounts, buy and sell foreign currencies and freely transfer foreign currencies between FCD accounts. Therefore, the development of a US Dollar-denominated gold trading platform and the launch of Thailand’s first eFCD would make the online investment service end-to-end and facilitate the investment in foreign assets and the management of foreign currency funds. It will also help to reduce currency fluctuation risk and diversify investment options in foreign assets, which aligns with Bank of Thailand’s long-term goal of developing a new FX ecosystem.