Mobile subscribers of Advanced Info Service (AIS) can now open a savings account with CIMB Thai Bank (CIMBT) via their phones without having to go to the bank.
The collaboration between the country's largest mobile operator and the local operating unit of Malaysia's CIMB Group is the first of its kind in the Thai telecommunications and banking sectors.
"Our move is aimed at capitalising on the opportunities stemming from the digital economy policy," said Subhak Siwaraksa, president and chief executive of CIMBT.
With a CIMBT mobile banking app under the Beat Savings brand, customers can check their balance via their phones.
They will be given an ATM card to deposit or withdraw money from their mobile apps at CIMBT's 50,000 ATMs nationwide.
Customers applying for the mobile banking service will receive an annual interest rate of 2%.
They are also allowed to use their mobile accounts to pay for up to 200 billing services.
Mr Subhak said his bank had attracted 10,000 customers using the service since its soft launch last September.
"We expect an additional 100,000 customers by the year-end," he said.
AIS chief executive Somchai Lertsutiwong said mobile money was one of the company's five main digital service strategies, the others being games, video and entertainment, cloud-based services and machine-to-machine services.
"We're transforming ourselves into a digital lifestyle provider," he said.
Mobile money will play an important role in driving the digital economy, Mr Somchai said.
AIS will earn transaction fees from the Beat Savings service. The company expects the collaboration will further increase its mobile internet traffic and enhance customer satisfaction.
It expects non-voice revenue to account for half the total revenue this year, up from 30% last year, thanks to the proliferation of inexpensive smartphones and nationwide 3G network coverage.
Mr Somchai also said AIS intended to auction any spectra available to provide 4G wireless broadband service. But the company needs at least 10 MHz bandwidth capacity to provide efficient 4G service.
AIS shares (ADVANC) closed yesterday on the SET at 247 baht, down two baht, in heavy trade worth 1.11 billion baht.
CIMBT closed at 1.86 baht, down four satang, in light trade worth 948,000 baht.