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Chapter 883: Chapter 768: Myanmar (Thailand) Bank (Please Subscribe!)
Thailand.
Bangkok.
The matter concerning Myanmar Bank was also being hotly discussed by many people.
Especially by a few individuals who knew the insider details.
Initially, Thailand had no intention of holding the Asia Dollar, because if Lang Cai could subsidize the first time, he could do it a second time; clearly, holding the Myanmar Kyat would not cause Thailand a loss, and it was even more reassuring.
However, Myanmar Bank suddenly proposed that half of the transactions be settled in Asia Dollars.
This proposal sparked intense debate among the Thai elite, who thought Myanmar Bank was dreaming big. Although the Asia Dollar had performed very well recently, this didn’t qualify it for involvement in international trade settlements.
Of course, they were aware of the agreement Huaxia had reached with the Asia Dollar.
But the Thai side was not interested. They thought Huaxia would eventually abandon the Asia Dollar when the Myanmar Kyat stopped devaluating. "It’s good enough that you are allowed to operate a bank now, what more do you want?" they wondered.
However.
When Myanmar Bank presented a set of data.
The Thai elite were instantly silenced.
Because the data showed.
The volume of trade between Thailand and the Myanmar Economic Zone was gradually rising, and it was mostly a trade deficit, which means what? It means I buy more of your goods, and you buy less of mine.
Put simply.
Myanmar Bank was the side spending more money.
Due to previous good cooperation, although Myanmar’s seaports were also open to the Special Zone, and Myanmar’s vast natural resources were available to the Special Zone, Myanmar Bank still adhered to the treaty, consistently using the original raw material suppliers from the bidding process.
This is what had sustained the trade deficit till now.
Not only that.
The data also revealed that the main channel for exports from the Myanmar Economic Zone was through Thailand, which means that Thailand indirectly received a lot of toll fees. Looking at the data presented by Myanmar Bank, they knew it was a ’display of strength.’
To put it more seriously, it was a threat.
"I’ve bought a large amount of raw materials provided by your country’s traders, but these materials are also available in Myanmar. I kindly bought your products, do you mean to say you can’t give any discounts or such?"
And I’m still using the previous cargo export routes.
You not only get to collect an extra layer of toll fees.
Your traders earn substantial income from the sales of these goods, which significantly increases your tax revenue. Now I’m just asking you to let me settle half in Asia Dollars, do you really have the face to refuse?"
It must be said.
This soft approach.
Truly made the Thai elite hesitate, the tone was no longer as firm as before, because what Myanmar Bank said was true. This was mutually beneficial trade for both sides, and now major Thai families had interests in the Myanmar Economic Zone.
At least tens of thousands of Thais were enjoying benefits from the bilateral trade.
The Thai Government hasn’t gone mad.
They couldn’t possibly cut off this kind of economic interaction.
Now, Myanmar Bank’s intention was very clear: "I am an honest person. The previous contracts for importing raw materials will continue as usual, and I promise not to reduce them over the next three years, nor will I unilaterally terminate the supply contracts, and I’ll also use Thailand’s seaports."
Additionally, it promised not to engage in money laundering, asset transfers, stock investment, consumer loans, credit cards, and other financial business, solely to facilitate trade between the two sides and enhance the commercial and economic development.
As well as to provide business loans for subsidiary companies and cooperative enterprises under Myanmar Bank.
Myanmar Bank’s promise.
That was what caused the Thai Government to be silent.
In the end.
They still thought it was better not to completely offend Myanmar Bank.
It wouldn’t be beneficial for anyone.
After all, it wasn’t a big deal.
In the end, the Thai Government agreed, so they sent the conditions to the Myanmar Central Bank as requested by Myanmar Bank, and did not mention where these conditions came from, to avoid complications.
Thailand didn’t know what Myanmar Bank was up to.
But Thailand was not suitable to get involved.
That was Myanmar’s internal affair.
Thailand also stated that they would do their best to persuade Myanmar to agree to the proposal, but before Myanmar could propose a second subsidy, the news came through that they had fully agreed, surprising the upper echelons of Thailand.
Ling’s strength was truly not to be underestimated.
He had managed to settle things with Lang Cai so quickly.
No time was wasted.
They immediately held a meeting and approved the establishment application for Myanmar (Thailand) Bank, and then it was up to Myanmar Bank itself to go through the process with the Bank of Thailand, while Myanmar Bank’s branch in Thailand could also start looking for a location.
...............
March 1.
Bangkok.
Central district.
Busy area.
Myanmar (Thailand) Bank officially opened for business.
There was no grand ribbon cutting or any events held; it opened quietly.
The day before opening.
People were already crowded outside the bank.
These were not people coming to make deposits; the citizens of Thailand would not do business with an unfamiliar bank after having had several incidents with fake banks and misunderstandings in the past, making them very cautious.
These were companies coming to issue new bank cards.
In their previous trade settlements,
Asia Dollars were settled through Myanmar Bank.
Thai Baht was settled through several Myanmar Bank’s company accounts in Thailand. Now, at the request of the Thai Government, these trade currency exchanges would involve the Bank of Thailand.
This meant they had to come and reissue their bank cards.
"Mr. Li, you came yourself," a man dressed like a noteworthy boss greeted an acquaintance in line, speaking in Chinese, clearly indicating he was a Chinese businessman in Thailand.
"It’s Mr. Chen. Since it’s the first day of business, I naturally had to come and see for myself. They didn’t even allow us to bring floral baskets or gifts; it’s so low-key," said Mr. Li, lifting the materials in his hand with a smile.
Both were Chinese traders from the Myanmar Economic Zone who had made quite a profit.
They had thought there would be some event for the opening.
But there wasn’t even a banner.
It was quite meager.
However, neither of them dared underestimate this bank or think it was poor.
As businessmen closely connected with the Myanmar Economic Zone, they knew all too well the strength of this bank, a true giant under whose tree millions fed.
Now it had opened in Bangkok.
And it was so low-key.
It seemed quite consistent with Myanmar Bank’s usual style.
"Exactly, but if there were an event, I guess this open space in front wouldn’t even be enough to place the floral baskets," said Mr. Chen, a middle-aged man, laughing heartily.
"Indeed."
Mr. Li had no doubts about Myanmar Bank’s ability to draw a crowd.
"What are these materials for?" Mr. Chen suddenly asked.
Mr. Li was taken aback, looked at the materials in his hand, and replied, "Aren’t they for reissuing the company’s bank card? How can we do it without materials?"
"Didn’t you receive the text message last night? This type of bank card can be handled online; fill in all the information there, and then just come to pick it up today. Look around, how many brought materials?" explained Mr. Chen.
Mr. Li looked around, and it seemed to be true.
"Eh... I had too much to drink last night and didn’t notice."
Then, 𝒏𝒐𝒗𝒑𝒖𝙗.𝒄𝒐𝒎
the bank had been open for just three minutes,
and Mr. Chen walked out with his bank card.
Mr. Li waited in line for two hours.
