Chula Collaborates with UOB to Launch Virtual Account System to Support Research 

The Office of Research Affairs at Chulalongkorn University, in collaboration with United Overseas Bank (UOB) (Thai) Public Company Limited, held a signing ceremony for the Virtual Account service agreement on April 30, 2025, at the CU Social Innovation Hub, Visid Prachuabmoh Building. Professor Dr. Wilert Puriwat, President of Chulalongkorn University, welcomed all participants and emphasized the university’s aim to enhance research and innovation management capabilities as part of a full-scale transition into the Digital Transformation era. The introduction of the Virtual Account system will streamline the financial management processes of research and innovation projects, making them more agile, efficient, and responsive—thereby supporting Chulalongkorn University’s advancement in the digital age. 

Vira-anong Chiranakhorn Phutrakul, Deputy CEO and Head of Wholesale Banking at UOB (Thai), stated, “The core of this initiative is the Virtual Account system developed by UOB, which will simplify and accelerate the disbursement and receipt of research funding. We believe this development is only the beginning of a broader financial system transformation, not only within Chulalongkorn University but also as a model for other academic institutions.” 

Professor Dr. Buncha Pulpoka, Assistant to the President for Research Development at Chulalongkorn University, added that the clear benefits of the Virtual Account system include convenience, time-saving, and flexibility in opening and closing research project accounts; swifter fund transfers from funding agencies to researchers; and improved overall research administration. These advantages allow researchers to dedicate more time and energy to their research without being burdened by paperwork or payment tracking. 

The Virtual Account system, developed in partnership with UOB, is a technology that enables the university to efficiently manage incoming payments from external funding sources to research projects. It provides precise identification of fund sources, reduces verification time, supports multiple currencies, and enhances flexibility in disbursements. This initiative underscores Chulalongkorn University’s leadership in financial innovation within Thai higher education. 

The Virtual Account system will be piloted starting June 1, 2025, in collaboration with nine Program Management Units (PMUs), namely, the National Research Council of Thailand (NRCT), the National Innovation Agency (NIA), the Agricultural Research Development Agency (ARDA), the Health Systems Research Institute (HSRI), the Program Management Unit for Area-based Development (PMUA), the Program Management Unit for Human Resources & Institutional Development, Research and Innovation (PMU-B), the Program Management Unit for Competitiveness (PMUC), the National Vaccine Institute, and the Thailand Center of Excellence for Life Sciences (TCELS).