Thai bank, KASINKORNBANK, commits Bht 100 billion to boost financial opportunities for all in Thailand.
KASIKORNBANK (KBank), Thailand's leading digital bank, has announced a Bht 100 billion strategic programme aimed at expanding access to banking services, particularly for the unbanked, underbanked population, Micro, Small, and Medium Enterprises (MSMEs), and the self-employed.
The programme includes investments in technology, acquisitions, commercial partnerships, and organisational development. KBank's CEO, Kattiya Indaravijaya, aims to transform banking in Thailand through technological leadership.
Under the strategic programme, KBank expects to complete two to five acquisitions and commercial collaborations with technology-related enterprises, with investments of up to Bht 30,000 million in the next 12 months. However, the bank does not specify the exact nature of these acquisitions or collaborations.
KBank is also trialling multiple new systems and processes in preparation for this strategic push. One such initiative is a buy-now-pay-later loans' pilot for self-employed individuals and those with no income documents. Creditworthiness is evaluated using alternative data, and the LINE BK app allows for loan applications without any supporting documents, using data from the applicant's social media with their consent.
In addition, KBank is collaborating with a major retail group to provide easier access to loans without collateral for upcountry mom-and-pop store operators. The bank has been approving an average of 1,600 loan applications daily.
Kattiya Indaravijaya, CEO of KASIKORNBANK, aims to bring 200,000 people into the banking system by the end of this year through the LINE BK app. The bank is also offering loans to the customers of these stores.
The strategic programme does not disclose the specific technology-related enterprises that KBank plans to collaborate with, nor does it provide details about the organisational development plans or the timeline for the new investments in technology.
However, KBank plans to invest around Bht 22,000 million in new technology and systems over the next two years, in addition to Bht 12,700 million invested in the past two years.
With this strategic programme, KBank is set to revolutionise banking in Thailand, making it more accessible and convenient for everyone.
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