KBank has announced a US$2.7 billion strategic program aimed at boosting access to banking services among Thailand’s unbanked and underbanked population.
The program includes accelerated investments in technology, technology-related acquisitions, commercial partnerships, organizational development, as well as adopting other technology-driven methods to boost access to banking services among a broader range of the public.
Kattiya Indaravijaya, Chief Executive Officer, KBank, said: “We’re taking a bold step, and, through technological leadership, aim to transform banking in Thailand in ways that can help more people enter the banking system and benefit from banking products and services.
“We’re already a bank that has the great strengths and reliability of a traditional bank serving a wide range of customers. What we’re now doing is to fuse on to that successful core the disruptive DNA of a ‘challenger bank’.”
Challenger banks have been a disruptive phenomenon in many countries ‘challenging’ legacy banks by using new technology to make banking products more accessible.
“We have embarked on our strategic program to fully harness emerging technologies to conduct more complete evaluations of a customer’s ability and willingness to pay back a loan,” added Indaravijaya.
During this and the next two years, KBank is investing around US$610 million in new technology and systems, in addition to US$350 million invested during the last two years.
