Thailand’s big banks sinking billions into digital transformation
Four of Thailand's biggest commercial banks are hastening moves to stay ahead of the wave of digital disruption now sweeping the country.
Siam Commercial Bank (SCB) is in the final year of its four-year digital transformation plan but is already drafting a new plan for the next three to four years, said SCB president Arak Sutivon.
Meanwhile Krungthai Bank president Payong Srivanich said his company has set up a subsidiary, Infinitaas, dedicated to developing its digital banking technology.
Over at Bangkok Bank (BBL), executive director Thaweelap Rittapirom said its transformation was being led by a three-fold strategy of digitalisation, regionalisation and urbanisation. BBL has also extended its reach to Indonesia by taking a stake in Permata Bank. Meanwhile, it is planning to build more banking infrastructure to boost the life quality of BBL customers.
Kasikorn Business-Technology Group (KBTG) has just drafted the second phase of its transformation plan, which will run until 2023. KBTG president Ruangroj Poonpol said his organisation also aimed to expand abroad, especially in Asia. It plans to invest Bt5 billion in digital development next year.