KBTG works with fintech to launch new mobile app
KASIKORN Business-Technology Group (KBTG), the information-technology arm of Kasikornbank, will introduce its first mobile application product in collaboration with a tech start-up at the end of this year.
KBank established KBTG in January with the aim of forming partnerships with financial-technology firms and tech start-ups to explore financial-industry innovations.
KBank president and KBTG chairman Teeranun Srihong said the company had focused on developing solutions through collaboration with partners that have their own technologies, as well as pure technology companies.
During its nine-month lifetime, KBTG has developed mobile-banking features for some segments that face limitations in using mobile apps, including disabled individuals and small and medium-sized enterprises. KBTG is making a prototype and testing an app before introducing it to the market by the end of this year, he said.
KBTG has also opened an application program interface (API) allowing seven start-up companies to access information of KBank customers to develop financial products to cater to targeted customers. The API establishes a private sandbox for the start-ups, and the market will see their products early next year.
The Bank of Thailand, meanwhile, is conducting public hearings on establishing a regulatory sandbox. Teeranun said the financial products from KBTG’s API had been developed ahead of the implementation of the regulatory sandbox, so these products had no need to apply to the BOT initiative.
However, when the central bank’s regulatory sandbox is implemented, financial solutions that KBTG and its partners are jointly exploring and developing will apply for membership of the BOT’s facility because it will help speed up approvals from the central bank.
Another role of KBTG apart from producing financial products is the adoption of artificial intelligence to strengthen KBank’s marketing activities.
“Computer devices must be wiser to analyse customers’ information in order to sharpen our ability to set up the right marketing events for customers. Marketing activities must be more efficient,” he said.
KBTG is implementing blockchain technology to serve two business areas – those that are in contact with government agencies and, second, international businesses.
“We will sign a contract with a partner soon to develop a blockchain jointly to cater to those two business areas, and we will seek a third party to help make the chain complete,” he said.
However, Teeranun said the blockchain would take at least three years to implement because it would face challenges in term of increased scale and security.
He added that the company was requesting permission from the BOT to set up a venture capital fund.
“The VC investment will focus on five areas. First is international languages, as our banking business is a service, so more languages are needed. Second is SME solutions, third is blockchain, fourth is fintech funding and fifth is payment solutions,” he said.
