Kasikorn Bank Moves Forward to Become a Full-Scale Regional Bank, Prepares 8 Billion Baht to Launch 'KVision'

Investing in World-Class Technology for a Borderless Banking Era and Digital Consumers

Kasikorn Bank is preparing to expand its business in the region through digital technology, investing 8 billion baht to launch 'KVision' to seek and invest in leading digital technologies from around the world, aiming to enhance its banking business in the AEC+3 market as a Regional Life Platform of Choice, catering to a vast new customer base in the future.

Mr. Pattharaphong Kanhasuwan, Deputy Managing Director of Kasikorn Bank, revealed that the world has entered a significant era of transformation where digital technology plays a crucial role in life, akin to the fifth factor of production. This has made access to various solutions and services through digital channels easier than ever, leading to the emergence of a new consumer group known as digital consumers, whose behaviors and needs have changed. Therefore, the bank's services must also undergo a transformation from being designed for large consumer groups to being tailored for individual customers, utilizing big data analytics to gain a clearer and deeper understanding of customer needs, thus creating new customer segments that have never existed before.

Kasikorn Bank must transform itself into a 'trusted life platform' that can meet the diverse daily needs of everyone, anytime and anywhere. Customers will have access to new services that are no longer confined to traditional financial services as the bank has previously offered, including shopping, travel, entertainment, and much more, through APIs (Application Programming Interfaces) that allow business partners to seamlessly connect their products and services with the bank's services.

Mr. Pattharaphong stated that the bank has a strategic goal to become the life platform for customers both in Thailand and abroad across the AEC+3 region through digital and mobile solutions. The key focus is on enhancing digital technology capabilities to reach a regional level. Therefore, Kasikorn Bank has established KASIKORN VISION COMPANY LIMITED (KVision) with an investment of over 8 billion baht (245 million USD) to enhance the bank's digital technology capabilities. KVision will serve as an investment holding company under the Kasikorn Bank group, seeking and developing new technological possibilities with tech communities and experts from around the world.

The initial phase of KVision will focus on building a foundation by establishing a business innovation scouting team to seek partners in countries known for their advanced technology that has been developed and utilized by consumers. The first four countries are the People's Republic of China, which currently has the most Fin-Tech Unicorns (companies valued at over 1 billion USD), surpassing the United States, Vietnam and Indonesia, which are among the top countries for tech startup growth in AEC+3, and finally Israel, known as the birthplace of new technology and a hub for technology experts.

After the business innovation scouting team identifies potential partners,
KVision will explore the feasibility of investing, either through direct equity stakes or through the Beacon Venture Capital Fund, which will increase investment capital to support promising tech startups with developing technologies that align with the bank's strategies and business goals, integrating these technologies to enhance the bank's services in Thailand and AEC+3.

The establishment of KVision will give the bank an advantage in agility in delivering various digital solutions to customers, significantly reducing the time required to develop services and presenting new experiences that meet diverse customer needs more quickly. Additionally, it will elevate the development of the bank's personnel through hands-on learning and collaboration with international experts in innovation.

Mr. Pattharaphong concluded by stating that the global shift, including in the banking business, is no longer about competing among banks. Therefore, banks must continuously adapt to elevate services and provide superior new experiences for customers both domestically and internationally, aiming to become the number one life platform in the region in the future. This marks the first time a Thai commercial bank has a clear goal of stepping into the global digital competition to enhance capabilities and seek leading technologies to support the expansion of modern banking services. The establishment of KVision will enable the bank to develop and create new business opportunities with partners and position itself at the forefront of digital technology, capable of competing with rivals across all platforms in the region.

Thank you for the information from www.kasikornbank.com