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KBank makes entry into Vietnam with digital push
Kasikornbank (KBank), Thailand’s leading commercial bank, has recently inaugurated its Ho Chi Minh City branch – its tenth and newest overseas branch – and announced a series of new digital solutions in Vietnam.
KBank will leverage its financial expertise and 77-year experience in Thailand to satisfy customers from all segments with world-class digital solutions. The bank aims to lead the market for both business and retail clients, with targets of serving 1.2 million customers and disbursing over $500 million in loans by 2023.
Last November, KBank Ho Chi Minh City opened its doors with a goal to empower all customer groups through digital banking platforms in line with KBank’s Regional Digital Banking strategy.
KBank’s CEO Kattiya Indaravijaya said, “Vietnam is an emerging star of Southeast Asia as evidenced by its exponential economic growth. The brighter economic prospects in the country can be attributed to the success of the government’s pandemic policies along with its promotion of a cashless society.”
According to the World Bank, Vietnam’s GDP growth for 2022 is projected to reach 5.5 per cent. In addition, Vietnam has tremendous purchasing power thanks to its huge tech-savvy, working-age population, which comprises 60 per cent of its 100-million total.
“Given this abounding opportunity, KBank aims to take a digital-first strategy to bring to Vietnam our world-class services and solutions, which have been widely recognised by our 18 million-plus users in Thailand,” Indaravijaya added.
KBank has the ability to enhance regional connectivity in AEC+3 countries by offering fully-fledged digital solutions to all customer segments, including small and large businesses and local and international investors operating in trading, services, basic infrastructure, and industrial sectors.
“Following the State Bank of Vietnam’s policy, KBank will improve its payment acceptance system via digital means. For retail banking, KBank has capitalised on its technological capabilities by using its proprietary K PLUS prototype in Thailand, a key tool that we will use to create a digital lifestyle ecosystem for our customers in Vietnam," she added.
In line with the government’s direction towards a cashless society, a greater emphasis will also be placed on cashless payments and digital loan products, beginning with the KBank Biz Loan for small retail stores.
These efforts aim to promote financial inclusion among small business customers by leveraging strategic partnerships and local platforms in joint investments with the bank's investment arm Kasikorn Vision.
KBank has also established KBTG Vietnam, a subsidiary of Kasikorn Business - Technology Group, to serve as a research and IT system development centre for KBank in the country.
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