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KBTG establishes ‘KASIKORN X’, aiming to be unicorn

KASIKORN X
Mr. Ruangroj Poonpol, Chairman of KASIKORN Business-Technology Group

KBTG aims at strengthening technological infrastructure and personnel to continue serving customers in every lifestyle for a seamless customer experience. KASIKORN X (KX) is designed to draw upon new sources of revenue for KBank and create Thailand’s first FinTech Unicorn, with the goal to become the No. 1 Tech Company in ASEAN in 2022. KBTG has prepared over 17 billion Baht in budget for investment in innovation, technology and personnel over the next three years.

Mr. Ruangroj Poonpol, Chairman of KASIKORN Business-Technology Group, said that the world is about to enter another wave of disruption as big players like commercial banks morph into FinTech. The transformation is achievable through an open-banking service model which embraces FinTech-style ideas and technology with proven success to connect the dots, propelled by technological infrastructure readiness.

The heart of KBank’s success in adapting to the new age is the smart combination of KBank’s strength and technological advancement. KBTG, hence, will be the key enabler of KBank’s New Digital Core, Powered by KBTG, in three main areas:
Laying down modern architecture and infrastructure:

1) Cloud system that swiftly combines hyper and hybrid multi-cloud with private and public clouds.

2) New infrastructure based on the maximum safety system to ensure that security and data privacy are uncompromised.

3) Infrastructure as code (IaC) set up to handle up to three times the present maximum capacity of transactions to prepare for growing service demand from 20 million KBank customers. In 2020, it is expected that 12 billion transactions will be processed through the system, over 3 billion of which are financial transactions.

Enabling KBank to become an AI and Innovation Factory, KBTG is achieving another milestone of competitiveness on par with other global FinTech giants by incorporating platforms of Data and AI Pipeline with innovation management to speed up product creation for KBank.

Supporting the development of our partners’ services by launching an application programming interface (API) as a communication protocol for connection with KBank’s Open Banking API. At present, the connection is available for various services, namely, Pay with K PLUS API, QR API, Authentication API and E-Wallet API. So far, more than 50 partner companies have linked with KBank’s API system.

Additionally, KBTG has a vision to strengthen our technological advancement via the following work guidelines as follows:

Beyond Banking: To become a smart Data-Driven Cognitive Bank using data to address the needs of customers in every lifestyle nationwide, with readily available technology for further development.

Beyond AI Deep Tech Capability: To support research work and open tech capabilities utilizing sophisticated technology to create useful innovations and services, such as the cooperation with National Electronics and Computer Technology Center (NECTEC) and Chulalongkorn University in the research of Thai NLP (neuro-linguistic programming).

Beyond Thailand – Towards Regional Tech Organization: KBank plans to seek approval to establish KAITAI TECH in Shenzhen, China, which is home to 300 potential Chinese startups with promising innovation and is also the center of China’s software and technology development, creating an opportunity to access the ecosystem which is the heart of China’s drive towards technological supremacy.

Accelerate expansion towards exponential growth by setting up KASIKORN X (KX) to serve as a New S-Curve Factory. The mission of KX is to create Thailand’s first FinTech Unicorn with a radical business model that eventually generates new sources of revenue for KASIKORNBANK FINANCIAL CONGLOMERATE. KX will operate autonomously from KBank and KBTG with a startup-like culture, environment, operating model, and incentives such as a performance-tied exponential payout.

Mr. Ruangroj concluded by saying that KBTG will play a key role in steering KBank towards the future in the new era of disruption, powered by top-notch technology and personnel readily available to create impressive services and address every lifestyle of our customers nationwide. KX is designed to employ the full-fledged FinTech business model to become the No. 1 Tech Company in Southeast Asia within 2022. KBTG has set a budget for investment in innovation, technology and personnel during the next three years at over 17 billion Baht.