IBM and Krungsri to Transform Digital Banking in Thailand

Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

IBM (NYSE: IBM) and Krungsri (Bank of Ayudhya PCL), one of Thailand’s largest financial institutions with 8.6 million credit cards, sales finance, and personal loan accounts, today announced a five-year US$140M engagement, to support the bank’s future roadmap for growth and focus on digital banking.

As one of Thailand’s largest universal banks in terms of assets, loans and deposits, Krungsri’s goal is to be one of its most innovative financial institutions in the country, having announced its strategic plan towards becoming a digital banking leader.

Krungsri is working towards creating a technology infrastructure that is secure, resilient and cloud-ready to support mobile banking, artificial intelligence, digital banking and plans for end-to-end digitalization to streamline customer service and operations

IBM and Krungsri first began working together in 2012 under an agreement focused on infrastructure as a service. In 2017, the bank, working with the IBM Cloud Garage team, completed a successful block-chain pilot aimed at streamlining the bank’s contract management.

Krungsri exchanges a high number of banking contracts agreements daily between its subsidiaries, and the IBM blockchain pilot improved efficiencies of these ‘Related Party Transactions’ by automating contract management, promoting an increased level of trust between all parties. This process made it more secure, transparent, faster and efficient.

“Our vision of becoming a digital banking and innovation leader requires Krungsri to have strong and stable technology partners. This extended IBM Services agreement ensures our technology platform is not only stable but can thrive through the introduction of new technologies such as AI, cloud, and blockchain as we build out the best digital bank in Thailand,” said NoriakiGoto, Krungsri’s President and Chief Executive Officer.

The newly extended agreement between IBM and Krungsri covers managed services across IBM mainframe z14, storage including Flash, servers, network and ATMs. The agreement is designed to provide Krungsri’s technology platform with both stability, and the ability to build out cloud-ready infrastructure to support its digital transformation vision.

“I’m inspired by Krungsri’s innovative approach in its digital transformation plans,” said Parnsiree Amatayakul, Managing Director, IBM Thailand. “I am pleased Krungsri continues to rely on IBM Services to support its vision in providing innovative products and services and creating ‘digital first’ bank for Thailand.

IBM (NYSE: IBM) and Krungsri (Bank of Ayudhya PCL), one of Thailand’s largest financial institutions with 8.6 million credit cards, sales finance, and personal loan accounts, today announced a five-year US$140M engagement, to support the bank’s future roadmap for growth and focus on digital banking.

As one of Thailand’s largest universal banks in terms of assets, loans and deposits, Krungsri’s goal is to be one of its most innovative financial institutions in the country, having announced its strategic plan towards becoming a digital banking leader.

Krungsri is working towards creating a technology infrastructure that is secure, resilient and cloud-ready to support mobile banking, artificial intelligence, digital banking and plans for end-to-end digitalization to streamline customer service and operations

IBM and Krungsri first began working together in 2012 under an agreement focused on infrastructure as a service. In 2017, the bank, working with the IBM Cloud Garage team, completed a successful block-chain pilot aimed at streamlining the bank’s contract management.

Krungsri exchanges a high number of banking contracts agreements daily between its subsidiaries, and the IBM blockchain pilot improved efficiencies of these ‘Related Party Transactions’ by automating contract management, promoting an increased level of trust between all parties. This process made it more secure, transparent, faster and efficient.

“Our vision of becoming a digital banking and innovation leader requires Krungsri to have strong and stable technology partners. This extended IBM Services agreement ensures our technology platform is not only stable but can thrive through the introduction of new technologies such as AI, cloud, and blockchain as we build out the best digital bank in Thailand,” said NoriakiGoto, Krungsri’s President and Chief Executive Officer.

The newly extended agreement between IBM and Krungsri covers managed services across IBM mainframe z14, storage including Flash, servers, network and ATMs. The agreement is designed to provide Krungsri’s technology platform with both stability, and the ability to build out cloud-ready infrastructure to support its digital transformation vision.

“I’m inspired by Krungsri’s innovative approach in its digital transformation plans,” said Parnsiree Amatayakul, Managing Director, IBM Thailand. “I am pleased Krungsri continues to rely on IBM Services to support its vision in providing innovative products and services and creating ‘digital first’ bank for Thailand.