Thailand’s Kasikornbank To Attain Spot Amongst The Top 20 Banks in Vietnam By 2027

(CTN NEWS) – Kasikorn Business-Technology Group (KBTG), a division of Thailand’s Kasikornbank, has laid the cornerstone for KBTG Vietnam in Ho Chi Minh City, pioneering new ground in its expansion strategy.

This achievement is important for the bank since it aims to support the parent conglomerate’s rapidly growing regional digital expansion and to rank among the top 20 banks in Vietnam by 2027.

KBTG’s Vietnama Branch Recruitment Plan

The development of Kasikornbank’s technology to provide services in Vietnam and elsewhere is anticipated to be led by KBTG Vietnam.

This establishes KBTG as the third company in Asia, after K-Tech in Shenzhen, China, and Thailand, in the Association of Southeast Asian Nations (ASEAN) region.

According to KBTG’s plans, the Vietnam branch would hire more than 500 people in the next three years, transforming into a regional tech business by 2025.

KBTG Vietnam Inauguration Ceremony

The importance of the AEC+3 region was emphasised by Kasikornbank’s Chief Executive, Kattiya Indaravijaya, during her remarks at the inauguration event of KBTG Vietnam on Thursday, June 22.

She described Kasikornbank’s expansion plans, citing the region’s sizable consumer market, high proportion of people who are working age, and growing digital lifestyle as the main drivers of regional economic growth.

Kattiya went into depth about the bank’s ambitions for promoting Thai companies in the area and emphasised the value of technical advancement and a capable workforce in accomplishing those objectives. She stated:

KBank intends to develop a commercial and technology network to more easily provide local users with digital services.

KBTG Vietnam plans to increase capital from 5.9 billion baht (US$167,376,000) in 2023 to 9.9 billion baht (US$280,850,000) by 2027 after its official launch in November 2021.

In order to promote Kasikornbank’s goal of becoming a regional digital bank, Voranuch Dejakaisaya, Executive Chairman of KBTG, disclosed the annual allocation of 10 billion baht (US$283,700,000) for technical development.

BTG Encompasses 9 Subsidiaries Developing Innovative Products

She emphasised the necessity of KBTG Vietnam working together as a group in order to develop in the fields of blockchain and decentralised finance throughout the region.

By 2030, Vietnam is expected to have a workforce of 71 million, compared to Thailand’s 45 million, which will allow KBTG to improve crucial areas.

In contrast to Thailand’s 19.6 million graduates in these fields, the nation had over 22.6 million as of 2020.

Twenty million K-Plus users, Kasikronbank’s leading mobile banking app, are supported by an information technology (IT) delivery system provided by KBTG.

Which consists of nine subsidiaries and more than 2,100 workers. By 2027, the bank expects the number of app users to double.

Thanussak Thanyasiri, Managing Director of KBTG Vietnam, highlighted KBTG’s revenue gains of around 5 billion baht (US$142,000,000) through new S-curve technologies by announcing the company’s aim to hire over 200 IT staff by 2023 and a total of more than 500 employees by 2025.

They also intend to jointly improve K-Plus with Vietnam’s 600,000 current members, with the goal of reaching 1.3 million subscribers this year.

Significance Of Becoming An Artificial Intelligence (AI) First Company

The co-location collaborations strategically position them to acquire access to technical expertise from the talent pool in each area, in addition to opening a second office in Hanoi to tap potential tech talent.

The need of becoming an artificial intelligence (AI) first firm was stressed by KBTG Chairman Ruangroj Poonpol. He evaluated how important it is to use AI to boost business growth and address the labour problem.

He sees the brand luring local talent and fostering an environment that encourages hybrid and creative cooperation, with an expected need for 3,500 IT staff.

Thailand boasts that it is the ninth-largest investor in Vietnam, with more than 485 billion baht ($13 billion) invested to far.

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