Mr. Nuntawat Chotvijit (second right), Director of Marketing, AEON Thana Sinsap (Thailand) Public Company Limited, together with Ms. Supaneewan Chutrakul (second left), First Senior Vice President of Kasikorn Bank recently launched the “Cashing @ K-ATM with AEON Your Cash Card get a special chance to win smartphone prize” campaign. The campaign, which runs until April 30, offers AEON Your Cash cardholders the chance to win one of 10 iPhone 7 Plus (128GB), or one of 51 Samsung Galaxy A7 (2017), at a total value of 1,195,990 baht by withdrawing a Your Cash loan of over 1,000 baht via a Kasikorn Bank ATM.
Tag: kasikorn
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KBank unveils capital branch
Kasikornbank (KBank), one of the largest banks in Thailand, officially unveiled its first branch in Phnom Penh with the aim of offering financial services to local businesses as well as corporate and retail customers.
KBank entered the Cambodian financial market in November and initially, the branch’s objective was to facilitate Thai businesses in Cambodia in the area of corporate finance and fund mobilization for investment in infrastructure projects towards the production of garments and processed food.
KBank services are available in Thai baht, US dollars and Cambodian riel for bilateral trade activities and other transaction services.
KBank president Predee Daochai said the bank’s first injection of investment capital into Cambodia was $50 million and it will increase, based on bank performance and demand.
Mr. Predee said recently that KBank’s loan portfolio was $2 million with a small amount of deposits. However, the bank expects to expand its loan portfolio to about 1.5 billion baht ($43 million) to corporate customers, local businesses and retail customers, both Thai and Cambodian, in the next three to five years.
“We have to grow in terms of loans and deposits. Our loan portfolio is $2 million, but we have targeted that within the next three to five years, it should rise to two billion baht [$57 million] and we aim to have 800 million baht [$22.8 million] in deposits,” he said.
“We can grow faster than that because there are many big Thai customers here since they came here many years ago. Most of them use our services in Bangkok so they are pleased to use our services here.”
Mr. Predee said that KBank is not only looking to serve the financial sector in Cambodia, but also wants to help boost investment and trade between Cambodia and Thailand.
He said if the first branch performs well, the bank will look to open a second branch in the country.
Nattavudh Photisaro, Thai ambassador to Cambodia, said that KBank opened its representative office in Cambodia in February 2015, and had a soft opening of its Phnom Penh branch in November.
He added that although KBank just officially unveiled its branch, it was no stranger to the Thai embassy in Phnom Penh as the bank had worked closely and has strong ties with the Thai diplomatic staff in Cambodia for the past couple years.
“With KBank, Thailand has a total of four banks in Cambodia including Bangkok Bank, Krungthai Bank and Cambodian Commercial Bank. Now KBank has brought another Thai business to Cambodia,” he said.
Mr. Nattavudh added that bilateral trade between Thailand and Cambodia reached $5.6 billion last year. He said several Thai companies have expanded their operations in Cambodia and more will follow.
“I have always encouraged Thai businesses here to operate on three principles: mutual trust, mutual respect and mutual benefit. I think that Kasikornbank has taken these principles to implement here,” he said.
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Massive Failure of KBANK before New Year
Kasikorn Bank says it is working to fix the complete outage of its services Friday before New Year, which comes just before a bank holiday.
On a day many say they need access to their money the most, K-Bank’s ATMs as well as online and mobile banking systems have been offline since Friday morning and were still unavailable as of 5pm.
The bank has yet state the cause of the error, but responded to complaints on its Facebook page and Twitter account it was trying to solve the problem.
The bank said it could not provide the specific time its website and application services would be working again.
K-Bank’s mobile system was also disrupted briefly Thursday evening.
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Thai Kasikornbank Eyes Regional Expansion, Plans 2nd Branch in Laos
Thailand’s Kasikornbank said on Tuesday (29/11) it plans to open a second branch in Laos and upgrade the status of its local bank in China in 2017 as part of a regional expansion.
With assets of $68 billion, Thailand’s fourth-largest lender by assets is looking to open branches in Vietnam, Indonesia and Myanmar by 2018, Kasikornbank president Kattiya Indaravijaya said in a news conference.
Loans and assets from foreign operations accounted for less than 5 percent of the bank’s current total loan portfolio, and the proportion is expected to gradually increase over the next few years, she added.
Like other major Thai banks, Kasikornbank is looking to expand its business in fast-growing economies in Southeast Asia to help offset a slowdown in the domestic market.
Kasikornbank is aiming at a loan growth of 4-6 percent in 2017 — assuming the Thai economy would grow 3.3 percent next year — and expected its non-performing loans to make up 3.3-3.4 percent of total loans, Kattiya said.
In the first nine months, the bank’s loans grew 5 percent, versus a target of 6-7 percent for the whole of 2016, she said.
The bank targets loan growth from retail clients at 5-7 percent next year when the number of it retail customers is expected to rise to 14.1 million, up 5-6 percent on year, the bank’s president said.
Loan growth for large companies and small to medium sized firms is targeted at 4-6 percent next year, she said.
Kasikornbank aimed to spend 4 billion baht on developing information technology (IT) next year to maintain its leading position in digital banking, the bank’s president in charge of IT, Teeranun Srihong, said.
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Thai Kasikornbank, IBM join forces on blockchain network
Thailand’s Kasikornbank Pcl has joined with the Thai unit of International Business Machines Corp to develop blockchain services in a bid to save costs and speed up transaction process, the companies said on Thursday.
Kasikornbank will be the first Thai bank to apply the blockchain technology and aims to start the services in the first half of 2017, Somkid Jiranuntarat, vice chairman of Kasikornbank’s technology group, told reporters.
Kasikornbank is also in talks with other Thai banks to share the blockchain network, he said.
Blockchain is a web-based transaction-processing and settlement system whose efficiency banks say could slash costs. It creates a “golden record” of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification.
Financial services companies around the world have been focusing on developing blockchain technology, with advocates saying it has the potential to save billions of dollars in costs and speed up transaction times.
The technology will be used to certify original documents by using IBM’s Hyperledger infrastructure. At the initial stage, a system called OriginCert API is used to certify letters of guarantee (LG), which helps simplify and speed up the LG issuance process for customers, according to a joint statement.
Kasikornbank, Thailand’s fourth-largest lender by assets, is the leader in digital banking with a market share of almost 40 percent. It aimed to spend 5 billion baht ($143 million) to develop information technology, it said in April.