Thailand’s Kasikornbank selects Avaloq core banking system
The Avaloq core system will be used to upgrade the bank’s customer service infrastructure and to improve internal processes – such as client relationship management and risk management. The project will be Avaloq’s first in Thailand.
Jirawat Supornpaibul, Kbank private banking business group head, says the private banking and wealth management sector in Thailand is “seeing significant growth and, as a consequence, the market has become very competitive” – and in turn it has selected Avaloq “to take our private banking business forward”.
In December 2017, Avaloq reminds people it appointed Chris Beukers to its group executive board as the head of Asia Pacific. The vendor says it intends to “substantially grow its presence” in the APAC market. It already has customers in Singapore, Hong Kong and Australia.
Established in 1945 and formerly known as Thai Farmers Bank, Kbank had total assets of THB 2.8 trillion ($85.8 billion) as at the end of September 2017. Kbank’s private banking business has around $20 billion in assets under management.