Thailand-based Kasikornbank (KBank) has selected Avaloq’s Banking Suite to underpin its private banking and wealth management businesses. The project is Avaloq’s first in Thailand.

KBank’s private banking operations hold a 40% market share in the country, and holds assets of $85.8 billion. It selected Avaloq to “improve operational outcomes across a number of key areas” including customer service, client relationship management and risk management.

“The private banking and wealth management sector in Thailand is seeing significant growth and, as a consequence, the market has become very competitive,” said Jirawat Supornpaibul, head of KBank’s private banking group.

“It is very important to invest for growth [to] partner with best-in-class suppliers that can give us a real competitive edge not just in terms of the customer interface but also fundamentals such as a strong internal risk management framework. This is why we have selected Avaloq to take our private banking business forward.”

Read more: Avaloq wins deal with Bank of Asia

Established in 1945 as Thai Farmers Bank, KBank operates 1,120 branches and more than 9,350 ATMs in its home country.

Chris Beukers, head of Asia Pacific at Avaloq, added: “With a well-established footprint and multiple customers in Singapore, Hong Kong and Australia, we are very pleased to be expanding to Thailand.

“As the Thai market continues to both expand and mature, we believe that KBank, which already has a significant market share of the domestic private banking market, will be able to strengthen its position as a market leader.”

Beukers, appointed in December 2017, has been tasked by Avaloq with expanding the vendor’s presence in the APAC market.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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