There are around 40 million users using the Pao Tang app after it has been launched for around two years. (Photo by Apichit Jinakul)
Krungthai Bank (KTB) plans to offer financial services to around 40 million users under government projects via the Pao Tang mobile app to generate a new income source in 2021.
Positioned as a commercial bank held by a government entity, the bank will continue supporting government projects through its digital platform.
Against the backdrop of the outbreak, KTB has adopted several digital platforms to serve government projects on the Pao Tang and Tung Ngern apps, the mobile apps for retailers and small merchants, respectively, said KTB president and chief executive Payong Srivanich.
There are around 40 million users of the Pao Tang app and around 500,000 users of the Tung Ngern app. They have been active for around two years.
The move allows KTB to seek new business opportunities from big data.
The bank plans to offer both banking and non-banking services to Pao Tang and Tung Ngern users starting from next year.
“There are several digital services in the pipeline including lending, investment and commerce, among others, and the bank will consider a proper time to introduce them,” said Mr Payong.
“This will help contribute to the bank’s new income via the digital platform.”
In addition to offering mobile banking services, the Pao Tang and Tung Ngern apps will allow Thais more access to financial services through the digital platform, including receiving state welfare, benefits and assistance.
KTB will continue supporting government projects through its digital platform to build up Thailand’s digital economy, he said.
Pao Tang is the country’s biggest financial services app with around 40 million users.
Users of Kasikornbank’s mobile banking app, K-Plus, tally 14 million, while the figure is estimated at more than 10 million for SCB Easy, Siam Commercial Bank’s mobile banking.
For KTB, banking users of Krungthai NEXT are at around 10 million.
KTB, the country’s third largest commercial lender by total assets, debuted yesterday Infinitas, its subsidiary tasked with innovation and technology.
The company has been upgraded from the bank’s innovation lab that fuses the bank’s digital platform and other platforms to serve government projects.
In separate news, the Office of the Council of State’s interpretation of whether KTB is a state-owned enterprise (SOE) will not have an impact on the bank’s business operations, said Krairit Euchukanonchai, vice-chairman and executive chairman of KTB.
The interpretation is in line with a legal amendment on the development, supervision and management of SOEs, said Mr Krairit.
KTB is still a commercial bank held by the government through the Financial Institution Development Fund, with a 55.1% stake, he said.
Source: bangkok post