Krungthai Bank and IBM establish joint venture to drive sustainable growth in traditional banking business

Krungthai Bank and IBM establish joint venture to drive sustainable growth in traditional banking business

Bangkok, 1st September, 2023 -- Krungthai Bank and IBM announced a strategic collaboration to form a new joint venture company, IBM Digital Talent for Business (IBMDT), to accelerate Krungthai’s technology workforce and infrastructure development. The initiative will enable the Bank to enhance its traditional banking businesses to respond to customer needs and expectations efficiently while working toward strong and sustainable growth.

IBMDT will focus on developing and enhancing the skills and capabilities of the Bank’s IT workforce and acquiring new tech and digital talent to support the bank’s operations. This collaboration aligns with Krungthai’s "7 North Star" strategies and is also a part of the key actions to move forward. This will thereby enable the bank to generate maximum benefit for its customers and partners.

Payong Srivanich, CEO, Krungthai Bank PCL, said, “IBMDT will be an important part that transforms the Bank’s IT infrastructure and introduces new ways of working to our traditional banking businesses. We must build future-ready skills as part of our two-banking-model strategy, which encompasses sustaining and enhancing traditional banking businesses in parallel with developing innovative, new businesses. Doing so will enable us to strengthen our competitive edge, attend to every facet of our customers' needs, create new business opportunities, and improve the quality of life for many Thai people.”

This collaboration will allow the Bank to benefit from IBM’s expertise in technology and consulting, with the use of the globally proven IBM GarageTM methodology for greater agility and operational speed. IBMDT will contribute to modernizing and upgrading the Bank’s IT infrastructure, ensuring security, stability, and efficiency in support of the bank’s future plans to be more technology- and innovation-driven. It will also give Krungthai the next wave of competitive advantage in the global banking space, strengthen its traditional banking businesses, and enable sustainable core growth.

Lula Mohanty, Managing Partner of IBM Consulting, Asia Pacific, said, “IBMDT will leverage IBM Consulting’s expertise and experience in helping organizations successfully modernize and transform. Using the IBM GarageTM approach and agile principles, new products and services will be created quickly and scaled by integrated teams of talent, from developers, AI experts, data scientists, data architects to designers.”

This strategic partnership is the next phase of a relationship that spans more than 30 years, in which IBM has been trusted to support the Bank's core business. The continued support will bring the best of IBM’s ability to reinforce the Bank as it embraces the rapid changes in business and technology. To learn more about IBM’s insights and solutions for the financial services industry, please visit www.ibm.com/financial-services