Krungthai Bank’s vision and mission focus on making people’s lives better, enabling people of all sectors to have access to financial services, reducing inequality and the income distribution gap in society, enhancing their digital literacy, and maintaining its competitiveness as the country’s leading commercial bank. To achieve this, the Bank continues to focus on 5 ecosystems, which are the Bank’s main target groups, by implementing various projects and focusing on creating innovations that connect them.
The 5 ecosystems are government agencies, payments, healthcare, educational institutions, and mass transit. The Bank foresees that these 5 groups of customers are strengths that the Bank must try to maintain, and that they can also be used to connect services to other ecosystems to meet the daily needs of customers so that the Bank can expand its business by offering various financial services that truly meet every need.
By driving the organization according to a clear strategy, Krungthai NEXT, which is the bank’s mobile banking application, currently has more than 17 million users, while Paotang, which is Thailand’s Open Digital Platform, has over 34 million users, and Thung-Ngern application is used by more than 1.7 million merchants. These applications create opportunities for all Thai people to have access to financing, reduce inequality, and strengthen the economy at all levels in order to develop the competitiveness of the country. As a result, Krungthai Bank has become a leader in digital banking in Thailand, being Thailand’s largest digital platform provider with over 40 million users on both platforms for individuals and businesses, from which the Bank can further expand its business. For example, the Bank can understand the needs of customers more accurately by leveraging big data, provide support for business expansion among the Bank’s target customers more efficiently, reduce operating costs, and increase the Bank’s revenue by leveraging existing resources and tools to generate more sustainable revenue.
Krungthai Bank is committed to using new technologies and innovations to develop financial products and services that meet the needs of customers and every group of people on digital channels that are easy to access, convenient to use, and secure. The Bank is also ready to cooperate with various partners, both from the public and private sectors, to enhance the potential of the platform so as to offer a complete range of products and services that cover their life activities. Therefore, Thailand's open digital platform will create financial equality and help improve the well-being and quality of life of all Thai people. Moreover, the Bank supports business customers in high potential industries and new target industries that lead to sustainable development. The Bank also contributes to the growth of the economy, society, customers, and the environment. These are in line with the Bank’s vision and mission, which place importance on improving the well-being and quality of life of Thai people, which in turn supports the continued growth and sustainability of the Bank.
Payment Ecosystem
National e-payment Scheme
Krungthai Bank took part in the government-initiated National e-payment v. First to roll out was the PromptPay which transformed the nation’s e-transfer landscape by connecting all service providers with an open architecture standardized QR Code. Building on this QR Code payment system, Krungthai e-donation service was launched, making Krungthai Bank the first bank to issue an instant donation receipt. Further effort to encourage national e-payment included installing QR Code payment and over 73,000 EDC terminals nationwide. Tung Ngen mobile application was developed to allow over 200,000 Blue Flag shops to receive payment from welfare card holders. Pao Tang mobile application, an open-platform digital wallet, has been used to support government schemes without requiring the citizen to have a Krungthai Bank account. With over 15 million users, the application is the tool for creating a cashless society.
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AIS-Krungthai launches ‘PointPay’
Amid the Covid-19 crisis which heavily affects the income of Thai people, Krungthai Bank has partnered with Advanced Info Service PLC (AIS) in “PointPay” project to offer assistance to small merchants and restaurants across the country. The project enables 43.2 million AIS customers to redeem AIS points as a cash discount for purchases at 1.5 million merchants with Tung Ngen mobile application. Two AIS points representing a discount of one baht.
This joint collaboration leverages Krungthai Bank’s strength as the developer of digital infrastructure and AIS’s mobile phone network that covers customers across Thailand to help small merchants in local communities which constitute the driving force of the grassroots economy.
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Biznow
Biznow Juristic Onboarding Program is designed to facilitate branch staff and bank staff who deal with customers so that they can open an account and process cash management service applications, such as Krungthai Business, for juristic customers at once via a tablet, which would reduce the time required to prepare documents and make it more convenient. The channel for facilitating juristic persons is comprised of two functions as follows
- The Document Center connects the bank to the Department of Business Development via web service allowing the bank to retrieve documents for opening a juristic person bank account, facilitating the application process for customers. The Document Center began service on 30 March 2020.
- Biznow Application connects the bank to the Department of Business Development. It streamlines and helps facilitate the process of preparing documents for opening THB or foreign currency savings and current accounts and applying for Krungthai Business service (part of the cash management package for SME and sSME). It is for juristic customers, namely limited partnerships, limited companies, and public limited companies, who are registered with the Department of Business Development.
Project Development
Biznow uses the bank’s digital innovations in a way that complies with the bank’s regulations for account opening in order to speed up the process. Here are some of the examples.
- In 2021, the bank developed a two-step identity verification comprising a biometric face recognition and OTP to verify the authorized signatory.
- In 2021, the bank connected Krungthai Business to Biznow to provide cash management services to corporate customers, thereby reducing the workload and time demands on branch staff engaged in these tasks. This enables staff to attend to more customers.
- Biznow helps cut down paper use as the system can retrieve information from the Department of Business Development and authenticate identity verification from the Department Of Provincial Administration. After a juristic customer has opened an account and/or applied for a service, an email will be sent to the company.
Benefits to Businesses
- Biznow enhances the potential for expanding the customer base. Between 2020 and 2022, 5,881 accounts were opened via tablets.
- Biznow facilitates customers in applying for Krungthai Business. Between 2021 and 2022, the bank saw 2,740 applications via tablets. Biznow also facilitated 311 transactions in other services between 2020 and 2022.
Benefits to the Society/the Environment
- Biznow is another channel serving juristic customers, allowing them to open an account and apply for services quickly.
- It cuts down paper use and streamlines the bank’s document storage process.
- A total of 181,817 pieces of paper were saved by the three services, equivalent to 1,817.02 kgCO2e saved.
Government Agency Ecosystem
The Pao Tang application and advanced technology have been used to develop financial services that connect the government and its citizens to ensure that the services are efficient, swift and accessible for all while leaving no room for corruption. Government schemes that the application supports include the following.
“Aom Pai Duay Kan” (Let’s Save Together) 1-Baht Bond
In collaboration with the Public Debt Management Office (PDMO), Krungthai Bank offered the 5th batch of 1-Baht Bond, titled “Aom Pai Duay Kan” (Let’s Save Together), worth 10 billion Baht on its Thailand open digital platform, Pao Tang mobile application. The batch was sold out in 12 minutes, attracting 8,528 subscribers.
1-Baht Bond helps to address several Sustainable Development Goals. It gives people as young as 15 an opportunity to invest in government savings bonds and makes the bonds accessible to a wider range of people in a transparent manner. Being scripless, it also reduces paper use.
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Sor Bor Mor e-wallet
Krungthai Bank, together with the Public Debt Management Office (PDMO), Ministry of Finance, launched the sale of the government savings bonds “Ying Aom Ying Dai" (the more you save, the more you earn) worth 10 billion Baht on the "Sasom Bond Mung Kung" e-wallet, abbreviated to "Sor Bor Mor" in Thai, on Pao Tang mobile app. The minimum purchase was set at only 100 Baht and maximum at 10 million Baht. The bond offers regular interest payment at the rate of up to 2.20% per year, paid every 3 month. The sale received a lot of attention from the public with 11,874 investors purchasing the savings bond and it was sold out within 2 hours and 45 minutes. This also reflected the capacity of Pao Tang mobile app that can handle over 50,000 concurrent transactions per second or 3 million transactions per minute.
This was the 4th bond sale on the Sor Bor Mor e-wallet on Pao Tang mobile app. The previous 3 sales worth altogether 10.2 billion Baht attracted 26,110 investors. Selling government savings bonds on Pao Tang mobile app makes the purchasing process simpler and reduces the use of paper as well as the inequality in access to government bonds. With this, everyone aged 15 and above can have equal access to this saving option from their mobile phone. The purchase is also highly secure and investors can check information related to their bond purchases in real-time in the app.
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“Chim Shop Chai” (Eat, Shop, Spend),
an effort to boost tourism, uses the Pao Tang application to disburse financial aid to participating consumers, shop owners and SMEs. The scheme acquired over 15 million consumers and 1.8 million businesses, with over 140 billion Baht spent during the scheme.
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“Rao Tiew Duay Kan” (We Travel Together)
is a domestic tourism boosting scheme, of which registration website for businesses and travelers was developed by Krungthai Bank. The government disburses hotel, airfare and expense subsidy through G-Wallet on the Pao Tang application, which is an open platform that could connect to other payment gateways and banks.
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“Khon La Krueng” (Half Half)
is a Covid-relief scheme to help small businesses and street vendors. Krungthai Bank developed the registration website for consumers and businesses to sign up for the campaign. In this scheme, the government pays up to 50% of the bill when the purchase is made via G-Wallet in the Pao Tang application, helping both the consumers and the merchants. In the first phase of the scheme, over 15 million people and a million merchants signed up and generated over 450 billion Baht spending.
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“Rao Mai Ting Gun” (No One Will Be Left Behind)
is a relief program for freelancers to receive financial aid during the COVID-19 outbreak. The money is transferred via PromptPay in the Pao Tang application to over 15 million successful registrants.
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“One Baht Bond”
is cooperation between the Public Debt Management Office (PDMO) and Krungthai Bank to sell bonds on “Sasom Bond Mung Kung Wallet”. This marked Thailand’s first digital sale of scripless bonds and the first time that bonds were allocated on a block-chain based system. The sale was centralized to increase its efficiency, transparency and speed to real-time. The interest gained from the bond will be automatically transferred to the wallet and bondholders can trade government-issue bonds in the secondary market via the wallet. Furthermore, the Bank has worked on various projects to promote a cashless society. Examples are as follows.
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“Vat Refund for Tourists ”
Krungthai, together with the Revenue Department, Thai Customs and Immigration Bureau, has developed Thailand VRT mobile application which is powered by blockchain technology. The application is used to facilitate the VAT refund process so that it is accurate, secure, quick and verifiable. The Bank has also developed a website for checking and confirming the status of goods taken out of Thailand and an API gateway for merchants to send tourists’ transaction data to the Revenue Department for tax refund.
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“Thai Chana (Thailand Wins)”
Krungthai Bank has developed the “Thai Chana” (Thailand Wins) platform and mobile application to help Thai people to establish a new normal lifestyle. Having people check in and out of places they visit will provide the government with valuable data for effectively managing and preventing the spread of COVID-19.
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“E-filing for E-Court”
Krungthai Bank, together with the Court of Justice, has developed the third version of the e-filing system to facilitate court procedure by allowing lawyers to file complaints in civil cases, submit statements, copy and view filed documents without physically going to the court. Users can also pay the service fee via digital banking.
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“E-Withholding Tax”
Krungthai Bank, along with other 10 financial institutions, has participated in the e-withholding Tax system. Financial institutions act as the intermediary of the Revenue Department in withholding the tax and thus provide greater convenience for businesses of all sizes and taxpayers. The system reduces steps in processing various tax-related operations as well as saving cost and time. The system meets international standards of security with user permissions management for information access and disclosure.
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Educational Institution Ecosystem
“Krungthai Bank” supports King Mongkut’s Hospital Innovation Development to Establish KMC Innovative Hospital
As King Mongkut's Institute of Technology Ladkrabang (KMITL) is planning to build and establish King Mongkut’s Chaokhun Thahan Hospital (KMC Hospital) as a medical hub that provides proactive medical services in the Eastern Economic Corridor (EEC) zone and a research and development center that focuses on developing medical innovations to prepare for health crises and drive the country’s healthcare system, as well as upgrading the Thai’s quality of life by improving the access to innovative healthcare. It also aims to reduce the import of medical innovations and develop in-house innovations for export.
Krungthai Bank, which is highly committed to leveraging technology to develop and upgrade the quality of life especially in the aspects of healthcare and medical treatment, has provided financial support to KMITL for the establishment of KMC Hospital as a research and development center for medical innovations, which is one of the new S-curve industries that drive the country’s economy, as well as proactive medicine.
This cooperation to establish KMC Innovative Hospital combines the strengths of the two parties. While Krungthai Bank provides financial technology and connection to healthcare projects operated by Krungthai Bank, KMITL is the research and innovation powerhouse that could contribute to the development of medical innovations. It also opens up opportunities for both parties to exchange information and analyze problems to develop solutions that meet the needs of both hospital staff and patients. Healthcare is one of the five main ecosystems on which Krungthai Bank focuses to develop solutions that will uplift the people’s quality of life while taking in consideration social development and sustainability, according to the vision statement “Growing Together for Sustainability”.
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Smart University Application
Krungthai Bank joined hands with 5 universities -- Maejo University, Walailak University, Burapha University, Khon Kaen University and King Mongkut's Institute of Technology Ladkrabang -- in developing a university mobile application with all digital transactions and university activities in one place. The next step is to connect Digital Healthcare Platform to university hospitals, link bank accounts and dormitory management data with offices in university via Krungthai Dormitory Application to build a smart university.
Moreover, the Bank has cooperated with the Student Loan Fund to develop the Digital Student Loan Fund System (DSL) on the Pao Tang application to provide greater convenience for both borrowers and guarantors with paperless procedure and digital ID verification.
Moreover, the Bank has cooperated with the Student Loan Fund to develop the Digital Student Loan Fund System (DSL) on the Pao Tang application to provide greater convenience for both borrowers and guarantors with paperless procedure and digital ID verification.
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Healthcare Ecosystem
“SMART Hospital ”
Smart Hospital is a joint effort between hospitals under the Ministry of Public Health and Krungthai Bank to take Thailand’s public health system to the next level through digital transformation. The pilot hospital, Samutprakarn Hospital, has been equipped with self check-in kiosks, hospital admission machines, AI chatbot taking voice commands for screening patients, telemedicine via video conference for patients requiring the attention of medical specialists, blockchain-based health information exchange (HIE) for exchange the personal health information of patients between medical entities, and self payment kiosks which allow patients to check their public health insurance rights in real time before paying the hospital bills.
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“Krungthai Digital Health Platform”
on the Pao Tang application was jointly developed by the National Health Security Office (NHSO) and Krungthai Bank to provide preventive and health promotion disruptive service and facilitate the access to 16 out of 18 medical services for those who are covered by universal healthcare, including seasonal vaccinations, children vaccinations and antenatal care. Patients can check their universal healthcare coverage on the platform and receive medical care and treatment. Medical entities can file their claims to NHSO and get reimbursement within 10 days. In phase 1, over 10 million people joined the platform and it is expected that in phase 2, the service will cover 65 million people nationwide.
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“Thai Ruam Jai, Safe Bangkok”
Krungthai Bank participates in the “Thai Ruam Jai, Safe Bangkok” project to accelerate the COVID-19 mass vaccination in Bangkok, which has been designated the “maximum and strict controlled area”. The project is cooperation between the Joint Standing Committee on Commerce, Industry and Banking, which consists of the Board of Trade of Thailand, the Federation of Thai Industries and the Thai Bankers Association as well as various member organizations from the private sector.
In this project, Krungthai Bank joins hands with National Health Security Office (NHSO), Accenture and IBM to develop a registration system via Pao Tang mobile application and www.ไทยร่วมใจ.com, that is easy to manage and works in complement with the existing platform and database developed by the Ministry of Commerce, Ministry of Labour and the National Health Security Office (NHSO) and Krungthai Bank during the implementation of other government’s schemes including No One Will Be Left Behind (Rao Mai Ting Gun), We Win (Rao Chana), Section 33 We Love Each Other (Section 33 Rao Rak Kan) and Health Wallet. The system facilitates the registration for vaccination at non-hospital sites for people living in Bangkok. The registration process is end-to-end within the system and uses minimum paper. The records of who have been vaccinated will be entered into the Ministry of Health’s centralized database along with the records of those registered by other means so that the data are accurate, transparent, verifiable and accessible by all.
Furthermore, people who are at risk of getting Covid-19 can register for free antigen test kits (ATKs) on Pao Tang mobile application, starting from 16 September 2021 onward.
These projects leverage the bank’s infrastructure to improve the country’s public health system as well as the health of Thai people by making vaccines and ATKs easily accessible to all people.
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Transportation Ecosystem
“Krungthai Payment gateway ”
Krungthai Bank has installed QR Code and portable EDC terminals on 3,000 Bangkok Mass Transit Authority (BMTA)’s buses to receive bus fare payment and rolled out train fare online payment via Krungthai payment gateway by installing more than 140 EDC terminals and QR code to receive payment at ticket counters in 56 train stations nationwide. The Mangmoom or Spider Card has been launched and can be used for traveling on MRT Blue Line and Purple Line. M-Pass card and M-Pass mobile application allows commuters to top up their M-Pass card using cross-bank bill payment service. As for toll roads, Krungthai Bank has developed the tap & go system to enable contactless credit card payment at the toll booth which, as a result, will speed traffic flow and lessen congestion. A dual-chip card that combines a debit card and public transportation payment card is also set for launch soon.
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