Emerging technologies have changed how customers live and do businesses, as well as their needs and expectations. In order to keep up with them and continue providing products and services that fulfill their needs, Krungthai Bank has developed digital banking products and services, so that the customers have a pleasant digital banking experience in which they can perform transactions conveniently, effectively and securely. Here are some of our digital banking services.

Pao Tang

Krungthai Bank has developed “Pao Tang”, an open platform mobile application that supports the government's subsidy scheme disbursement, as well as building Thailand’s digital infrastructure. The application promotes sustainability as all processes are transparent and corruption-free because all eligible people have direct access to the financial aid without going through a middleman. The application also allows paperless implementation of the government’s schemes such as “Rao Mai Ting Gun” (No One Will Be Left Behind), “Khon La Krueng” (Half Half), “Chim Shop Chai” (Eat, Shop, Spend) and “Rao Tiew Duay Kan” (We Travel Together), “One Baht Bond” and “Krungthai Health Platform”. For more information on each scheme, please visit Ecosystem Orchestration.

Furthermore, Krungthai Bank also has developed several services on Pao Tang

Krungthai Bank has developed “Krungthai Gold Wallet” on Pao Tang mobile application to allow general investors to invest in gold 99.99%. They can trade gold in real-time during the opening hours of foreign markets at the global market prices in US Dollars. The platform offers an end-to-end online gold trading service, starting from opening an account, depositing money into the account, exchanging the money, buying and selling gold, all this without having to physically visit a bank branch or a retail gold shop, making it suitable for investment in new normal lifestyle and relieving the investors’ burden of keeping the gold bars safe. The platform incurs no commission fee. The platform is provided in partnership with MTS Gold Mae Thongsuk, one of the country’s leading gold bullion traders.

Investors can make profit from trading gold at global market prices in US Dollars using their US Dollar bank accounts without having to exchange the money to Thai Baht every time. Krungthai Bank also offers Thailand’s first fully electronic foreign currency deposit account (eFCD) which can be opened online any time of the day, 7 days a week. The development of a US Dollar-denominated gold trading platform and the launch of Thailand’s first eFCD would make the online investment service end-to-end and facilitate the investment in foreign assets and the management of foreign currency funds. It will also help to reduce currency fluctuation risk and diversify investment options in foreign assets, which aligns with Bank of Thailand’s long-term goal of developing a new FX ecosystem. The Krungthai Gold Wallet will be available from 25 October 2021 onwards.

Krungthai Gold Wallet is another project in which the bank uses its digital infrastructure to address the Sustainable Development Goals (SDGs) and promote continuous economic growth. We are highly committed to developing investment innovations to cover assets that respond to the diverse needs of investors. Krungthai Gold Wallet allows people to invest in gold trading via a transparent, secure and easily accessible channel on their mobile phones which requires no paper documents, with minimum investment as low as 0.1 ounce of gold.

Krungthai Bank and PTT Exploration and Production Public Company Limited (PTTEP) join hands to offer “PTTEP Digital Bond” via Pao Tang mobile application which is Asia’s first bond issuance via digital wallet. This is part of the effort to use technology to develop and enhance the efficiency of the Thai capital market as well as enhancing Pao Tang’s capabilities and extending the range of provided services so that it covers main activities in all areas of life for all customers and citizens, including financial, health and lifestyle services as well as savings and investment products. Krungthai Bank also acts as an intermediary for secondary market trading, allowing investors to buy and sell bonds in a platform that is convenient, fast and available 24 hours a day. The platform is commission-free and transactions are immediate – buyers receive the bonds and sellers receive the money instantly.

The offering attracted 8,363 investors and the bond was sold out in 8 minutes 12 seconds. With the minimum investment as low as 1,000 Baht, it attracted investors from every province in Thailand; 40.9% from Bangkok and 59.1% from other provinces combined, with 11.61% located in Northeast Thailand. In addition, the investors spanned all age groups between 20 and 89 years old; 7.9% were first jobbers (20 – 29 years old) and 25% were above 60 years of age. These figures reflect how investment in corporate bonds are democratized and allows all groups of people to have an equal and inclusive access to bond investment as a saving option.

The bond helps to address SDGs and increase the efficiency of Thai capital market through the use of innovation. . The product promotes continuous economic growth and reduces environmental impact. As digital bonds are scripless, they help to cut down on paper use and trips to a branch because transactions can be done on Pao Tang, a mobile app with over 33 million users which most people are familiar with. Offering digital bonds on a transparent, secure and verifiable platform like Pao Tang allows all groups of people an inclusive and equal access to investment and savings and helps to reduce inequality.

Krungthai Bank and Sansiri offered Asia’s first digital bond from a real estate company on Pao Tang mobile application. The whole issue size of 2 billion baht was fully subscribed within 3 minutes and 38 seconds. Offering the bond on Pao Tang gives all people a convenient and inclusive access to this savings alternative, thus reducing social inequality. The subscription is highly transparent and cuts down on paper use. It also constitutes part of the country’s digital infrastructure that prepares Thailand for future full-scale digital economy.

Krungthai NEXT

“Krungthai NEXT” mobile application was developed to support Krungthai Bank’s aspiration to transform into a full-scale digital bank. The application is the first cloud native banking app in Thailand and boasts the 3S characteristics: scalability, stability and security. The scalability of cloud allows the application to concurrently process a huge amount of transactions of over 10 million Krungthai NEXT users. The application has state-of-the-art technology for stability and security. It also has features that reduce social inequality, including:

• NEXT Saving account which can be opened free of charge and has no minimum deposit for account opening
• purchasing personal accident and travel insurance 
• e–Donation feature where users can scan a QR Code to make a donation and get an instant electronic receipt that can be used to claim tax deduction.
• national lottery booking service 
• accessibility features including iOS’ Voice Over and Android’s Talk Back, allowing users with visual impairment to perform financial transactions including paying utility bills and booking lottery tickets 
• paperless digital lending services to reach out to customers in far rural areas so that they do not have to submit physical documents 
• transactions that can be done in the application include buying mutual funds, stocks, insurance and requesting credit bureau report
• identity verification by face authentication to provide extra security and personal data protection

For more information, please visit Krungthai NEXT

Krungthai Connext 

Krungthai Connext is a LINE notification service that notifies users of incoming and outgoing transactions, as well as providing other services. With chatbot technology, the users can perform tasks such as balance inquiry for bank accounts or Krungthai Travel Card, booking branch visits, searching for nearby ATMs and branches. Currently, Krungthai CONNext has over 7 million users. For more information, please visit Krungthai Connext