KASINKORNBANK (KBank) announced a Bht 100 billion strategic programme aimed at boosting access to banking services among Thailand’s unbanked and underbanked population as well as Micro, Small and Medium Enterprises (MSMEs) and the self-employed.

The programme includes accelerated investments in technology, acquisitions, commercial partnerships, organisational development and more to boost access to banking services.

In the next two years, KBank will be investing around Bht 22,000 million in new technology and systems. This is in addition to the Bht 12,700 million that was invested in the past two years.

KBank also expects to complete two to five acquisitions and commercial collaborations with technology-related enterprises with investments of up to Bht 30,000 million in the next 12 months.

Additionally, KBank has been trialing multiple new systems and processes in preparation for this strategic push.

This includes its buy-now-pay-later loans’ pilot for those who are self-employed or have no documents to prove their income, by evaluating their creditworthiness using alternative data. In the last several months, KBank has approved an average of 1,600 loan applications daily.

Additionally, the bank’s LINE BK app allows for loan applications without any supporting documents. With the applicant’s consent, KBank evaluates the loan applications with data from their social media.

KBank is also working with a major retail group to give upcountry mom-and-pop store operators easier access to loans without collateral, as well as providing loans to the stores’ customers.

Kattiya Indaravijaya, Chief Executive Officer, KASIKORNBANK said,

“We’re taking a bold step, and, through technological leadership, aim to transform banking in Thailand in ways that can help more people enter the banking system and benefit from banking products and services.

By the end of this year, with just the LINE BK app, we hope to bring a further 200,000 people into the banking system by giving them their first bank loan.”