KASIKORNBANK (KBank) has established KASIKORN Vision Information Technology Co., Ltd. It is a fintech company wholly owned by KASIKORN Vision Co., Ltd. (KVision) with registered capital of RMB 300 million. It is the first fintech company to be set up by a foreign bank in Shenzhen this year.
The company’s main business will involve the design, creation and research of new technologies. It has formulated a five-year operating plan to support the future development and provision of financial technology.
Ruangroj Poonpol, Chairman of KASIKORN Business-Technology Group (KBTG), said that KBank has established KASIKORN Vision Information Technology Co., Ltd. which is registered in Luohu district, Shenzhen, People’s Republic of China. It is a financial technology, or fintech, company which is wholly owned by KVision.
Its registered capital is RMB 300 million, or equivalent to THB 1,300 million. It is the first fintech company to be established by a foreign bank in Shenzhen this year. The company’s main business involves the design and creation of IT systems, research of new technologies, search for new business models conducive to digital banking and digital economic systems, as well as the development and testing of prototype products and provision of new financial technologies to KASIKORNBANK FINANCIAL CONGLOMERATE and its customers.
KASIKORN Vision Information Technology Co., Ltd. has formulated a plan involving three steps over the course of five years:
The first step, in the first year of business, is to consolidate the foundation, focusing on the completion of team building, business models and other basic work, to support KASIKORNBANK (China) Co., Ltd.’s digital strategy as the main development direction.
The second step, over the second and third years, involves steady progress through in-depth integration with shareholder resources, key business group in Thailand and China + ASEAN regional institutions; and the integration of leading domestic technological achievements, especially those of Shenzhen, to provide innovative financial science and technology solutions.
The third step, over the fourth and fifth years, is the acceleration of development in the course of becoming an influential fintech company in the region. At the same time, in the fields of technology accumulation, research and development, the company will join with leading international research and educational institutions to explore the establishment of financial science and technology laboratories to support the research and application of related basic disciplines.
KASIKORN Vision Information Technology Co., Ltd. will promote the expansion of financial science and technology services to ASEAN countries, and make Shenzhen an important node for the Guangdong-Hong Kong-Macau Greater Bay Area, which is an important support pillar for the Belt and Road Initiative to reach out and connect with ASEAN countries. This would benefit ASEAN and enhance China-ASEAN economic and financial cooperation.
Luohu district is a newly developed area in Shenzhen, a central business district which houses the headquarters of more than 70 licensed financial institutions and first-line branches, or the approximate equivalent of one-fifth of the city’s licensed financial institutions. Thus, Luohu district serves as a frontrunner in terms of development, with technological innovation serving as the primary driving force. Additionally, the district has been able to attract new investment and new talent, which will comprehensively improve the scale and quality development of its emerging industries. KASIKORN Vision Information Technology Co., Ltd. is expected to receive the full benefit of being located in this region.