Thailand’s Kasikornbank (KBank) has selected the Avaloq Banking Suite to drive growth at its private banking and wealth management unit.
The move marks Avaloq’s first project in Thailand. The bank will use the Swiss software provider’s solutions to strengthen customer service infrastructure and internal processes including client relationship management and risk management.
KBank private banking business group head Jirawat Supornpaibul said: “It is very important to invest for growth and partner with best-in-class suppliers that can give us a real competitive edge not just in terms of the customer interface but also fundamentals such as a strong internal risk management framework. This is why we have selected Avaloq to take our private banking business forward.”
KBank, founded in 1945, reported $85.8bn in assets under management at the end of September 2017. The bank’s private banking arm, which has a market share of about 40%, manages nearly $20bn in assets.
Avaloq head of Asia Pacific Chris Beukers said: “With a well-established footprint and multiple customers in Singapore, Hong Kong and Australia, we are very pleased to be expanding to Thailand. As the Thai market continues to both expand and mature, we believe that KBank, which already has a significant market share of the domestic private banking market, will be able to strengthen its position as a market leader.”