KBank looks to startup tech to support the digital bank

Friday 4 January 2019 09:22 CET | News

Digital bank KBANK China has announced it plans to inject THB 8 billion (~USD 250 mln) in Chinese startups within the next five years.

KBank noted the bank has set up four innovation hubs in Beijing, Shanghai, Shangzhen and Hangzhou. The bank will also invest around THB 8 billion during 2019-2024 in startups throughout the country, including those focused on fintech, blockchain, e-commerce and artificial intelligence (AI).

The bank’s mission is to provide a full range of financial services via digital platforms connecting both corporate and retail customers between China and the Asean economic community (AEC). The bank in China has three branches, in Shenzhen, Chengdu and Shanghai, focusing on cross-border business to serve trading and foreign direct investment (FDI) between China and AEC.

They are also tasked with creating value chain businesses in China along with business matching and advice for Chinese companies entering the AEC. The bank this year is also using robotic process automation (RPA) in operations management in order to increase operation capacity and process management. It also offers online supply-chain finance to support experimenting with online platforms, as well as online lending in order to engage partners to build risk frameworks and develop customer channels.

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Keywords: KBank, investment, digital banking, supply chain finance, Robotic Process Automation, China, Thailand, Asean economic community, APAC, trade finance, foreign investment
Countries: World