Lu International and KASIKORNBANK has announced a strategic partnership to help meet the demand of financial services in Thailand.
The partnership allows KASIKORNBANK to leverage Lu International’s technology and expertise to establish a comprehensive online wealth management platform for retail investors in Thailand.
This platform will be jointly operated and managed by both parties. It will be deployed on a fintech empowering platform developed by Lufax Holding.
“This strategic cooperation with KASIKORNBANK is a strong and mutually-beneficial alliance. Lufax Holding, together with Lu International, has the technological capabilities and wealth of experience in doing business globally to help address a gap in the Thailand market.” Weighed in Greg Gibb, CEO of Lufax Holding, “Together with KASIKORNBANK who has a long history of local operations and has built a strong customer base in this market, we believe this partnership will accelerate the pace of digital transformation within the financial institution industry in Thailand and across the Southeast Asian region.”
Kit Wong, CEO of Lu International, commented on the move, “Being based in Singapore, a gateway to Southeast Asia, as well as being one of Singapore’s first wealth management platforms providing end-to-end online account opening services and investment operations, we are well positioned to be the fintech enabler of choice for traditional financial institutions in the region that want to provide convenient, efficient, intelligent and personalised digital financial services to investors.” In the coming months, Wong added, “We will continue to grow our capabilities in Southeast Asia, extending our footprint in the region to meet the needs of our customers and support the business growth of our partners.”
Kattiya Indaravijaya, CEO of KASIKORNBANK, said, “We are ready to create a digital service platform to allow Thai individuals and businesses to go beyond borders to capitalise on massive opportunities in the ‘Era of Asia’.”
The world is about to enter another wave of digital disruption as big players like commercial banks morph into fintech organisations. It is imperative that we quickly adjust ourselves and strengthen our capabilities to seek new business opportunities. With the necessary technical support coupled with fintech innovation, KASIKORNBANK has successfully achieved digital transformation through the partnership with Lu International, as well as the help of an open banking services model.
