- June 11, 2020
- 2030 Views
Kasikornbank awarded Best Retail Bank in Thailand at The International Excellence in Retail Financial Services Awards 2020
- Kasikornbank weathered a challenging year for Thailand with a robust financial position and consistent business performance
- Strategic partnerships and ecosystems that the bank built strengthened its digital capabilities
- The bank extended support to its customers to cushion the impact of the COVID-19 outbreak
Singapore, 5 June 2020 — Kasikornbank received Best Retail Bank in Thailand at The Asian Banker International Excellence in Retail Financial Awards 2020.
Kasikornbank weathered a challenging year for Thailand with a robust financial position and consistent business performance
Despite Thailand’s economic slowdown and contraction in the loan industry, Kasikornbank was able to grow its retail banking revenue as well as maintain a healthy return on equity and cost to income ratio. Its fee income and transaction volumes have also been strong points for the bank, as these have contributed significantly to its income growth. The bank maintained its double-digit market share in retail deposits, credit cards, debit cards and personal loans as well.
Strategic partnerships and ecosystems that the bank built strengthened its digital capabilities
In addition to its growing, digitally active customer base, Kasikornbank has advanced its digital transformation journey in 2019 through significant collaborations. The bank partnered with Grab, a leading ride-hailing platform in the region, in introducing GrabPay in Thailand as well as loan products for Grab drivers. The bank is also offering lending to Thai sellers on Lazada’s e-commerce platform. It is one of the collaborators in launching Central JD’s Dolfin wallet as well. In 2020, the bank plans to launch Kasikorn-Line with Line Corporation to offer personal loans and nanofinancing for the underserved and unbanked population consisting of small business owners, self-employed clients and freelancers.
The bank extended support to its customers to cushion the impact of the COVID-19 outbreak
Under its “Stronger Together” program, Kasikornbank rolled out assistance measures to customers amid the pandemic. While the bank has been closely monitoring its loan portfolios, it has provided financial assistance amounting to $5.86 billion (THB 186.85 billion) to a total of 297,800 retail clients, mostly from its home loan, secured loan and credit card segments.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing and Dubai, as well as representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/.
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145