Technology is a critical tool in reducing inequalities and promoting social and environmental sustainability. Thus, state-owned commercial bank Krungthai Bank has showcased its commitment towards driving Thailand’s digital economy in order to serve its customers and the wider country’s population in the latest issue of World Finance magazine.
Krungthai Bank’s CEO, Payong Srivanich, reveals the organisation’s strategy for ‘Growing Together for Sustainability’ through the development of technology across five key ecosystems: government technology, health and wellness, educational institutions, transportation and payments. Making improvements to these areas, Payong writes in World Finance, will lead to a better quality of life and sustainable growth for Thai people.
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From smart hospitals to cashless universities and blockchain technology to e-donation platforms, each of these projects is helping lay the foundation of the country’s digital transformation. During the COVID-19 pandemic, Krungthai Bank’s technological advancements proved their effectiveness, as Pao Tang, the open digital platform developed and managed by Krungthai Bank, became the main tool used to implement relief schemes and deliver financial aid.
The Pao Tang mobile application now has more than 33 million users, making it the country’s largest digital banking platform and a key tool in progressing Thailand towards a digital-first future.
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“We have prepared and readied ourselves, as well as the country, for the upcoming full-scale digital economy by continuously developing financial service platforms in the five ecosystems that respond to customer needs as well as employing technology to reduce inequalities and promote social and environmental sustainability,” Payong wrote. “All of these efforts reflect our continued determination to realise and stay true to our vision #GrowingTogetherForSustainability.”
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