The State Bank of Vietnam (SBV) granted approval for KBank’s Ho Chi Minh City’s capital increase of more than 2.5 times, from Baht 2.7 billion to Baht 9.6 billion.
This capital increase is aimed at supporting economic expansion via KBank’s role as a funding source for business owners, including large corporate customers to retail business operators, and to strengthen the Transactional Ecosystem wherein KBank’s comprehensive services are offered, as well as developing an IT structure that is deemed as a core component of the Bank. Empowered by this capital increase, KBank will become one of Vietnam’s 20 largest banks in terms of asset size within 2027.
Chat Luangarpa, KBank Executive Vice President, said, with KBank’s determination to be one of Vietnam’s economic drivers, KBank had geared up for this capital increase to be well-prepared for lending and provision of various services to all customer segments, including large organizations/businesses, SMEs, and retail clients. Recently, KBank was granted the SBV’s approval for its 2.5 times capital increase, from Baht 2.7 billion to Baht 9.6 billion. KBank is confident that this move will fortify its capabilities to offer comprehensive services in a Transactional Ecosystem, while also enhancing its IT structure, which is a core component in support of Vietnam’s business operations and the general public in access to a funding source. Emphasis is placed on SMEs and retail customers, which are numerous in Vietnam, so that they can operate their businesses with greater efficiency towards becoming large-scale enterprises in the future. KBank will employ its experience and expertise in the fields of technology, risk management, regional connectivity and creation of business partnerships to deliver the most responsive financial services for the maximum benefit of all customers.
The Bank is pressing ahead with the expansion of its services to reach local customers at all levels while also offering business opportunities particularly to retail customers who have just started small enterprises – including local business owners – through digital loans. The move is intended to provide customers easier access to financial services and loans by leveraging KBank’s leadership in digital and mobile banking in Thailand to further develop a variety of products such as KBank Biz Loan via the K PLUS Vietnam application for retail stores in Vietnam. Additionally, alternative data will be used to help KBank deliver new services to underbanked customers, a significant customer base in this region. With such technology that offers ease in processing data, plus increased accuracy and security of transactions, KBank aims to be one of the top 20 largest banks in Vietnam by total assets in 2027.
Moreover, KBank has set its sights on increasing the number of K PLUS Vietnam users – now topping 470,000 – to 1.3 million, by the end of 2023. Aside from such technological strength, KBank will continue to build confidence through our marketing efforts in order to garner increased trust from customers, so that they continue to use us as their main operating bank.
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