Thailand’s second-largest lender, Kasikorn Bank (KBank), has revealed that it is collaborating with several partners to integrate innovative technologies such as blockchain into the bank’s services.
According to the Bangkok Post, KBank said it is collaborating with corporate partners to develop the blockchain technology that will be used to simplify letter of guarantee (L/G) services. With the implementation of blockchain, the bank expects to better assist its clients in carrying out processes related to business expansion.
Previously, the Thailand Blockchain Community Initiative project assembled 14 local and foreign banks and financial institutions in order to establish a joint venture company that will provide L/G services via the blockchain platform.
The technology is currently being put to trial in the Bank of Thailand’s (BoT) regulatory sandbox. If the project proceeds according to schedule, the blockchain platform will exit the sandbox within May 2019.
Meanwhile, KBank President Pipit Aneaknithi announced that the bank has recently made significant improvements to its digital lending features while expediting the process to request credit for its customers.
KBank disclosed that digital loans are granted using a different method from traditional personal loans. The bank grants a line of credit based on data analytics, and once the customer accepts the credit, the bank will carry out analysis and risk management procedures.
However, the digital lending service is still only offered to existing bank customers
The KBank President said the service is expected to accept new borrowers within the year, as the bank must evaluate credit quality, data accuracy, and customer feedback before expanding the digital lending program.
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