BANGKOK (NNT) – Krungthai Bank has reported a jump in e-banking platform users, thanks to the government’s COVID-19 aid measures which familiarized the general public with electronic transactions via a mobile e-wallet application developed by the bank.
Krungthai Bank Executive Director Krisada Chinavicharana disclosed today the bank has seen a growth in its client base to 40 million, with 1.2 million entrepreneurs opening accounts with the bank, and some 100 billion baht in circulation thanks, to the government’s COVID-19 aid measures.
Most financial aid measures introduced by the government require users to make transactions via the Pao Tang mobile application, developed by Krungthai Bank, which is helping to push Thailand towards having a fully digital society.
Mr. Krisada said Krungthai Bank has played a role as the government’s main economic driving mechanism for the past 55 years, by helping distribute government funds to people seeking access to financial resources.
The bank has been an important partner in supporting the government’s financial aid measures, from the COVID-19 payouts to the welfare card campaign. The bank has also facilitated the digital sale of government bonds and developed the digital learning platform for the Student Loan Fund.
The bank’s executive director revealed the bank has successfully migrated its Krungthai NEXT digital banking services to a cloud infrastructure. This allows the platform to serve the current 12 million users faster and with better stability, while enabling the bank to introduce products such as health insurance and loans that better suit the fast changing situation, while promoting sustainable economic growth.