KBank is looking to extend the reach of its fintech arm and has set up Kasikorn Vision Information Technology in China. The outfit is wholly owned through the bank’s KVision subsidiary and starts with THB 1.3 billion in registered capital.
According to a KBank press release, Kasikorn Vision Information Technology is the first fintech company to be set up by a foreign bank in Shenzhen this year. The startup is promoting a five-year plan to build its base outside of Thailand.
The fintech startup will spend the next year focusing on team building, business models and other work to support KBank’s digital strategy in China. After that, the goal will be developing innovative financial science and technology solutions through the integration of various KBank resources across Asia.
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Among the key end goals of the business is to partner with leading international research and educational institutions in China that allow them to explore the establishment of financial science and technology laboratories. KBank’s hope is that the startup can become an influential fintech company in Shenzhen by the time its five-year plan is completed.
What does Kasikorn Vision Information Technology do?
The main business of Kasikorn Vision Information Technology is the design and creation of IT systems that support financial services. Additionally, the fintech firm researches new technologies; searches for ways to innovate the digital banking experience and tests prototypes and new technologies for KBank.
Why China?
KBank saw China, and Shenzhen in particular, as the ideal place to launch its fintech startup. It is part of the Guangdong-Hong Kong-Macau Greater Bay Area and has an integral role in the Belt and Road Initiative.
Shenzhen has become a bit of a fintech hub which should make it easy for the Thai startup to find talent. The Chinese government has put an action plan into place that calls for the city to become a global fintech center. It is one eight Chinese cities selected to carry out fintech regulatory sandbox trials this year.
For Kasikorn Vision Information Technology, Shenzhen is an ideal to location for its overseas operations. The bank noted that the city’s commitment to technological innovation was one of the reasons it was chosen.
