KASIKORNBANK Doubling Down on Vietnam Expansion Effortsby Fintech News Vietnam March 9, 2023
KASIKORNBANK (KBank) is doubling down on the expansion of its operations in Vietnam, setting its sights to achieve US$400 million in net income and a customer base of 8.4 million in Vietnam by 2027.
The bank had already established a footprint in Vietnam by opening its first branch in November 2021 and is looking to become one of the top 20 banks in the market in terms of assets.
For its retail customers, KBank will be rolling out a new debit card by July this year. Users can apply for the card via the K PLUS Vietnam app and once approved, it will be sent directly to their homes.
The bank is also offering its internet banking services to corporate clients so that businesses can conduct cash management and payroll transactions with ease.
KBank is focused on its digital lending offering through the launch of the KBank Biz Loan for small and medium-sized enterprises (SMEs) via its app.
Additionally, Kbank has so far invested in several Vietnamese companies via KASIKORN VISION (KVision), its investment holding company.
KBank’s portfolio includes e-commerce firm Sendo, cloud-based POS/store management software provider KiotViet, venture capital firm Seedcom, digital healthcare provider Jio Health, and social commerce platform Selly.
Chat Luangarpa, Executive Vice President at KBank said,
“To become one of the 20 best banks in Vietnam by 2027 in terms of assets, income and customer base, KBank will provide full-fledged financial services within the transactional ecosystem to meet the diverse needs of local customers.”