KBank China, a subsidiary of KASIKORNBANK (KBank), has opened a new head office in Shenzhen to enhance its services for Chinese businesses investing in Thailand and ASEAN countries, as well as for Thai-ASEAN businesses expanding into China.
Key Takeaways
- Focus will be on Chinese businesses seeking to invest in Thailand and other ASEAN countries, as well as Thai-ASEAN businesses looking to broaden their reach to China.
- The expansion aims to strengthen KBank’s position as a Regional Digital Bank in AEC+3 through digital services and to elevate its capabilities in digital technology across ASEAN.
- Digital Expansion: The move is part of KBank’s strategy to become a Regional Digital Bank, leveraging digital technology to meet the financial needs of businesses.
- Strategic Location: Shenzhen is chosen for its technological advancements and its position within the Greater Bay Area, an integrated economic zone.
KBank China is the first ASEAN bank to open a headquarters in Shenzhen, with over 100 billion Baht in assets and 30% average annual business growth. It has attracted more than 3 million retail customers and opened branches in Shenzhen, Beijing, Shanghai, and Chengdu to serve business customers in Thailand, China, and the AEC.
The new business will target Chinese nationals looking to invest in Thai companies. The new head office covers over 13,700 square meters and can accommodate up to 1,000 employees.
The company aims to connect Chinese businesses with ASEAN markets and Thai-ASEAN businesses with China through digital banking platforms and solutions.
Kobkarn Wattanavrangkul, Chairperson of the Board at KASIKORNBANK, explained that the bank is using different digital channels to bring together Chinese business customers within the AEC+3 region through its network in ASEAN.
She added that KBank has prepared for future growth by opening a new head office within Shenzhen’s CBD.
The new move of KBank will also seek to expand the company’s digital capabilities in critical locations like Vietnam and Indonesia.
KBank’s new head office opening is a milestone as it aims to become a Regional Digital Bank and symbolizes the strong relationship between China and KBank. Since entering the Chinese market in 1994, KBank has promoted cross-border trade, including with ASEAN countries. The decision to establish the head office in Shenzhen is based on the Bank’s history, favorable environment, and forward-looking vision. Shenzhen is known as the Silicon Valley of China for its technological advancements.
Shenzhen, the Chinese Silicon Valley
Shenzhen is known as the Silicon Valley of China due to its technological hub and tech companies. The region has a rapid growth and strategic transition history, from a fishing village to a manufacturing powerhouse to a high-tech metropolis. The area has benefited from its proximity to Hong Kong and its status as a special economic zone, which gave it more openness and flexibility than other Chinese cities.
The area has a large and diverse pool of tech talent, both local and international. Shenzhen attracts skilled workers, engineers, designers, and entrepreneurs from China and abroad, drawn by the city’s opportunities and challenges.
Shenzhen also has a robust education system, with several universities and research institutes collaborating with the industry.
KBank China is part of KBank Group, which comprises four companies specializing in different aspects of the digital asset industry: Cryptomind Advisory, Merkle Capital, Elkrem Capital, and Cryptomind Asset.
The group’s mission is to accelerate the adoption of digital assets and bring new opportunities to Thai businesses and investors in this open and borderless era. The group also targets to manage 3 billion baht worth of digital assets, a three-fold increase from the previous year.
