Bangkok, Thailand – SCB X Public Company Limited, together with South Korea-based KakaoBank, and WeBank Technology Services, has moved forward with an expanded strategic partnership focused on the establishment of a virtual bank in Thailand.
The three parties have formalised a collaboration that builds on earlier cooperation and reflects a shared intention to combine their respective capabilities in preparation for entering the Thai digital banking market.
The partnership centres on improving the efficiency and reach of financial services through digital channels, with an emphasis on widening access to finance and delivering more responsive products. The partners plan to develop digitally led financial offerings tailored to the changing requirements of consumers in Thailand, particularly individuals and SMEs, with the aim of supporting everyday financial needs and longer-term financial goals.
“This collaboration reflects our belief that the future of banking must be more inclusive, more accessible, and driven by technology with purpose,” Arthid Nanthawithaya, chief executive officer of SCBX, stated.
“By working closely with KakaoBank and WeBank Technology Services, we are advancing the development of a virtual bank designed to close longstanding gaps in financial access, elevate customer experience through simpler digital services, and bring meaningful innovation to Thailand’s financial ecosystem in support of sustainable growth.”
Development of the virtual bank will draw on the complementary expertise of each organisation. SCBX contributes local market knowledge, insight into customer behaviour and experience in managing large-scale financial operations. KakaoBank adds experience from operating a mobile-first digital bank, including strengths in product development, user interface design and customer-focused service models.
Meanwhile, WeBank Technology Services provides the underlying digital banking platforms, scalable systems and artificial intelligence capabilities developed through its work across global markets.
AI is intended to be embedded across the bank’s core infrastructure from the outset. The integration of AI into processes, product development and customer engagement is designed to support personalised digital interactions, enhance operational efficiency and enable data-driven decision-making.
As the project progresses, the partners will continue joint work on technology development, service design and operational preparation as they move towards subsequent stages of implementation.
