The banking software firm has won a deal with the private banking arm of a Thai financial services group.

Thailand’s KASIKORNBANK, aka KBank, has chosen the Avaloq Banking Suite to support the growth of its private banking and wealth management business. The project is the first that Switzerland-headquartered Avaloq has secured in the country. 

KBank Private Banking, which has a market share of around 40 per cent of the high net worth market in Thailand, has selected Avaloq to upgrade its customer service infrastructure and to improve internal processes. 

The lender, formed in 1945 and formerly called Thai Farmers Bank, has around $20 billion in assets under management. “The private banking and wealth management sector in Thailand is seeing significant growth and, as a consequence, the market has become very competitive,” Jirawat Supornpaibul, KBank Private Banking Business group head, said. 

The move is part of a push by Avaloq to build business across Asia. In December 2017, Avaloq appointed Chris Beukers as head of Asia-Pacific. See here for more recent developments.