BANGKOK, Thailand, October 4, 2023 — Krungsri (Bank of Ayudhya PCL), Thailand’s leading financial institution, announced a five-year partnership with Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider. Kyndryl will bolster the bank's ability to adapt to market changes, fortify its legacy systems and enhance its customer-centric digital banking services through the implementation of data analytics, cloud solutions and automation.
“The banking industry is undergoing a profound transformation due to a confluence of factors, including technological advancements, evolving customer preferences, regulatory changes and the rise of innovative financial models. These factors are leading us to a tipping point where traditional methods need to be re-evaluated and reshaped,” said Pochara Vanaratseath, Krungsri Head of Information Technology Group. “At Krungsri, we are striving to expand regionally, which involves not just extending our reach beyond Thailand, but also harnessing the synergies across parent company Mitsubishi UFJ Financial Group's (MUFG) network to enhance our customer services. To succeed, we need a resilient, flexible and scalable IT infrastructure. This is where we see our partnership with Kyndryl taking shape, serving as experts with deep domain knowledge to effectively modernize our IT infrastructure so that we can move forward with our vision, wherein customer-centricity and personalized product suites take center stage.”
Enabling Krungsri to drive its digital transformation, Kyndryl will support the financial institution in datacenter relocation, cloud adoption automation, mainframe modernization and modern workplace solutions, as well as tap its partnerships with industry leaders like AWS and Microsoft to deliver multi-region solutions. This will allow the financial institution to apply data management capabilities to service customers beyond Thailand, enhancing its ability to operate and collaborate seamlessly and securely across different markets.
As part of the partnership, Krungsri can also look forward to Kyndryl’s expertise in managing intricate IT landscapes, providing unfaltering service delivery as a reliable and adaptive solutions provider, and catalyzing digital transformation and capital efficiency initiatives to meet the needs of its mid-term business plans. The immediate outcomes of this partnership include operational streamlining and cost optimization through automation and digitalization, while bringing invaluable growth to the top and bottom lines of the business.
Kyndryl has achieved remarkable success with Krungsri through several significant initiatives over the years. In 2019, Kyndryl pioneered the transformation to a Software Defined Network, effectively improving Krungsri's operational performance metrics. In 2020, Kyndryl executed several projects, such as cloud modernization and improving customer experience metrics via IT helpdesk solutions. These contributions validate the IT company’s role as a strategic partner for the next phase of Krungsri’s digital transformation journey.
“Kyndryl is proud to be the trusted partner supporting Krungsri’s IT modernization journey. Our proven track record in harnessing data to strategize, innovate and deliver an optimized banking experience will play a crucial role in architecting and implementing the right technological solutions for Krungsri’s IT landscape. We are fully committed to enhancing Krungsri’s customer-centricity and enabling its transformation into a digital-first financial institution in Asia,” said Andrew Lim, Managing Director, Kyndryl ASEAN.
About Kyndryl
Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider serving thousands of enterprise customers in more than 60 countries. The company designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. For more information, visit www.kyndryl.com.
About Krungsri
Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s six Domestic Systemically Important Banks (DSIBs) with 78 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 603 domestic branches (563 Banking Branches and 40 Auto Business Branches) and over 33,918 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 10 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).
Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.
