The platform, developed in collaboration with IBM Consulting on Red Hat OpenShift, enables Krungsri's ecosystem of e-commerce, travel, lifestyle, insurance, hospitality, and other industries to seamlessly provide enhanced personalized financial services to their customers through a secure, modern, and open architecture. Kungsri's Open API Platform also reinforces the Bank's position as one of the most digitally advanced financial institutions in the region.
82% of businesses in Thailand work with their banking partners to help the business keep up with fintech innovations and develop the right strategic guidance and solutions. A whopping 48% of businesses in APAC are leveraging APIs in their current operations and digital transformation journeys during a period of fierce disruption.
Hundreds of local and ASEAN brands such as Ngern Tid Lor (TIDLOR) have joined the Krungsri Open API Platform to rapidly deliver new products and services to their customers. On top of that, Krungsri's platform can provide cross-border remittance services in Lao PDR, Cambodia, and Indonesia. By connecting to NIUM, the service is also available in 13 countries worldwide, such as the USA, UK, Australia, and several countries in Europe.
Mr. Sayam Prasitsirigul, Krungsri Chief Information and Digital Officer said, "The disruption caused by the pandemic along with the rapid change and push for innovation means that we need to re-engineer our innovation to identify the best way to deliver new products and services to our customers. Krungsri is today leading the way towards transforming our existing technology capabilities into a modern IT architecture to support business expansion plans in different industries under Krungsri's ecosystem, so as they can connect to the Bank's services more seamlessly and completely by delivering a secure and open digital platform. Speed is of the essence while consumer-centric products and services are key differentiations for Krungsri today. Krungsri is determined to develop these differentiations in order to help leverage customers' business of all groups; SMEs, corporate customers, and JPC/ MNC customers. Krungsri intends to help them thrive and deliver the superior financial experience to our customers across Thailand."
"The Open API Platform allows Krungsri and its ecosystem partners to create, expose, manage and monetize APIs, with customer privacy securely preserved and consistent enforcement of security policies enforced across hybrid cloud environments," added Mr. Sawat Asdaron, Managing Partner and Country Manager for IBM Consulting, IBM Thailand. "The future of banking is no longer based solely on services, but the value of the services that banks generate for its customers and ecosystem partners. Today, with this Open API Platform, Krungsri is taking a bold step ahead of both in the country and regional levels."
The platform's zero trust architecture and application of the core principles of zero trust -- least privileged access and always verify -- enables Krungsri to detect user behavior anomalies, monitor for cloud misconfigurations, and adaptively enforce security policies with automation, which enables continuous compliance to its platform.
Source: Bank of Ayudhya PCL