IBM ties up with Thai Krungsri Bank for $140m digital overhaul
IBM will be supporting Thailand’s Krungsri Bank’s growth and focus on digital banking as a result of the five-year $140 million engagement between the two firms.
Krungsri Bank wants to have the image of one of the most innovative banks in the country, and says it has “strategic plans towards becoming a digital banking leader”.
Thus, the bank has laid out plans to implement cloud-ready mobile banking, artificial intelligence (AI), and digital banking.
IBM and Krungsri’s partnership began in 2012 under an agreement focused on infrastructure as a service.
In 2017, the bank worked with the IBM Cloud Garage team to complete a blockchain pilot tackling its contract management.
“This extended IBM Services agreement ensures our technology platform is not only stable but can thrive through the introduction of new technologies such as AI, cloud, and blockchain as we build out the best digital bank in Thailand,” says Noriaki Goto, Krungsri’s president and chief executive officer.
This new agreement covers managed services across IBM mainframe z14, storage including Flash, servers, network and ATMs.
The firms say the agreement is designed to provide Krungsri’s technology platform with both stability, and the ability to build out cloud-ready infrastructure to support its digital transformation vision.
IBM is one of those companies that is always busy. It recently partnered with CLS for a proof of concept (PoC) using a distributed ledger technology (DLT) platform to offer services hosted on a shared network.