Krungthai Bank
Paotang Mobile Application – Equitable Access to Financial Products

Krungthai Bank is enabling financial inclusion through the Paotang application, making activities essential to citizen’s life available at their fingertips.

AIBP 2022 Thailand Enterprise Innovation Award Winner

Project Summary

Founded in 1966, Krungthai Bank was the first state enterprise to list its shares on the Thailand Stock Exchange. has a market capitalisation of US$ 6.28 billion (THB 240.39 billion). Krungthai bank’s majority shareholder is the Ministry of Finance.

Krungthai had to undergo transformation to stay relevant in the highly competitive landscape. The bank adopted the 2-banking model strategy, consisting of traditional banking units, safeguarding the core businesses against disruption with the help of digititalization. The other model consists of the Bank’s digital organizations, explores new business opportunities, both from creating new business models and forming partnerships.

These initiatives resulted in the creation of the Paotang mobile application, which is now considered Thailand’s biggest open digital platform with 40 million users and counting. Due to its open platform nature, everyone, including non-Krungthai customers, can use Paotang. Some examples of the major additions to Paotang in the past 12 months are the blockchain-based digital bond and gold trading platforms. This is part of the effort to democratize investment in bonds and gold, which contributes to the development of the country’s digital economy, leading to better financial inclusion.

New products and services will continue to be added to Paotang in order to make it a true super app that makes activities that are essential to people’s life available at their fingertips, thus making their life easier and better. Besides the area of investment, Paotang also offers other banking, and beyond-banking, products and services including those related to health and lifestyle.

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