Siam Commercial Bank (SCB) will invest 30-40 billion baht in technology infrastructure over the next three years, the CEO of the third-largest lender said in a statement on Tuesday.
"In 2017, SCB will ramp up its digital banking services and platforms, focusing on Gen Y, mass affluent and SME clients," said president and CEO Arthid Nanthawithaya in the statement.
SCB also plans to expand its investments via its new subsidiary, Digital Ventures, which is expected to increase the bank's access to start-up know-how and new innovations.
The plan may include investments in Europe and the United States.
For 2017, SCB is targeting loan growth of about 4-6%, while keeping bad debt below 3% of total loans. Its target industries for loans growth include infrastructure projects, food and beverage, construction and trading.