Krungthai Bank (KTB) has teamed up with global strategy and consulting firm Accenture to set up a joint venture company developing tech talent to grow the country's digital economy in the long run.
KTB, through its subsidiary Infinitas, said the joint venture called Arise would develop technology innovators, targeting the creation of innovative services worth 20 billion baht in five years.
Infinitas holds a 51% stake in Arise, with Accenture holding 49%.
KTB president Payong Srivanich said deep tech talents are desperately needed during the digital era everywhere in the world, including Thailand.
As a result, the bank wants to develop human resources in this field to support the innovations of both Infinitas and the country, he said.
Arise wants to recruit and develop tech talents, both locally and internationally.
Infinitas, a technology arm under KTB, has been developing financial technology and innovation to improve the quality of life of Thais through the development of open and closed digital platforms.
The closed platform Pao Tang mobile application developed by Infinitas has around 34 million total users.
The app allows the bank to reach more than 50 million people and 1.5 million small merchants.
Krairit Euchukanonchai, chairman of Infinitas, said the company has been established for more than one year, developing innovative financial products and services to improve convenience via open and closed digital platforms.
The closed platform of Pao Tang mobile app was initially created to support government measures covering financial services, healthcare, education, mass transit and social services.
"The Pao Tang app helps Thais access financial services and government schemes," he said.
"It also helps improve the country's financial inclusion and inequality."
For the next phase, KTB wants to upgrade Pao Tang and collaborate with more partners, both in the government and private sectors, to add financial and non-financial services on the mobile app.
Divyesh Vithlani, Southeast Asia market unit lead at Accenture, said Accenture's broad technology and expertise will help KTB make progress with its digital transformation, build the necessary digital talent and support the digital economy in the longer term.