Siam Commercial Bank (SCB), the country's second-largest lender by assets, is in talks with a US-based technology giant for a possible business partnership as part of efforts to guard market share amid rising use of online banking.
"We conducted a roadshow in the US and presented SCB's 'Going Upside Down' strategy to different audiences, one of which was a global tech giant interested in our plan. We decided to explore the potential for collaboration," said president and chief executive Arthid Nanthawithaya, who declined to reveal the name of the US firm.
The discussion is expected to be finalised around the middle of this year, said Mr Arthid.
Forming partnerships with both local and international operators is a key strategy amid the changing banking landscape in the digital age.
Under digitisation, the bank needs to learn and adopt technology to leverage business operations to survive, he said.
With the onset of numerous innovations, entrance barriers for banking diminish, with tech behemoths capitalising on this reality to steal market share from established banks, said Mr Arthid.
Commenting on the suspending payment service for some banks' cryptocurrency trade, he said SCB is still providing the service as normal, as the Bank of Thailand has not prohibited it.
But the bank will reconsider its relationship with the service, said Mr Arthid.
Meanwhile, Mr Arthid said SCB will unveil its new foreign partner for a wealth management business on Thursday after entering talks last year.
The partnership deal is due to be signed on March 8, he said.
SCB Monday officially inaugurated SCB Academy to prepare its staff for its Going Upside Down strategy and future digital banking trends.
The bank has set aside over 900 million baht for three years to develop the academy and hone employees' skills.
The strategy is centred on five areas: trimming the bank's size, high margin lending, digital acquisition, data capabilities and embarking on a new business model.
SCB Academy, a 3,350-square-metre learning centre, was established to enhance employees' digital literacy.
As the bank's traditional branch network will continue shrinking, SCB is looking to upgrade its staff's capabilities.
Worawat Suvagondha, the bank's first executive vice-president and dean of SCB Academy, said the institute launched Banking Foundation 101 last year, with 20,000 of its 27,000-strong work force taking the online courses.
Over the next two years, SCB plans to implement new programmes on a quarterly basis.
Apart from finance and banking knowledge, the bank also plans to cultivate modern skills which will help employees in their daily lives and benefit them in the event they leave the bank.
SCB shares closed Monday on the Stock Exchange of Thailand at 148.50 baht, unchanged, in trade worth 514 million baht.
