Avaloq, the Swiss banking software company with a strong focus on Asia, has signed a contract with a bank in Thailand, its first client in the emerging market.
The Zurich-based software provider agreed a contract with Kasikornbank, or KBank. KBank will use the core banking system to upgrade its customer service infrastructure and to improve internal processes, Avaloq said in a statement today.
KBank has a strong private banking business with about $20 billion in assets under management. It was founded as the Thai Farmers Bank in 1945.
Strong Asian Angle
The Thai bankers three years ago agreed to a cooperation with Geneva’s Lombard Odier. Under the terms of the agreement, KBank customers can draw on Lombard Odier’s products. The Geneva bank also manages global assets of Kasikorn customers.
KBank is Avaloq’s first client in Thailand. The Swiss company appointed Chris Beukers as head of its Asia-Pacific business and elected him to the executive board to put a higher emphasis on the Asian strategy.
