DIP and KBank join force to lead Thai SMEs toward the 4.0 era

Stocks and Financial Services Press Releases Wednesday August 8, 2018 10:52
Bangkok--8 Aug--KASIKORNBANK

The Department of Industrial Promotion (DIP), Ministry of Industry, works with KASIKORNBANK (KBank) to provide support for SMEs and community enterprises to sell their products via K PLUS Market on K PLUS application. K PLUS which links buyers and sellers on the online market platform now accommodates around 8.4 million customers. The initiative will help broaden opportunities for more than 1,200 entrepreneurs through greater convenience, swiftness and security in their trade with no time limitation.

Mr. Somchai Hanhirun, Deputy Industry Minister, said that the Ministry of Industry engages in SME development to raise their competitiveness in global markets. Support has been given to enhance knowledge and capabilities, as well as systematic management where digital innovative technologies are required to catch up with changes in all aspects. Apart from the Ministry of Industry, a number of organizations, including public and private financial institutions, have taken part in promoting the competitive edge of SMEs. KBank has been one of those SME supporters and has offered an array of useful services to them. Therefore, DIP has entered into cooperation with KBank to introduce more varied sales channels via online platform which has rapidly gain greater popularity among consumers.

Mr. Kobchai Sungsitthesawad, DIP Director-General, said that the memorandum of understanding (MOU) signed by KBank and DIP is aimed at assisting SMEs and small community enterprises in making a smooth transition toward the 4.0 era and providing them with new trade, investment and distribution channels. It will also create an integrated collaboration in steering SMEs and small community enterprises toward the 4.0 era under financial measures and those aimed at raising their market competitiveness, focusing on exchange of information related to SME development needed to enhance their competitiveness on a par with international standards, thus helping Thailand move forward in a stable and sustainable manner. To achieve such goals, DIP will implement measures to support and improve SMEs and small community enterprises. "We will also screen potential SMEs and small community enterprises to receive financial and business know-how assistance. Moreover, DIP will promote and build SME network, as well as integrating data to provide new trade, investment and distributing channels for them", he added.

Mr. Predee Daochai, KBank President, said that KBank has collaborated with Department of Industrial Promotion, Ministry of Industry to in elevating capabilities of SMEs and community enterprises in a drive towards the 4.0 era. To strengthen their growth and competitiveness capabilities, KBank will lend them a helping hand through the following initiatives: 1) Promotion of business advancement: Through K PLUS Market, retail sellers wishing to expand online market will meet more than 8.4 million retail buyers who are K PLUS users. KBank will serve as an intermediary for trade and will assist in gathering goods and services from various merchants and companies in different business groups for greater convenience, speed and security, without time constraints. Data Analytics will be applied along with Machine Learning to present to the customers responsive goods and services and to communicate with target customers with greater precision. For retail customers, they will be offered products that perfectly match their demand; 2) Funding support and financial service: Models will be devised to analyze customer data, including their financial behaviors and requirements. Online credits will be offered for SME operators via Life PLUS on K PLUS application. Additionally, financial services, loans and payment channels will be introduced for SMEs and community enterprises; and 3) Public relations: Business networks will be created in Thailand and overseas so that SMEs and community enterprises can use offline and online platforms to explore new trade, investment and distribution channels. Such networks will also be a point for information and knowledge sharing in accordance with related laws and regulations.

This MOU will present new opportunities to Thai SMEs beyond domestic market. Borderless business expansion is expected in the AEC+3 market with more than 1 billion consumers, plus other supportive factors, such as advanced infrastructure technologies and sophisticated logistic systems. With an extensive network of 16 branches and 70 partner banks across the AEC+3 region, KBank is now ready to provide assistance for SME operators.


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