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FINANCIAL TECHNOLOGY | Staff Reporter, Thailand

Krungsri taps on IBM for digital transformation

The deal is worth $140m.

Thailand’s Bank of Ayudhya (Krungsri) has entered into a five-year $140m deal with IBM with the goal of developing the bank’s digital capabilities.

"Our vision of becoming a digital banking and innovation leader requires Krungsri to have strong and stable technology partners,” Noriaki Goto, president and CEO, Krungsri said in a statement. 

Krungsri and IBM have collaborated several times in the past years after entering into an earlier infrastructure-as-a-service (IaaS) agreement in 2012. The two also worked with IBM’s Cloud Garage Team on a blockchain pilot project.

Also read: Krungsri pilots successful blockchain cross-border fund transfer from Thailand to Singapore

“This extended IBM Services agreement ensures our technology platform is not only stable but can thrive through the introduction of new technologies such as AI, cloud, and blockchain as we build out the best digital bank in Thailand," added Goto.

The agreement covers managed services across IBM mainframe z14, storage including Flash, servers, network and ATMs.

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