BANGKOK, Sept 16 Siam Commercial Bank's
(SCB) investment in technology this year will be more
than double last year's as a percentage of profit as Thailand's
third-largest lender by assets steps up its transformation
The bank raised its technology investment budget to 15
percent of profit, equating to about 6.5 billion baht ($186
million), against 6-7 percent last year, Chief Executive Arthid
Nanthawithaya told reporters on Friday.
The money is mostly being spent on big data, staff and
mobile banking, he said, adding that he wants the SCB to be "the
most admired" bank in Thailand.
SCB's transformation plan aims to strengthen the bank's
competitiveness and boost long-term growth in wealth management,
branch networks, retail product development and technology.
The programme, which the bank expects to complete in two to
three years, is in addition to its investment in Ripple, a U.S.
start-up that uses the blockchain technology that underpins
digital currency bitcoin.
SCB said it participated in Ripple's Series B fundraising
round last month, in which the company raised $55 million from
($1 = 34.9200 baht)
(Reporting by Khettiya Jittapong and Manunphattr Dhanananphorn;
Editing by Amy Sawitta Lefevre and David Goodman)