20/09/2023 (Thailand) - In an effort to aid the financial sector in Thailand in adapting to the evolving fintech landscape, NEC Corporation (Thailand) has launched three state-of-the-art digital finance solutions. These were unveiled at the Bank of Thailand (BOT) Digital Finance Conference held from September 14-15, 2023.
With a history dating back to 1962 and having consolidated its operations in Thailand in 2003, NEC has been steadfast in offering IT consultancy and services in the region, focussed on fostering sustainability and inclusive connectivity.
The trifecta of solutions presented include Wealth Management Solutions, developed in conjunction with Avaloq, a Sales Engagement Module, and a Universal Lending Platform, all aimed at modernizing financial operations and offering seamless, efficient services to consumers.
Wealth Management Solutions, facilitated by Avaloq, an NEC subsidiary, is designed to empower wealth managers with a tool that optimizes investment organization, tracking, and analysis, enhancing portfolio management through informed decisions based on accurate risk and return assessments.
NEC leveraged a partnership with BlackRock to innovate the Sales Engagement Module, which promotes secure and uninterrupted communication between consultants and clients through popular online platforms including LINE, WhatsApp, and Facebook Messenger. This module also promises to revolutionize sales strategies, utilizing customer data to formulate more effective sales plans, without the necessity for an additional CRM system.
The final pillar, the Universal Lending Platform, intends to streamline the loan offering process from initiation to conclusion, incorporating automated risk assessments, and facilitating a seamless connection to external databases such as the Blue Book system and Credit Bureau databases.
In this development, the integration of blockchain technology stands out, paving the way for "Embedded Finance", a concept promoting the access to a range of financial services without the need to switch platforms or applications, enhancing user convenience and financial management.
Mr. Ichiro Kurihara, President of NEC Corporation (Thailand) Ltd., emphasized the company’s commitment to aiding financial institutions in Thailand in navigating the digital transformation. Despite a decrease in global fintech investments in 2023 due to economic downturns, Kurihara maintains a positive outlook for the sector, especially in the Asian market.
He highlighted the growth witnessed in online payments in Thailand, citing a Bank of Thailand report that noted a rise to 92.4% in total payment transactions through digital mediums in 2022. Kurihara regards the impending introduction of “Virtual Banking” in Thailand as a monumental stride towards enhancing financial inclusivity, offering a comprehensive range of banking services to previously underserved customers.
The solutions are currently showcased at the BOT Digital Finance Conference, indicating a promising trajectory for the fintech environment in Thailand, powered by NEC’s innovative technology.