Thailand-based Bank of Ayudhya (Krungsri) has awarded a $140m contract to technology giant IBM to speed up its efforts towards digital transformation.

Valid for a period of five years, the contract will enable the Thai lender to achieve its strategic goal of becoming a digital banking leader which the bank announced in August last year.

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The bank is in the process of creating a technology infrastructure that is secure, resilient and cloud-ready to support mobile banking, artificial intelligence, digital banking and plans for end-to-end digitalisation to modernise customer service and operations.

Scope of the newly extended agreement includes managed services across IBM mainframe z14, storage including Flash, servers, network and ATMs.

Under the agreement, the technology vendor will offer Krungsri’s technology platform with both stability, and the ability to build out cloud-ready infrastructure to support its digital transformation vision.

Krungsri president and CEO Noriaki Goto said: “Our vision of becoming a digital banking and innovation leader requires Krungsri to have strong and stable technology partners.

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“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.”

IBM and Krungsri collaboration started in 2012 that focused to offer infrastructure as a service.  The bank in collaboration with the IBM Cloud Garage team successfully completed a block-chain pilot to streamline the bank’s contract management.

Bank of Ayudhya offers a range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 700 branches and over 35,000 service outlets across Thailand.