Siam Commercial Bank kickstarts 4-year journey to revamp core banking system

It has inked a MOU with Sunline to become a full-fledged digital bank entity.

Siam Commercial Bank has partnered with banking technology service provider Sunline to revamp its IT Infrastructure and modernise its core banking system.

SCB expects that it will take four years to develop its new core banking system, a move that is part of the bank's bid to become a full-fledged digital bank entity.

SCB CEO Kris Chantanotoke said that the bank is “well aware” of changes in the financial landscape and consumer behaviors in the digital age, which in part is why it is pushing to become a digital bank.

“The partnership will lead to the modernization of SCB's core banking system to deliver better financial transaction processing performance, such as deposits and loans with enhanced efficiency, stability, security, availability, and scalability to cater to an ever-increasing number of transactions 24/7,” Chantanotoke said during the contract signing event with Sunline.

“This strategic partnership will enable SCB to quickly offer tailored financial solutions and seamless experiences to individual customers and corporate clients. Not only will this strengthen SCB’s core IT infrastructure, it will also set a new benchmark for the finance industry on both the domestic and global levels, as we are committed to delivering excellence in the customer experience,” he added.