Thailand-based KASIKORNBANK ( KBank ) in collaboration with Bank Maspion Indonesia Tbk has launched QRIS, a bill payment service for merchants. This represents the first product to be introduced after the increase of its shareholdings in the Indonesian bank to 67.

5%. The initiative aims to promote financial inclusion among retail customers and businesses while broadening its customer base. To reinforce its status as a Regional Digital Bank, KBank also looked to use its strengths in banking services, technology, and financial innovation to drive Bank Maspion to become one of the top 20 banks in Indonesia by loan portfolio within 2027.

KBank sees Indonesia as a country of vast potential. In 2023, KBank will focus on business transformation. Thanks to Bank Maspion’s strength in terms of market demand from local customers, KBank aims to develop services by building upon their digital banking expertise in order to capitalize on the long-term growth of Indonesia.

KBank will pursue their business strategies in three customer groups, namely corporate, commercial and retail clients, with the aim of making Bank Maspion the largest bank in East Java and one of the top 20 banks in Indonesia, in terms of its loan portfolio, by 2027. What is QRIS? QRIS, a bill payment service via QR Code, allows merchants and businesses across Indonesia to accept payments from mobile banking applications of any banks and e-wallet service providers via a single QR Code. Hence, these merchants and businesses can accept payments more conveniently.

KBank looks to transfer its knowledge and experience in developing the K Shop application for merchants in Thailand to Bank Maspion so that it can develop its own merchant application to meet its customers’ needs. Additionally, the bank aims to help small businesses in Indonesia gain easier access to funds via Bank Maspion’s various service channels before introducing a full-fledged service there later. The acquisition of Bank Maspion allows a synergy of strengths of the two banks and is part of a regional business expansion strategy.

KBank customers will benefit from advice on business operations in Indonesia from Bank Maspion – a local bank with a longstanding experience – as well as one-stop financial services and comprehensive banking solutions. In addition, KBank will use its base of corporate customers in Thailand and regional countries to create business networks in the aspects of value chain and trade and investment spectrums – all of which are strategic in the support of business operators in Thailand, Indonesia, and other Southeast Asian countries going forward. More importantly, KBank’s strengths in financial services and technological capabilities, together with Bank Maspion’s local banking expertise, are expected to bring about new prospects and provide local operators in Indonesia easier access to loans and financial services to efficiently grow their businesses.

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