Banking technology services provider Sunline has partnered with Siam Commercial Bank (SCB) to transform the latter’s core banking system.

Through the collaboration, Sunline will revamp IT architecture for Siam Commercial Bank ‘s core banking system modernisation.

This will provide the bank with better financial transaction processing performance for deposits and loans with improved efficiency, stability, security, and scalability to cater to increasing number of transactions.

Established by royal charter in 1907 as the first Thai bank, Siam Commercial Bank offers deposits, lending and a broad aray of other products and services to address the requirements of all customers.

The bank’s retail services include home loans, credit cards, ATM cards, debit cards, personal credit, car hire purchase, currency exchange facilities, overseas remittances along with investment and insurance products.

Siam Commercial Bank CEO Kris Chantanotoke said: “The partnership between SCB and Sunline, a leading global provider of IT solutions for the banking industry, is another key step for Thailand’s finance sector.

“This is the first IT architecture revamp in over a decade. The partnership will lead to the modernisation 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.”

Siam Commercial Bank will also be able to rapidly offer tailored financial solutions to individual customers and corporate clients through the partnership with the banking technology services provider.

According to Sunline, the development of the new core banking system will take four years.

The transformation of the core banking system will advance Siam Commercial Bank leadership as a full-fledged digital banking entity.

Sunline deputy chairman and Shenzhen Sunline Technology group executive vice president Avy Lim said: “This is our first key step as a tech partner from China, partnering with SCB on its core banking system modernisation to enhance its efficiency.

“This partnership is a testament to our commitment in developing advanced banking IT solutions and revolutionising the banking landscape, as we bring Thailand’s core banking infrastructure to the forefront of global banking excellence.”