MONIX Co. Ltd. and CIO Kacha Chotchaisatit Receive Future Enterprise of the Year Award and CIO/CDO of the Year Award, Respectively
BANGKOK, 08 October 2024 – IDC has announced the winners of the 2024 Future Enterprise Awards (FEA) Thailand, recognizing exceptional digital transformation (DX) initiatives and leadership that leverage technology to drive business success and competitive advantage. This year’s awardees stand out for their innovative, tech-driven strategies that reflect Thailand’s evolving digital landscape.
The 2024 winners showcase a diverse group of digital pioneers across industries, including financial services, retail, and agriculture. Categories this year highlight excellence in customer experience, enterprise intelligence, operations, and industry ecosystems, while also celebrating leadership excellence with the CIO/CDO of the Year and a Special Award for Sustainability.
“The 2024 Future Enterprise Awards winners from Thailand highlight how organizations can leverage AI and other innovative digital technologies for enhanced innovation, better customer experience, and successful delivery of environmental, social, and governance promises. Krungsri’s digital wealth platform and MONIX’s AI-powered lending are both great examples of technology used for business value creation and for financial inclusion social outcomes,” says Melvie Espejo, Research Director, IDC Asia/Pacific
As global challenges reshape industries, enterprises are driven to adopt sustainable, tech-driven models. Now in its 8th year, the IDC Future Enterprise Awards have honored over 600 winners from 6,000+ nominations, recognizing digital-first pioneers from 3,000 organizations across 12 countries who are redefining their industries.
Following a two-phased approach, each nomination is evaluated by IDC analysts, with country winners then qualifying for a regional competition judged by a panel of international experts. The following are the best out of all the nominations received from Thailand:
Best in Future of Customer Experience | Kept by Krungsri: Digital Wealth Platform for Younger Generation by Bank of Ayudhya Public Company Limited
Krungsri strengthens its commitment to providing simplified financial services through its “Make Life Simple” strategy, focusing on digital banking leadership with the launch of “Kept by Krungsri,” tailored for the digital-savvy younger generation. Kept has also partnered with Finnomena, an independent brokerage providing access to over 1,000 mutual funds from 22 asset management companies in Thailand. By integrating their specialized software development kits (SDKs) into the Kept application, customers can purchase mutual funds directly within the Kept application. This integration simplifies the investment process, offering users the convenience of managing their portfolios seamlessly in one place, while allowing them to monitor their assets under management (AUM) across savings and investments. As a result of this partnership, there has been a double-digit total AUM growth and 122% investment AUM growth in just 5 months.
Best in Future of Enterprise Intelligence | Pioneering Customer Loyalty through Data-Driven Intelligence by The 1, Central Group
The 1’s “Pioneering Customer Loyalty Through Data-Driven Intelligence” embodies its commitment to leveraging data and technology to redefine customer loyalty and engagement. By integrating advanced data analytics and AI-driven insights, The 1 has achieved 30% increase in customer engagement and 25% improvement in operational efficiency. Furthermore, response to market changes has increased by 40% because of real-time data insights and predictive analytics from its unified data platform and single view of customer (SVOC), allowing swift adaptation to customer preferences and market dynamics.
Best in Future of Industry Ecosystems | Central Digital Ecosystem by Central Retail Corporation Public Company Limited
CRC Retailligence strategy is an initiative that leverages a comprehensive digital ecosystem powered by data and AI to enhance customer experiences. With a network of over 40 partners across financial services, marketplaces, social media, and loyalty programs, this robust ecosystem enhances the company’s offerings and creates an enhanced shopping experience – utilizing data insights and AI tools – through partnerships with services and platforms. As a result of this initiative, collaboration with partners and leveraging their expertise enabled the cocreation of innovative solutions – reducing the time to develop new products and services by 30% – and centralized inventory management, reducing excess stock by 15%. Furthermore, partnerships with ride-hailing companies led to 20% reduction in delivery costs compared with in-house logistics.
Best in Future of Operations | AI-Driven Sugarcane Harvest Monitoring by Mitr Phol Sugar Group
Mitr Phol Sugar Group’s “AI – Sugarcane Harvest Monitoring” project revolutionizes agricultural operations using advanced technology. This system leverages satellite imagery and AI algorithms to precisely monitor sugarcane fields, identifying harvesting stages across vast areas, thus enhancing strategic planning and supply chain management. This AI solution significantly improves operational efficiency, reducing the time for satellite image analysis from over a week to just three days. By integrating human expertise, the system’s accuracy increases from 95% to an impressive 98.7%, surpassing global industry standards and setting a new benchmark in precision agriculture. The project has also successfully reduced the loss of harvested sugarcane to competitors from 5% to 2.4%, translating into a financial gain of approximately 360 million Baht (around US$10 million).
Future Enterprise of the Year | FINNIX: AI-Powered Lending Platform by MONIX Co., Ltd.
FINNIX is a financial platform designed to enhance financial inclusion through advanced ML and AI. FINNIX was created to address 5 major pain points hindering people access to funds: low approval rates from traditional banks, long waiting times for approval, excessive documentation requirements, complex application processes, and high interest rates from loan sharks. MONIX harnesses key digital technologies to continually enhance and optimize operations, with a data-driven culture promoting collaboration and knowledge exchange across teams. As of December 2023, MONIX has disbursed over 26 billion Baht in loans, benefiting more than 920,000 underbanked individuals, creating over 60,000 job opportunities, and maintaining a single-digit nonperforming loan (NPL) rate.
CIO/CDO of the Year | Kacha Chotchaisatit of UOB Thailand
Kacha initiated and transformed the company’s operating model with the development of a business intelligence platform to identify business opportunities, enhance sales productivity, and help our customers for their financial well-beings. Kacha led the transformation by introducing “Anytime and Anywhere and Any Channel” as the key strategy to connect our employees, channels, things, applications, processes, and customers seamlessly. The platform was designed to pursue the shift of changing customer’s behavior by integrating all channels to deliver best-in-class omni-channels service solution that addresses customer’s needs and meets their higher expectations. This initiative has been pivotal for UOB Thailand to continue its performance: 3,644 Baht million (+39%) year-over-year (YoY) total operating income; 34,759 Baht million (+5%) YoY deposit balance; 42,014 Baht million (+7%) YoY lending balance.
Special Award for Sustainability | WATT’S UP – EV Bike Ecosystem by KASIKORNBANK PCL
WATT’S UP application is a digital platform focused on promoting and supporting the adoption of electric motorcycles (EV bikes) in Thailand. Developed by KASIKORNBANK to facilitate the transition toward cleaner and more sustainable transportation, WATT’S UP aims to be a comprehensive solution for both consumers and businesses. WATT’s UP serves as a crucial initiative in Thailand’s move toward sustainable transportation by making electric motorcycles more accessible and appealing to a broad audience. It leverages digital technology to provide comprehensive services, promote environmental benefits, and foster a community of eco-conscious users. By promoting the use of electric motorcycles, WATT’S UP contributes to reducing air pollution, including harmful emissions such as particulate matter (PM) 2.5.
All country winners qualify for the Asia/Pacific competition, where a panel of judges comprised of IDC worldwide analysts, industry thought leaders, and members of academia will determine the regional winners. These winners will be announced during the IDG Technology Symposium & Awards in Singapore at the Sands Expo and Convention Centre (MBS) on 19 November 2024. To join the event and the celebration of our winners, you can register here.
“These forward-thinking leaders showcase how digital transformation is more than adopting technology—it’s about creating intelligent, agile systems that position them for long-term success,” ends Espejo.
For more information about FEA, contact Vanessa Ong at vong@idc.com or Charles Tamayo at cjtamayo@idc.com. For media inquiries, contact Michael de la Cruz at mdelacruz@idc.com or Miguel Carreon at mcarreon@idc.com.
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