Dime! Mobile App on AWS Brings Global Investing to All Thais
Thai financial services provider builds investing platform on AWS that drives financial inclusion for 100,000 new users in less than five months, onboards new customers in only five minutes
BANGKOK – February 15, 2023 – Amazon Web Services (AWS), an Amazon.com company, today announced that Thailand’s Kiatnakin Financial Services Group’s (KKP) Dime!, a financial services mobile app providing low-cost, convenient access to financial services, has onboarded more than 100,000 users in less than five months since it launched on AWS, onboarding new customers and investors in five and seven minutes respectively. With a goal to reach 1 million users by 2025, Dime! helps Thais invest in global markets, manage their finances, and save for retirement, regardless of their financial knowledge, experience, or income level. Built on AWS, Dime! provides users with access to Thai mutual funds, offshore stocks, a high-yield savings account with KKP Bank called Dime! Save, and expert financial knowledge from KKP. The app also provides retail investors with a fractional stock feature, opening the door to more investors by allowing low-income users to invest in fractions of high-value global stocks.
Thais save an estimated 10% of their income – one third of the estimated average in Asia. To ease access to financial services for Thais, KKP built the Dime! app on AWS which allows them to rapidly scale to meet the rising demand for access to global markets, financial advice, and savings plans. Dime! helps users to start saving and investing to improve their financial well-being. Using Amazon Aurora, a fully managed and highly scalable relational database service, KKP is able to securely store Dime!’s user data. User data, including investment risk appetite and history, allows Dime! to develop personalized investment solutions for users, including a real-time asset tracker that helps manage investments as users earn and save. Using Amazon Elastic Kubernetes Service (Amazon EKS), a fully managed service that makes it easy to deploy, manage, and scale containerized applications using Kubernetes on AWS, KKP developed an electronic know-your-customer (eKYC) solution leveraging Thailand’s national identification database to rapidly verify users. Dime!’s onboarding process allows new users to submit identity documents online and start investing within five minutes.
To build and run Dime!, KKP procured software from AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy, and deploy software that runs on AWS. Through AWS Marketplace, KKP easily purchased and integrated AWS Partner Databricks’ cloud data lake solution into KKP’s existing AWS environment. The solution provides KKP with insights on consumer behavior, including saving and spending habits, and supports the provision of products and services on Dime!, such as explaining financial jargon to help users better understand investing. The financial and investment information available on Dime! educates users and helps them to make prudent financial decisions, further growing their wealth.
“We built Dime! on AWS to support our ambition of scaling our platform nationally to help everyone, regardless of their wealth or income, improve their financial wellbeing,” said Chalermwut Chomanan, CTO of KKP Dime. “Using AWS, we deliver innovative financial services to help Thai people, especially retail investors, benefit from global growth markets and improve their financial decision-making. With AWS, we are democratizing the global stock markets for the Thai people on Dime!, and reducing economic inequity in Thailand by providing accessible investing solutions built on the cloud.”
“The financial services sector is riding an exciting wave of digital transformation and using cloud technology to develop and scale innovative solutions to drive financial inclusion,” said Vatsun, Thirapatarapong, Country Manager, AWS Thailand. “We are proud to help Dime! reach an important new pool of investors through its services that offer low minimum trade amounts and fractional stocks. These low-cost services on the cloud make finance more accessible and help underserved communities better manage their assets using data and digital services.”
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