Kasikorn Bank (KBank), headquartered in Bangkok, has assigned its investment arm Kasikorn Vision Company (KVision) to jointly invest in Zenius – a startup, which provides the second-largest education technology (EdTech) platform in Indonesia that is increasing its capital by more than $40 million. Through this collaborative effort, KVision aims to establish a customer base for payment services while also penetrating the educational loan market in Indonesia.
Pattarapong Kanhasuwan, KBank Executive Vice President and KVision Chairman, said that KVision is responsible for scouting innovative firms to develop new technological capabilities to support the bank’s customers in the AEC+3 region, which includes the Indonesian market.
The development of innovative technology which connects people residing on several islands is of great interest. As Indonesia is transitioning to the digital age, the supplementary education business has been flourishing, as evidenced by the demand for tutorial classes for university admission and skill development courses. There has been a proliferation of EdTech platforms in this archipelagic country to accommodate the demands of people residing on different islands.
Zenius, Indonesia’s second-largest education technology platform startup, with a high engagement rate, has more than 20 million application downloads and a broad range of curriculums for both students and working-age people.
