Bangkok: Government Savings Bank supports GOOD MONEY by providing loans through the government’s loan app, with fast approvals, allowing Thais to access fair interest rates, with a goal of providing loans to 500,000 people within 4 years. Mr. Vitai Ratanakorn, President of the Government Savings Bank, revealed that in order to expand opportunities for grassroots people to access fairer sources of funds in the system, especially high-risk groups, which the banking system’s criteria cannot provide loans, causing them to rely on informal debt or loans in the system with unreasonably high interest rates, the Government Savings Bank has established a loan service company via an application called ‘GOOD MONEY – Good Money for Thais, a loan platform for equality in society.’
According to Thai News Agency, conducting business under Ngern Dee Dee Company Limited, a Non-Bank business in the Government Savings Bank group, to act as a mechanism for reducing interest rates in the unsecured loan market under a license to
operate a personal loan business and small loans for occupations (Nano Finance), able to accept higher risks, coupled with the use of technology to increase the flexibility of lending, will attract more people into the system, helping to solve household debt problems, allowing the economy and society to grow sustainably.
Ms. Sirinan Jiradilok, Managing Director of Ngern Dee Dee Co., Ltd., revealed that the GOOD MONEY platform – Ngern Dee Dee for Thais helps set a new standard in developing financial tools and delivers a comprehensive and easy-to-access digital lending experience. Everyone can apply for a loan and receive approval results by themselves via the application anytime, anywhere. At the same time, the company emphasizes responsible loan approval, lending according to necessity and repayment ability, by using AI systems and advanced technologies that are fast and secure to analyze personal information and assess debt repayment ability.
After receiving permission from the Bank of Thailand on June 13
, 2024, the system has been tested since July 2024, with more than 100,000 people interested in using the loan application service. The company is confident that the GOOD MONEY platform – Good Money for Thais will help everyone achieve their goal of creating a good and sustainable financial future for Thais of all professions.
The GOOD MONEY platform – Good Money for Thais offers two types of retail loan products: Personal Loan and Nano Finance for those who need working capital to support their careers or businesses. The platform focuses on creating productive loans with fair interest rates starting at 19% per year. It also emphasizes responsible lending, using a borrower qualification assessment system that considers debt service burden to income ratio (DSR) and risk-based interest rates (Risk-Based Pricing).
To ensure that customers are able to repay their debts without becoming overly indebted, importantly, customers with a consistently good debt repayment history will have the opportunity to receive a
lower interest rate, which promotes good financial discipline and opens up opportunities for customers to develop into using GSB’s loan services in the future. Those interested can download the Good Money by GSB application on both iOS and Android. GSB customers can verify their identity via the MyMo application, while general customers can verify their identity with their national ID card at any GSB branch nationwide. For more information, visit https://goodmoneybygsb.com/ or download the application at https://goodmoneybygsb.go.link/64pm7
Ngern Dee Dee Company Limited is a joint venture between Government Savings Bank (49%) and Meetee Mee Ngern Company Limited (51%), a group of companies in the Government Savings Bank. The company operates land loans and mortgages to expand access to credit for SMEs. Ngern Dee Dee Company Limited has a paid-up registered capital of 400 million baht and provides a digital social lending platform, GOOD MONEY – Good Money for Society, to create opportunities for Thais to acce
ss fair sources of funds for their careers and to support people to have knowledge and understanding of sustainable spending management under the supervision of the Bank of Thailand. It received a business license in June 2024.