Inclusive Finance
Commitment
To promote financial inclusion opportunities for vulnerable groups including those in remote areas, disabled people, and SMEs, and to provide financial literacy as well as necessary knowledge and skills to improve capacity and inclusion
Materiality
We believe that adequate financial inclusion and financial literacy help create positive economic and social impacts and are the foundation for building the financial stability of individuals and households, creating new opportunities for businesses, and reducing inequality, which will lead to sustainable development of the economy and society. When the economy flourishes, our Bank is likely to grow in parallel with the economy. This is also considered as an opportunity for the Bank to expand its customer base. Therefore, we strive to provide inclusive finance by extending our financial services to a broader base of customers as well as developing products and services to address the diverse needs of all customers - small, large or vulnerable groups. Moreover, we remain committed to continually promoting financial knowledge and instilling financial discipline among customers and people of all ages to solve the household debt issues sustainably together. Given the materiality of inclusive finance, the corporate governance committee is assigned by the Board of Director to oversee this issue.
Our Ways of Promoting Inclusive Finance
We focus on the followings:
- Promoting savings and helping reduce excessive debt by providing relevant financial knowledge to vulnerable groups.
- Expanding financial opportunities for vulnerable/underserved groups by developing innovative products and services based on their need, preference and feedback, and providing easy-to-understand financial literacy in easily accessible formats.
- Adopting responsible lending guidelines to prevent customers, particularly the vulnerable groups, from having excessive debt that could affect their quality of life. Adhering to market conduct guidelines to avoid aggressive sales and unfair treatment to customers.
- Building a strong foundation for the underserved groups by providing loan support to SME and farmers, as well as providing non-financial support such as knowledge and skills in various fields to sustainably enhance their long-term ability to access finance.
Promotion of Financial Inclusion for Individual Customers
Development of Service Channels
Development of Products and Services
Financial Accessibility for Vulnerable Groups
The Bank pays special attention to vulnerable groups such as the elderly (over 60 years), customers with limited financial knowledge or no experience in using products and services, and customers with visual impairments. Therefore, we have specifically established guidelines for selling products and giving services to vulnerable groups, as well as provide trainings to service staff to prevent aggressive sales techniques, forced selling and disrespectful treatment to these groups. For example, we take into account customer’s needs and objectives, financial knowledge, risk appetite and tolerance level, and ability to understand when we offer products and services to them. In addition, an explanation of details, conditions, rights and exceptions of the products and services must be clear and easy to understand, as well as highlighting and emphasizing the key messages. If customers have questions, service staff must explain or clarify to them until they truly have a complete understanding without doubts or further questions. This is aimed to ensure that customers receive sufficient important information to make a reasonable decision. Service staff must also give as much time as necessary for vulnerable groups to digest and understand the information provided and not rush them to make decisions.
- Banking Agents
We continually extend our services through banking agents to promote inclusivity and convenience for financial transactions anywhere anytime, especially those in rural communities and remote areas, or those with difficulties going to bank branches during working hours or those with no access to digital and automatic channels. At present, our banking agents include 7-Eleven, Lotus’s, Thailand Post, Boonterm kiosks, True Money, AIS, Kerry Express, Big C, Sabuy Plus kiosks, Sabuy Counters and Term Dee kiosks which together offer service points in all provinces across Thailand. At the end of 2023, we had a total of 204,020 banking agents distributed across Thailand with more than 9.3 million transactions conducted through banking agents.
- Bualuang ATM and Self Service
Bualuang ATMs are available 24 hours a day, seven days a week and are distributed in various locations throughout the country to offer convenient and safe services supporting all bank cards with information displays in multiple languages. The Bank has also developed a special function for cash withdrawals for visually-impaired people through a specifically designed transaction-making mode which is convenient and safe and that addresses their daily cash needs. In 2023, a total of 6,588 Bualuang ATMs provided the transaction-making mode for visually-impaired people. Furthermore, we also provide automatic phone banking services 24 hours a day (Bualuang Phone 1333) for customers to make inquiries, transfer money, pay for services, top-up mobile phones, order check books, inquire about account balances, pay credit card bills, and buy mutual funds, as well as to enable customers to access other services by themselves, or they can contact Call Center staff to access services. - Bangkok Bank Mobile Banking and Bualuang iBanking
We strive to continually develop our Bangkok Bank Mobile Banking application to meet the needs and lifestyles of all customer groups, including vulnerable groups such as visually-impaired people, and promote financial inclusion anytime anywhere with services ranging from opening e-Savings accounts, transaction history and account balance checking, money transfers, withdrawals, top ups, bill payments to investment management and identity verification without the need to visit a branch, for instance. We continue to enhance the security of conducting transactions and improve the efficiency of the app to support new functionalities and future features.
Prior launching Bangkok Bank Mobile Banking, the Bank conducted market research in vulnerable groups such as visually-impaired people by inviting representatives from Thailand Association of the Blind to test Bangkok Bank Mobile Banking Application and usability. The gained feedbacks and insights were used to improve the and develop this mobile banking service. Based on the feedbacks and insights, visually-impaired people can easily use Bangkok Bank Mobile Banking and do basic financial transactions such as checking account balance, requesting bank statement, transferring, money top up and paying bills. Bangkok Bank Mobile Banking enhances opportunities for vulnerable groups to access to financial services, promote equality, and improve quality of life.
In addition, the Bank also offers Bualuang iBanking services for customers to manage their finances with ease, convenience, and safety anywhere, anytime through computers and tablets. The services on Bualuang iBanking include money transfer, bill payment, checking transaction history and account balances, and funds management service. At the end of 2023, there were over 13.4 million registered users of Bangkok Bank Mobile Banking and Bualuang iBanking.
Development of Products and Services
- e-Savings Account
We promote saving habits and inclusive cash deposit services by offering e-Savings accounts. Through Bangkok Bank Mobile Banking, interested customers can open an e-Savings account by themselves without a passbook either through digital channels or branches whenever and wherever they want. It is free of charge and with no minimum deposit requirement or fee for cross-border transactions. Furthermore, new customers can verify their identities using banking applications of other banks under the National Digital ID (NDID), via Mobile ID or using Be My ID service at branches and service points of banking agents across Thailand. - Cross-Border QR Payment Services
We offer convenient cross-border payment services that enable individual customers to scan QR Codes to pay for products and services in foreign countries using Bangkok Bank Mobile Banking. At the same time, vendors in Thailand can accept payments through PromptPay QR from foreign tourists with convenience and safety. The service is free of charge and exchange rates are real-time when making the transaction while customers will receive e-slips immediately as confirmation of a successful payment. At present, customers in Vietnam, Indonesia, Malaysia, Singapore, Cambodia and Hong Kong can use our service without having to carry cash in foreign currencies. This service promotes convenience for tourists, businessmen and migrant workers given that there is less need to carry cash in foreign currencies as well as providing more business opportunities for many retail shops and vendors. - Basic Savings Accounts for State Welfare Cardholders and Those Aged 65 Years and Above
The Bank promotes financial inclusion to vulnerable groups by offering the "Basic Banking Account for People with Low Incomes Under the State Welfare Program and those Aged Over 65 Years". The account features no minimum deposit requirement, an account maintenance fee waiver, and no opening fee or annual fee for debit cards linked to the account. This helps them to execute basic financial transactions at lower cost than an ordinary deposit account would entail as it reduces the cost of maintaining a deposit account and getting access to financial services for the poor and low-income individuals and elderly people. At the end of 2023, there were over 37,813 users of Basic Banking Accounts with more than 3,093,805 transactions. - Sinmathaya Supthawee Account – Bualuang Kids
We offer Sinmathaya Supthawee – Bualuang Kids account service for children and young people aged under 14 years. Legal guardians can open the account for a child at any bank branch and the account has a special condition that if they regularly deposit at least Baht 500 every month for at least two years, they will receive interest rates higher than a 12-month fixed deposit account without having to pay tax on the interest. The Bank expects that guardians will use Sinmathaya Supthawee – Bualuang Kids accounts as a tool to build financial discipline of their children to incentivize them to save money in order to promote financial stability for the future. In 2023, there were more than 18,667 accounts with more than 95,637 transactions for Sinmathaya Supthawee – Bualuang Kids accounts. - Unsecured Personal Loans
We promote better access to loan services for payroll customers by offering multi-purpose unsecured personal loans for full-time employees with payroll accounts at Bangkok Bank, provided that their employers qualify according to the Bank’s criteria. Loan terms include a credit limit of three to five times a customer’s monthly income subject to a maximum loan amount of Baht 1 million with a special interest rate and no requirement for collateral or a personal guarantee. Those who meet the criteria can choose the type of loan according to their financial plan, such as Bualuang Loan Sookjai (multi-purpose installment term loan with fixed monthly installments over a period of up to five years. Once approved, the funds will be credited directly to the customer’s account. Another type is Bualuang Loan Aunjai (multi-purpose revolving credit) which enhances liquidity for emergencies by allowing withdrawals with the Be1st Smart card through Bualuang ATM and repayment by installments at only 5% of outstanding balance. At the end of 2023, the Bank had about 2,921 customers for these two types of loan with total outstanding loans of Baht 240 million. - Loans for Pensioners
We help fulfill dreams for pensioners by promoting better credit access for those retirees who have limited or less stable income after their retirement through providing loans for retired pensioner civil servants or civil employees receiving a monthly pension. Through these loans, pensioners can receive credit up to the amount stated in their certificate of family inheritance pension without requiring a guarantee, and instead use a letter certifying the family inheritance pension to be used as collateral. Moreover, the loans have no management fees and offer low interest rates and a long repayment period of up to 30 years. During 2023, there was a total of 9,559 borrowers with a total credit amount of over Baht 1,648.57 million.
Financial Accessibility for Vulnerable Groups
The Bank pays special attention to vulnerable groups such as the elderly (over 60 years), customers with limited financial knowledge or no experience in using products and services, and customers with visual impairments. Therefore, we have specifically established guidelines for selling products and giving services to vulnerable groups, as well as provide trainings to service staff to prevent aggressive sales techniques, forced selling and disrespectful treatment to these groups. For example, we take into account customer’s needs and objectives, financial knowledge, risk appetite and tolerance level, and ability to understand when we offer products and services to them. In addition, an explanation of details, conditions, rights and exceptions of the products and services must be clear and easy to understand, as well as highlighting and emphasizing the key messages. If customers have questions, service staff must explain or clarify to them until they truly have a complete understanding without doubts or further questions. This is aimed to ensure that customers receive sufficient important information to make a reasonable decision. Service staff must also give as much time as necessary for vulnerable groups to digest and understand the information provided and not rush them to make decisions.
Promotion of Financial Inclusion for SME and Farmers
- Loans for SME
The Bank has a longstanding belief in the potential of Thai SME and is active in supporting them through offering capital and knowledge to promote growth and sustainability. We have developed and launched a variety of tailored loans to meet their diverse needs, such as Business Loans, Bualuang Loans for Franchise Businesses, Bualuang Green Loans, Bualuang Green Solar Energy, Loans for Gas Station Dealers, Bualuang Perm Sub (Loan) and Bualuang Poon Sub (Revolving Credit), targeting SME who have active trading activities with the Bank. - Modern Agriculture Project and Loans for Farmers and Agricultural Businesses
Farmers and SME in agricultural businesses are likely to have limited access to capital while facing challenges from productivity improvements, value creation, marketing and energy management to cut production costs and reduce greenhouse gas emissions. We have therefore continuously supported farmers and agricultural businesses by providing financial education to promote the capabilities of farmers and agricultural businesses through our modern agriculture project. We are keen to provide credit support to those in agricultural businesses that have good potential. Moreover, we provide Bualuang Green Loans to farmers to invest in energy-saving systems or renewable energy such as the installation of solar panels on rooftops or the maintenance or installation of machines / equipment to reduce resource consumption or pollution emissions. The Bank’s outstanding agricultural loans totaled more than Baht 216,963 million at the end of 2023. - CPF x BBL Liquidity Scheme for Suppliers
The Bank and Charoen Pokphand Foods, or CPF, joined forces in offering CPF x BBL Liquidity Scheme for Suppliers to provide revolving credit with special interest rates to suppliers of CPF, who are mainly SME, through the Supplier Payment and Finance service to promote their access to capital, and strengthen their liquidity and business efficiency. This scheme comes with high loan amounts, speedy approvals and no collateral requirement, while customers can easily disburse the loans, repay loans on a daily basis and check their credit limits 24 hours a day. At the end of 2023, there was a total of 164 suppliers who used the service with total credit of Baht 273 million.
Provision of Financial Literacy to Customers and the Public
- Online Financial Education
We provide financial knowledge, tips and insights through Money Tutor for customers and people of any age group or gender to have a good understanding of financial planning, saving and investment, retirement planning and online scams and financial threats including various financial products to ensure their financial stability. Knowledge is shared via online channels such as the Bank’s website, Bangkok Bank Mobile Banking, LINE Official, Bangkok Bank Facebook page and Bangkok Bank Family Banking page while articles and audiobooks for the visually-impaired people are distributed via the Read for the Blind application. We also support financial education activities within the organization and for educational institutions by inviting lecturers, experts and executives to share useful knowledge customized for the needs of each type of audience. - 2S (Saving and Service) Project
The Bank promotes financial knowledge and understanding that is suitable for people of each age group, covering children, people of working age and retirees, through the 2S (Saving and Service) project that raises awareness about the importance of financial planning and recommends useful financial products suitable for different stages of life. In 2023, the Bank encouraged employees to organize educational sessions and build relationships with students, teachers and guardians in various educational institutions under the 2S for Kids project. Our employees shared information about basic financial management, both online and on-site, with 68 schools with 7,589 students attending. Thanks to this initiative, a significant number of students, teachers and guardians applied for the Bank’s products including Bangkok Bank Mobile Banking and e-Saving deposit accounts. - The Stock Master @ University Project
We have worked under the collaboration with Bualuang Securities, BBL Asset Management, the Stock Exchange of Thailand and public and private educational institutions for the 6th consecutive year for the Stock Master @ University project to promote finance and investment education among university students to help them start their journey to become successful investors. Participating university students obtained knowledge about personal finance and investment from experienced lecturers and could try securities trading simulations through the SET’s Click2Win system. In 2023, activities were organized through both online platforms and onsite with a total of 2,595 students participating from six universities, namely Rajamangala University of Technology Krungthep, Thammasat University, Prince of Songkla University, Kasetsart University, Mahasarakham University and Srinakharinwirot University. The project allowed university students to inquire about the Bank’s products and services including applying for the services. - Unlocking Debt – Happy Retirement Project
With mutual commitment to solve debt problems and mitigate social inequality, the Bank and Noburo Platform (Noburo), a social startup, jointly launched the Unlocking Debt – Happy Retirement campaign to raise awareness about personal finances for employees of participating companies and provide advice on proper financial planning. The initiative aims to encourage responsible spending and repayment of excessive debts including those from loan sharks to help participants build their financial stability for the future. Khaolaor Laboratories and A.I. Technology entrusted the Bank and Noburo to tackle their employees’ problem debt and 111 employees participated in the initiative with 65 participants completing the mission of debt repayment. As a result of this initiative, the participants can repay their debts for the total amount of 3,653,633 Baht. The Bank will continuously monitor the results of the debt repayment mission with the hope that this project will help stimulate a serious and sustainable solution to the debt problem and the success will inspire other employees who have problems with excessive debt to stand up and overcome their problems together. In addition, the Bank focuses on providing financial knowledge in a thorough and equitable manner. Therefore, the Unlocking Debt – Happy Retirement project has been expanded to reach visually-impaired people by organizing activities to provide knowledge on savings along with debt management for the Thailand Service Co-operative of the Blind (TSCB) on the topic Financial Planning for An Aging Society through Efficient Debt Management. A total of 100 visually-impaired people participated in the training both on-site and online. - AEC Connect
The Bank established AEC Connect as a trade and investment advisory service center for customers who are interested in doing business in the ASEAN Economic Community (AEC) under the concept “puan koo kit mit koo AEC”. Under this initiative, we constantly organize training courses and seminars on trade, investment and business operations across ASEAN countries as well as launching the AEC Business Leader course as a workshop to offer in-depth knowledge for Thai businesses, especially SME who need to be well-prepared for starting businesses in ASEAN countries. In 2023, we continued to offer economic and investment knowledge and information through our official website and online channels of AEC Connect such as the Facebook Fanpage, YouTube, Blockdit and LINE Official. Additionally, AEC Connect also organized four interview sessions with senior executives of leading businesses for the AEC Take-Off program which was broadcast on Facebook and YouTube - receiving a total of more than 167,000 views. Moreover, we also launched the AEC Investment Clinic for small-group online seminars on various interesting topics such as Grabbing Golden Business Opportunities in Cambodia During the Transition, Interesting Businesses in Myanmar for Thai Investors amidst Challenges, and Staying Close with Lao PDR, Weathering Storms and Restoring Confidence.;
In 2023, the Bank held the AEC Business Forum 2023, its major annual event, under the theme ASEAN Rising: Capture New Growth, and was honored to have Mr. Liu Xueliang, General Manager of Asia Pacific Auto-Sales Division, BYD Auto Industry, provide the keynote address on the potential, direction and growth opportunities within ASEAN’s electric vehicle industry. The forum also featured panelists comprising senior executives from other leading companies, such as Mr. David Li, Chairman of the Executive Board of Huawei Technology (Thailand), Dr. Songpon Deechongkit, Managing Director of Siam Bioscience Company, a representative from the biotechnology industry, Dr. Robert Yap, Executive Chairman of YCH Group, a representative from the logistics industry, Mr. John Riady, Chief Executive Officer of PT. Lippo Karawaci Tbk, Mr. Johan Nyvene, Chairman of Ho Chi Minh City Securities Corporation and Mr. Kuok Meng Wei, CEO and Managing Director of K2 Strategic, a subsidiary of Kuok Group. - Bangkok Bank SME (Puan Koo Kit SME)
We promote education and knowledge for SME through Bangkok Bank SME, our online knowledge sharing network. This uses multiple communication channels such as our website, Facebook, YouTube and Instagram as well as podcast services such as Spotify, SoundCloud and Podbean. Our online social network offers useful news and information for SME in the form of articles (such as the regular SME Series on Mega Trends and Business Transformation, Family Business and ESG), analyses and video clips of successful customers sharing experiences, as well as online and offline trainings and seminars. Additionally, Bangkok Bank SME also produces and broadcasts interesting programs such as SME Clinic Exclusive, SME Successor, Creative SME, Fininvest, Fininsight, The Treasury Talk and Puan Koo Kit.
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