The first bank to boast a nationwide network, Thailand’s Krungthai Bank (KTB) is a globally recognised pioneer in the promotion of financial inclusion. The partially state-owned bank is also considered one of the main drivers of the country’s sustained economic progress, helping the government implement development initiatives and supporting a number of programmes such as the issuance to state employees of up to five million Medical service welfare cards.
Krungthai Bank is also assisting the government with the streamlining of its services. The bank recently launched a pilot e-tax project aimed at businesses – from large corporations to small and medium-sized enterprises (SMEs). The initiative hopes to simplify tax reporting and payment procedures. KTB offers low-income earners an opportunity to register for the government’s welfare scheme and has disbursed a number of welfare payments.
Krungthai Bank, unique for its hybrid ownership structure, is determined to leverage its position and size to the benefit of the entire Thai population – in particular for those on lower incomes. The bank is in the process of issuing millions of welfare cards that allow for the free use of public transportation and offer discounts on utility bills.
The CFI.co judging panel commends Krungthai Bank on its proactive approach to social impact banking. The judges name Krungthai Bank winner of the 2017 Best Social Impact Bank Thailand Award.