By The Nation
According to its press statement, under this partnership, the creative workforce will benefit from information-based lending service from Krungsri Consumer, together with a plan to also offer other financial products in the future.
The collaboration is expected to help Krungsri Consumer expand its customer base to cover the new generation of freelance professionals, and help further support the so-called ‘Creative Economy’ in Thailand.
Thakorn Piyapan, Krungsri Consumer’s chairman, and head of Digital Banking and Innovation, Bank of Ayudhya said “Krungsri Consumer is pleased to extend our partnership network for information-based lending service to also include Six network.
The Six network is a leading provider of Decentralized Service for several well-known digital creative platforms for online content creators such as Joylada, Tunwalai, Fungjai, fictionlog, ADMAX (in South Korea), Yello Story (in South Korea), and Fastwork.
Currently, there are over one million users of Six network’s platform across the region, and Six network’s service is also open for users in other platforms. Through our recent collaboration with an industry leader like SIX, Krungsri Consumer will be able to effectively expand our customer base of the new generation who prefers working as freelancers.
The group, although they earn good incomes, often face difficulties to seek loans because they lack financial statements due to their freelance work nature. With a new approach called the information-based lending, we will be able to provide freelance professionals with greater access to a wide range of financial products including installment loans, personal loans and credit cards.”
“In a beginning phase starting from January 2019, the Six network’s content providers and creative professionals in Thailand can contact the network to inquire about applying for financial services from Krungsri First Choice, our sales financing and personal loan brand.
Afterwards, Krungsri First Choice will be in charge of the approval process, taking into consideration the information from the database from Six network’s applications, related to the income of the creative workers who applied and agreed to disclose the information, such as the number of jobs and actual income from selling their works and copyright fees on a monthly basis.
We are also in the process to develop a better connection between our databases to ensure a more efficient and quicker analysis for loan approvals in the future. In addition to personal loan, installment loan and credit card, Krungsri Consumer is also looking into the possibility of allowing this group of customers to be accessible to other services in the future.
The move will give equal opportunity to people seeking financial services and help expand Krungsri Consumer’s customer base to include the younger generation aged 20-30 years old who are freelancers. The company targets around THB 1 billion loans during the first year. We also expect this partnership will help contribute to Thailand’s move into sustainable creative economy,” said Thakorn.
Meanwhile Natavudh Pungcharoenpong, Co-CEO of Six network, said “Today's creators have produced a lot of works on online platforms, and have made steady incomes. This partnership will help the creative people who would be a major force in the creative economy to have greater accesses to financial services from a leading financial service provider such as Krungsri Consumer. It also means that creative works have become their digital assets that can genuinely generate incomes and gain more acceptance in the financial market."