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As digital banking rises, GSB aims to stand out

Aug 23. 2019
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By THE NATION

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Digital banking is on the rise in Thailand, said the Government Savings Bank president, pointing to the example of the Mymo GSB app reaching 7 million users, up from last year’s 5-5 million users.

Chatchai Payuhanaveechai said the number of users is expected to increase to 8.5 million users by year’s end, and to rocket to 13 million users in 2020 while becoming the most used app in the digital banking market.

Ultimately, Chatchai said, the application has the potential to expand the market and reach 22 million customers for digital banking.

The behaviour of digital banking customers shows a strong skew to digital financial transactions at 83 per cent, while traditional transactions have decreased to 17 per cent. The trend will reach 90-95 of digital financial transactions in three years, he said.

The behaviour of banking customers is changing, with the future business strategy expected to focus on digital platforms such as digital lending, personal loan services and credit card services.

Overall bank loan will continue to increase. In the last seven months, total loans grew by 4 per cent, with outstanding loan at nearly Bt2.19 trillion. It is expected that the rest of this year should see 2 per cent growth in total loans, reaching the targeted 4-6 per cent growth, and with outstanding loans at Bt2.2 million. New loans should grow to approximately Bt4-5 billion. 

Moreover, GSB Research will launch a project to publish research reports of the microeconomic economy, the foundations economy, and the industrial economy. The project aims to be a source of information for the country’s researchers.

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