FRIDAY, March 29, 2024
nationthailand

Krungsri, Grab enter nano-finance with loans for Grab driver-partners and merchant-partners

Krungsri, Grab enter nano-finance with loans for Grab driver-partners and merchant-partners

Krungsri (Bank of Ayudhya Pcl and its business units) and Grab Thailand have unveiled a long-term collaboration on an exclusive basis, jointly introducing two nano-finance products for Grab driver-partners and Grab merchant-partners.

The move strengthens both parties’ strategic alliance after Mitsubishi UFJ Financial Group (MUFG) announced earlier this year that it would invest in Grab through MUFG Bank, MUFG Innovation Partners and Krungsri Finnovate, to co-develop innovative financial products and services to better cater to the financial needs of Grab’s driver-partners, merchant-partners and users.
Pairote Cheunkrut, Krungsri's chief strategy officer, said: “Krungsri and Grab have entered into an exclusive long-term business agreement, jointly establishing three-year visions and strategies in expanding our customer base and delivering impressive customer experience. Through big data customer analytics and AI-powered data analysis, appropriate financial services will be delivered to customers via platforms they are using in daily activities, such as KMA, UChoose, GO by Krungsri Auto Application and Grab etc. In addition, Krungsri and Grab will continue to enhance competitive advantages to cover new market segments, while understanding, accessing and adding value for customers to make them part of the ecosystem built by Krungsri and Grab.”
As for the business expansion strategy, Krungsri and Grab are planning to extend their networks throughout the country. 
Krungsri’s acquisition strategy would be implemented through the bank’s many campaigns and enhancing financial access for customers, the company said.
“Krungsri believes that the collaborations would help us achieve our targets in business expansion to cover diverse markets nationwide through the synergy of network strength and distinctive expertise of both parties. This would surely help drive the Thai economy, in particular the segment of small businesses which still need support for their access to financial products and services,” Pairote said.

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