Banks loaned 290 billion baht to people and businesses hit by Covid
Commercial banks approved 289.3 billion baht in loans to over 120,000 people and nearly 300 businesses affected by the Covid-19 outbreak since it was first found in Thailand in early 2020, the Thai Bankers' Association reported on Thursday.
“For nearly two years, the association has been working with the Bank of Thailand and member banks in providing financial aid to business owners and the general public to help them stay afloat during the Covid-19 crisis,” said the association president, Payong Srivanich. “Data as of February 14 showed that 124,250 people and 285 businesses have been approved for Covid-19 related loans amounting to 289.3 billion baht.
“Besides loans, commercial banks have also granted debt moratorium to customers hit by the Covid-19 fallout, who owed 39.5 billion baht,” he added.
“Currently business loans are expanding at 7.9 per cent compared to last year, which means the business sector still needs money for business rehabilitation and expansion,” said Payong.
“Member banks under the association will continue to provide loans to business owners to make sure that the economic recovery is progressing smoothly now that the outbreak is gradually subsiding.”
Payong added that during the outbreak, member banks of the association also invested in establishing smart infrastructure, such as the PromptPay platform and Digital Supply Chain Finance to facilitate financial transactions even during Covid-19 lockdowns to comply with the government’s Covid Free Setting standard.
“We are planning to use digital platforms to record online purchasing history and payment of utility bills and submit the data to the National Credit Bureau [NCB],” said Payong. “The NCB will then use AI [artificial intelligence] and data analytics technology to turn it into Big Data that will help improve efficiency in alternative credit scoring.”
