Syn Mun Kong Insurance (SMK) has filed for protection with the Central Bankruptcy Court after it failed to pay a whopping THB164 billion to 1.95 million people who purchased its Covid insurance.

Syn Mun Kong Insurance Pcl (SMK) has set aside a budget of Bt160 million for 2020-22 as part of its continued digital transformation to become a full "insurtech" organisation, chairman Reungvit Dusdeesurapot said.