Krungsri Consumer Energizes Digital Services and Ready to Expand Reach
Seeking more partners in digital lending
For the second half of this year, Nayanee said the company plans to launch more digital lending services with multiple partners, with the aim of increasing access to personal lending for customers in larger groups.
“We believe that digital lending will be the primary business opportunity for Krungsri Consumer in the second half of 2022, with digital lending revenue estimated at 50% of total lending over the next three years,” he said. she declared. “As the Covid-19 situation improves, people will need cash to increase their cash for economic activities, so we will provide fast and convenient loan services for everyone. Krungsri Consumer is also planning to launch the service “ Buy Now Pay Later” through the app by the end of the year, which will provide even more choice for hire-purchase consumers.”
Regarding the search for new revenue streams, Nayanee said that Krungsri Consumer plans to explore areas in which it already has expertise, such as debt collection, to build a service with the help of new business partners. , which is also set to launch later this year.
Thailand’s reopening will fuel credit card and loan expansion
“Rising inflation and global oil prices may limit spending by Thais for the rest of the year, but we are still confident that the country’s reopening after more than two years of Covid-19 shutdown will attract people. foreign tourists and boost the Thai economy,” Nayanee said. “Since the easing of Covid-19 restrictions, credit card spending has steadily increased. In the first five months of 2022, Krungsri Consumer saw a 12% year-over-year increase in spending by credit card and a 14% increase in new loans. Food delivery, online shopping and interrelated spending are among the high growth categories.”
Meanwhile, non-performing loans (NPLs) are at 1.1% for credit card loans and 2.5% for personal loans, which are below the lending company average.
“For 2022, Krungsri Consumer is targeting 312.3 billion baht of credit card spending, an increase of 10%, and 84.6 billion baht of new loans, an 11% increase, compared to the last year. Total outstanding loans will amount to 149.6 billion baht, up 7% year-on-year,” Nayanee added.