The Bank for Agriculture and Agricultural Cooperatives (BAAC) wants to extend digital lending of 20 billion baht this year through its mobile banking application, says bank president Tanaratt Ngamvalairatt.
During 2020-21, BAAC piloted the loan extension of 10,000 baht to customers suffering from the pandemic through its mobile banking app called A Mobile. The app has more than 3 million users, of which 2.3 million are active.
In March the BAAC launched a digital lending package that allows borrowers to use their BAAC savings lottery as collateral. They can borrow a maximum of 90% of the value of the collaterised savings lottery.
The bank targets extension of 10 billion baht in loans via this package this year, he said.
The BAAC is expected to launch another digital loan package this month as an alternative to loan sharks. This loan does not require collateral,…
