Grab Thailand to offer million baht loans to tap into digital lending

Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy Asia 2023 report by Google, Bain and Temasek.

Worachat Luxkanalode, the country head of Grab Thailand, revealed upcoming plans for the Southeast Asian ride-hailing and food delivery platform.

“The company aims to be profitable for a second consecutive year and has paid corporate tax for the first time, despite the challenging economy.”

In 2022, Grab Thailand marked its first profitable year in its decade-long operations, making it the first ride-hailing and food delivery service in Thailand to move out of…