Thailand’s Government Savings Bank aims to be a ‘social bank’ that supports the underbanked and lower income communities across the country, and has turned to open source technology to drive digital transformation and realise its mission.
Over the past two years, Thailand’s state-owned Government Savings Bank (GSB) provided nearly 50 billion baht (1.5 billion USD) worth of loans to support low-income earners, small business operators and community organisations as part of its social mission, said Mr Vitai Ratanakorn, President and CEO of the financial institution to The Bangkok Post recently.
Rather than focusing on shareholder profit, the bank focuses on nurturing the wealth of the Thai people. It operates as a social bank that aims to alleviate poverty and inequality amongst the underbanked and lower income communities in the Southeast Asian nation. It currently runs…
