27 July 2022
Bangkok (27 July 2022) –
Krungsri (Bank of Ayudhya PCL and its business units) and
Grab Thailand jointly reveal the success of their strategic alliance which aligns with the strategy of enhancing the ecosystem and partnership. With the collaboration of Krungsri and Grab, they have provided more than hundreds of thousands of Thai people with the opportunity for financial inclusion. In their latest collaboration, they officially launch ‘
Grab First Personal Loan’, a new financial product catering to the financial needs of Grab users which is easy to apply via mobile app, quick to approve, and offer instant cash with a maximum credit line of 100,000 Baht.
Krungsri and Grab have exclusively formed a long-term strategic alliance since 2020 and have continuously synergized in the development of financial products and services as well as launching a series of promotional campaigns to fulfill the financial needs of all related parties across Grab’s ecosystem.
Mr. Phonganant Thanattrai, Krungsri Head of Retail and Consumer Banking, said “The collaboration between Krungsri and Grab has been very successful in various dimensions including the creation of opportunity for greater financial inclusion and proper technology adoption on financial product development. The lending products under the partnership between Krungsri and Grab has generated over 3 billion Baht of total loans, enabling access to financial products for more than 100,000 merchants and driver partners. The success leads to the extension of collaboration in designing new financial products that better meet the financial needs of Grab users. This time, we leverage the expertise in digital financial products of Krungsri Consumer to develop ‘Grab First Personal Loan’ to cater specifically to Grab users.”
Ms. Nayanee Peaugkham, Chairwoman, Krungsri Consumer, said “Krungsri Consumer as a leader in credit card and personal loan business is pleased to join forces with Grab in launching
‘Grab First Personal Loan’, a cash loan offered by Krungsri First Choice which is outstanding for being easy to apply via digital channels. Any Grab users who are invited to apply for the loan via Grab app can submit the application through UCHOOSE app. The loan is available with a maximum credit line of 100,000 Baht and a maximum instalment payment period of 12 months. Applicants will get the approval within 30 minutes and receive loan transfer without being charged with the 3% cash advance fee within one day after approval. Moreover, customers can check their loan balance, payment amount and payment due date by themselves through UCHOOSE app around the clock free of charge. This collaboration offers an important opportunity for Krungsri Consumer to expand the financial services and loan extension to cover a wider range of customer segments and to further grow our business. We have targeted 300 million Baht of loans within one year after launching the service.”
Mr. Worachat Luxkanalode, Executive Director of Grab Thailand and Country Head of Grab Financial Group (Thailand) said “Promotion of financial Inclusion among Thai people is one of the key business objectives of Grab Financial Group in accordance with the mission of GrabForGood. Over the past three years, Grab has teamed up with Krungsri to move forward with product development and offer a comprehensive range of products to cater the needs of low-income earners who are underbanked such as personal loan and instant cash loan for GrabFood merchant partners and personal loan for driver partners. These partners are in need of revolving funds for managing their business liquidity and day-to-day expenses. Significant increase in loan growth has been witnessed over the years. For this year, in the quest for greater financial inclusion and the extension of our loan portfolio to cover Grab users who are likely to encounter various economic challenges currently, we collaborate to introduce ‘Grab First Personal Loan’ which is developed by synergizing the expertise in data analytics of Grab and the lending experience of Krungsri to serve the financial needs of a broader range of Grab users.
Mr. Vee Charununsiri, Head of Lending Department at Grab Financial Group Thailand, added “Grab First Personal Loan is designed and developed by leveraging new technology, the alternative data derived from the transactions of users on the platform, and machine learning algorithms used for financial behavior analysis, in order to establish a more accurate loan underwriting and approval process and better satisfy user preferences. The loan offers up to 100,000 Baht credit limit at an interest rate of not exceeding 25% p.a. and a maximum instalment payment period of 12 months. Grab users can apply for ‘Grab First Personal Loan’ on Grab app under the menu of ‘Payment’ through which the system will link to UCHOOSE app for the loan applicants to specify the borrowing amount and the instalment payment plan as desired.”
Users of Grab services who are offered to apply for ‘Grab First Personal Loan’ can click the ‘Payment’ menu on Grab App under the category of ‘Financial Services’ and go through the entire loan application process via UCHOOSE app, including identity authentication, sending of supporting documents such as copy of Citizen ID Card, payslip, etc., as well as checking of the approval status within 30 minutes. Money will be transferred to the borrowers within one day after the loan is approved. (Terms and conditions will be as specified.)
For further information please visit
https://bit.ly/GrabFirst