Sunday, January 29, 2023
The Export-Import Bank of Thailand (EXIM BANK) and the Small Industry Credit Guarantee Corporation (TCG) expand alliances in the S1 project by integrating cooperation with the Small and Medium Enterprise Development Bank of Thailand (SME D Bank) and the Islamic Bank of Thailand (iBank) to jointly develop a business model that uses technology to improve service levels and help small and medium-sized businesses obtain financial support that meets their business needs in a short time Together with other comprehensive services to strengthen the competitiveness of small businesses and Thai medium in doing business domestically and internationally.
Arkhom Termpittayapaisith Mr Finance Minister presiding and witnessing the signing ceremony of a Memorandum of Understanding for cooperation in the field of business model development between Dr Rak Worakijpokathorn, Managing Director of EXIM Thailand, Mr Sitthikorn Direksunthorn, Director and General Manager of TCG, Ms Nartnaree Rattapat, Managing Director of SME D Bank and Dr. Thaweelap Rittapirom, Director and Manager of iBank, with Mr. Ed Wibooncharoen, Inspector General of the Ministry of Finance and Chairman of the Board of Directors of TCG and Ms. Saphatporn Thammaporn Philas Deputy Director of the Office of Fiscal Policy Witnessing His Majesty the King’s 60th Birthday Celebration at the International Convention Center, Prince of Songkla University, Songkhla Province on January 27, 2023.
The aim of this collaboration is to unlock the limitations of Thai entrepreneurs, especially SMEs, to get support from state-owned financial institutions so that SMEs, which comprise up to 99% of the whole system or more than 3.18 million entrepreneurs, is an important force. to drive and build the base of the country’s economic stability. Small and medium businesses play a role in the economy in the share of 34% of the country’s GDP and account for 72% of total employment. But Thai SME entrepreneurs still face constraints in doing business. especially access to sources of finance So the four specialized state-owned financial institutions joined forces to help small and medium-sized businesses overcome their constraints and run their businesses successfully. In the midst of the changing and challenging economic environment is inflation still at a high level Rising interest rates and ongoing geopolitical issues As a result, the International Monetary Fund (IMF) predicts that in 2023 the global economy will expand only 2.7%, the lowest in 21 years (except the year of the Hamburger Crisis and COVID-19), and maybe 1 country. In 3 worlds facing recession. Although the Thai economy in 2023 is likely to grow better than the previous year mainly due to domestic demand. But the export sector still has an opportunity to slow down due to pressure from external factors.
Under the S1 (SME One) project, the four financial institutions will use their expertise in designing products and services to support small and medium-sized businesses in the supply chain, export, to receive credit services and letters of guarantee quickly and in accordance with Business needs under service. through joint branch and online channels Including the use of digital technology to improve service efficiency for SME customers In addition, products will be developed specifically for the S1 project to mitigate financial costs and provide benefits. Satisfy the needs of entrepreneurs who are small people in the world of business to be able to start or expand their business stably and sustainably in the new world trade arena.
