Krungthai Bank
When the United Nations Development Programme was looking for a Thai bank to partner with for financial inclusion, it called Krungthai Bank.
This was no surprise to those who know Krungthai. After all, in 1989, it was the first state enterprise to list its shares on the Stock Exchange of Thailand.
The breadth of Krungthai’s commercial banking activities makes it something of a bellwether in the Thai economy. It also has for generations served as a key channel for financial services in support of government initiatives.
Since the pandemic hit, Krungthai has played a pivotal role in delivering government disbursements. But what attracts attention is the bank’s focus on increasing financial inclusion and supporting diversity within the firm and the communities in which it operates. Krungthai is Asiamoney’s best bank for diversity and inclusion in Thailand this year.
Under the leadership of Payong Srivanich, the bank’s president, Krungthai has focused on providing financial services to Thai citizens at every level.
The UNDP’s seal of approval, though, marks something of a milestone. The partnership began in 2020 with the “Koh Tao, Better Together” initiative. It started small with a crowdsourcing campaign to raise funds for tourist boat drivers on Koh Tao island whose livelihoods were hit by the absence of tourists.
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