Mr. Patchara Samalapa, KBank President, said that KBank is concerned about the hardships facing Thai people impacted by the COVID-19 crisis. Since the outbreak emerged, KBank has collaborated with the Bank of Thailand in launching a series of assistance measures. As a driver of the economic system and a member of the society, KBank has earnestly worked to aid crisis-hit customers through the implementation of special relief programs to help them cope with the present circumstances. Focus has been on liquidity enhancement and employee retention along with easing of financial burdens. To this end, the Bank has launched various measures including suspension of principal and interest payment, suspension of principal payment only and reduction of monthly installment payment - all of these measures amounting to 338 billion Baht in relief as of June 2021. Moreover, KBank has extended credit lines worth more than 232 billion Baht to bolster liquidity for cash-strapped SMEs and retail stores in accordance with the government's measures and KBank's additional special measures since the first wave of COVID-19.
"Various special measures have been implemented via three-pronged strategy. This is to ensure that various consumer segments in the business ecosystem have access to these measures in numerous formats, and that such measures directly meet their needs while also allowing KBank to maximize its existing resources." The three-pronged strategy includes:
- To ensure that businesses have adequate capital funds to retain their staff and pay for other expenses without having to suspend or close their operations, namely the "Generous (Business) Owners - Empathic Creditor" project in collaboration with business operators. Under this program, KBank reduces interest rates for business operators so that they have sufficient funds to pay their staff. Additionally, KBank and business operators equally share the total interest payments to ensure that that the staff remain employed and have income, while also helping to reduce their debts. Another special project is the "Zero Interest-rate Loan to Retain SME Staff" to aid small businesses so that they have sufficient funds to ensure that their employees have income and stay afloat. Loans with zero-interest rate and a grace period of one year have been extended to more than 1,000 participating companies to help over 46,000 employees. The latest special project is the "Loan to Fight COVID-19" to enhance liquidity for retail stores. Loans with low interest rate of 3 percent, no collateral required and suspension of principal payment for three months are offered under this project. It has attracted numerous retail stores and helped more than 29,200 customers. A total of 4.8 billion Baht in such loans has been extended.
- To reduce expenses for retail customers in collaboration with leading strategic partners. This measure is aimed at providing broad-based assistance and ensuring that small stores can boost their sales while consumers can use products and services at lower costs, thus helping generate more cash flow for businesses, and is known as the "You Order, We Pay" project in cooperation with leading food delivery companies, namely Grab, LINE MAN and those on K+ market. KBank has allocated more than 250 million Baht in budget to over 20,000 stores (3,000 Baht each) to help reduce their expenses.
- To unlock the potential of KBank's digital banking via K PLUS, K+ market and KBank Live to boost sales and allow more stores to operate on K+ market in the K PLUS app and via KBank Live. Such expansion should provide greater convenience to KBank customers in conducting transactions via K PLUS or through K Point redemption for the purchase of goods and services. Initiatives include the "Together We Shop" campaign which allows SME customers who are orchard owners, producers and/or sellers of processed agricultural products to offer their goods on THAILANDPOSTMART.com and Shopee app; and the "Together We Travel" campaign wherein operators in the hotel, massage and spa, and car rental business can make special travel offers of up to 80 percent discounts directly to KBank customers.
Recently, KBank launched two additional campaigns to lower the daily expenses of its customers, namely 1) "You Order, We Pay" campaign on K+ Market - wherein a large variety of consumer goods purchased by KBank from over 300 micro-retailers and small and micro community enterprises (SMCE) are offered on K+ Market at a single price of just 20 Baht. Payment can be made by cash via K PLUS-linked account or through K Points redemption; and 2) "K Points Giveaway" campaign, wherein the Bank freely distributes 1,000 K Points - equivalent to 100 Baht in cash - to its customers, who can redeem them for utility bill payment including water, electricity, and mobile top-up, as well as food purchase, on K+ market.
Mr. Patchara said, "KBank intends to give back to society and ease the burdens of its customers during this crisis, as well as working to revive economic activity and improve customers' way of life as the COVID-19 outbreak subsides. The Bank aims to become one of the forces driving the Thai economy towards sustainability.
Interested persons can inquire for more details on other campaigns of KBank via LINE KBank Live.
Source: Kasikorn Bank