Thai Credit Bank and Ascend Money Join Forces to Launch Innovative Open Banking Platform Enabling Digital Lending

Tuesday 03 October 2023 16:00
Thai Credit Bank Public Company Limited (Thai Credit) and Ascend Money, the provider of TrueMoney and Ascend Nano, have joined forces to increase and broaden banking penetration to a wider audience. The strategic partnership is by leveraging Thai Credit's open banking platform and combining it with TrueMoney and Ascend Nano's digital platform to expand Thai Credit's consumer loan portfolio. This collaboration represents synergies between Thai Credit's banking expertise and TrueMoney and Ascend Nano's technological, digital and marketing prowess, enabling both parties to create a robust and customer-centric lending ecosystem.
Thai Credit Bank and Ascend Money Join Forces to Launch Innovative Open Banking Platform Enabling Digital Lending

Thai Credit's open banking platform will empower TrueMoney and Ascend Nano's customers through convenient access to lending products and enhance the ability to streamline processes, eliminate paperwork, providing an enhanced and frictionless digital experience for borrowers. By partnering with TrueMoney and Ascend Nano, Thai Credit provides funding to more customers through increased accessibility, simplified financial processes and delivering a superior lending experience.

TrueMoney, an affiliated company of Ascend Money, is a popular digital financial application that enables ease of both offline and online payments as well as a convenient financial lifestyle ranging from lending, savings, insurance and investment. While Ascend Nano offers pioneering digital lending and personal loan products to those who look for convenience and new ways of accessing the loan. Using state-of-the-art technology and alternative data credit score, Thai Credit can offer the most innovative products to the underserved who have limited or no access to traditional lending products from traditional players.

"Ascend Money is excited about the partnership with Thai Credit. With our most complete product suite with state of the art decision engine, credit scoring and fully-digitized loan process from acquisition, servicing and automated collection services, we will provide Thai Credit with an innovative acquisition and efficient customer service capabilities, enhancing the overall lending experience for our customers by leveraging Thai Credit's open banking and digital lending platform," said Tanyapong Thamavaranukupt, Co-President of Ascend Money Co., Ltd.

"We are thrilled that Ascend Money will be leveraging Thai Credit's open banking platform to facilitate seamless lending services to its customer base. By using this game-changing open banking platform, Thai Credit can bolster our aim to serve the underserved needs of even more customers," said Roy Agustinus Gunara, Managing Director of Thai Credit Bank. "By combining Thai Credit's banking expertise with TrueMoney and Ascend Nano's technological prowess, we are well-positioned to transform the lending landscape and provide innovative solutions to wider range of customers."

About Thai Credit Bank: Thai Credit Bank Public Company Limited was established on 18 January 2007 and officially upgraded to become a full commercial bank on 1 September 2023. With the goal of being the best retail commercial bank in Thailand, Thai Credit focuses on serving underserved entrepreneurs by providing unique, simple and transparent products including SME products called SME Kla Hai and microfinance loans to retailers across its 500+ branches nationwide.

Under Thai Credit's philosophy, "Everyone Matters," Thai Credit is committed to provide access to secured financial sources for micro enterprise to improve their quality of life and uplift their financial stability.

Source: Thai Credit Bank