Mr. Sarut Ruttanaporn, Chief Executive Officer of Card X Co., Ltd. said: "CardX is ready to adopt the guidelines to sustainably address the issue of household debt following the policy of the Bank of Thailand and has prioritized operating our business under urgent guidelines for responsible lending. CardX believes that providing financial knowledge, planning, and creating debt literacy is our inevitable duty, starting from the sales process, where we focus on providing complete information without exaggeration or distortion. We add content that provides financial knowledge as well as modifying advertising media to include warnings and encourage financial discipline. We also encourage customers to borrow as necessary in parallel with the ability to repay in all our communication activities and advertisements in addition to providing customer consultation services, following the guidelines of the Bank of Thailand.
CardX, as of 31 December 2023, has a total balance of loans of over 115.5 billion baht, with a portfolio of membership at approximately 3.06 million accounts and total loan value worth approximately 115.5 billion baht. CardX has a portfolio of approximately 2,140,000 credit card members, representing a balance of loans lent to credit card debtors of approximately 58 billion baht. The ratio of credit card members to personal loan members is 50:50. Business categories with the highest spending amounts include hypermarkets, insurance and gas stations and the business categories with the highest number of transactions including restaurants, shopping and travel.
CardX plans to focus on giving back and helping to ease the burden of consumers through carefully selected campaigns throughout 2024. CardX is continuing with its 'Delight' campaign, where consumers can easily enjoy paying installments of 0% interest for four months when spending 2,000 baht and over per sales slip through CardX. The 'Delight' campaign has received excellent feedback from customers. In addition, there are various measures and campaigns where CardX is joining hands with partners/stores throughout the year and these measures and campaigns are helping increase liquidity for consumers to shop more easily and comfortably. It is expected that we will see 15% growth in CardX credit card spending in 2024."
"CardX will continue to set targets for further improved performance while expanding its total debtor portfolio under appropriate risk tolerance, including technology development to enhance the consumer experience in personal loan services, and data analysis to increase business opportunities. In addition, with our consumer-focused communication and promotional activities through online channels to meet the specific needs of all individuals will help drive our business toward sustainable growth and create strong performance following our set goals," Mr. Sarut concluded.
Source: FleishmanHillard
