Government Savings Bank Recognized at Asia Responsible Enterprise Awards 2022 for “Car and Motorcycle Title Loan” in Social Empowerment Category

SINGAPORE, September 15, 2022 /PRNewswire/ — The Asia Responsible Enterprise Awards (AREA) 2022 is pleased to honor 72 exemplary winners for championing ESG to build a resilient world and a sustainable future for all.

AREA is the largest CSR recognition program across Asia launched by the region’s leading NGO, Enterprise Asia. The winners were selected following a rigorous selection process based on the 3 criteria of effectiveness and reach, relevance and sustainability.

Government Savings BankThe award-winning CSR initiative of

For more than 109 years in Thai society, the Government Savings Bank (GSB) has aimed to promote savings and improve the financial literacy of Thai people. GSB is determined to have a positive impact through a dual mission – commercial and social. GSB aims to reduce inequality and reduce poverty in Thailand, which makes it recognized as a “Social Bank”. The bank’s Auto and Motorcycle Title Loan program was awarded in the Social Empowerment category.

The ‘Car and Motorcycle Title Loan’ is a loan in which the registration book is kept as a guarantee of repayment while the debtors still own and use their cars and motorcycles. This business is growing with only a few main players, which allows them to earn good profits. Although this type of loan is popular with the base, the 24-28% interest rate charged is unreasonably high compared to the 16% interest rate charged by credit card, which is an unsecured loan.

Seeing the opportunity to help the grassroots through the business, GSB enters into car and motorcycle title lending by establishing a joint venture, Fast Money Co., Ltd., with the primary objective of helping the grassroots to access a fairer cost of financing and to reduce the market interest rate by 10%. The key features of GSB’s car and motorcycle title loan are the lowest interest rate and offer quick approvals without the need for a guarantor or financial verification to facilitate access.

GSB believes that entering the car and motorcycle title business is one of the approaches that has the potential to create a positive impact on society. With GSB’s strength in serving low-income people and a large customer base of over 12 million people, GSB needs to find an experienced partner to create synergy with its strengths. Therefore, GSB has partnered with Srisawad Corporation PCL., a well-known non-bank retail loan provider in Thailand, and established a joint venture, Fast Money, Co., Ltd. GSB Car and Motorcycle Title Lending is accessible nationwide through over 5,000 GSB and Srisawad branches. The program also serves GSB’s management as a “social bank” as it helps reduce poverty, reduce inequality and increase equity in society by enabling customers to access a fair cost of borrowing. , as well as increasing access to formal finance.

Launch in April 2021, GSB offers an interest rate of 16 to 18%, which is the lowest on the market. In one year of operation, GSB has achieved its objective of 12 billion THB in the total amount of the loan. It has granted the loan to more than 800,000 customers. More importantly, its intervention forces competitors to lower interest rates to retain existing customers and attract new ones. It also reduced the interest structure of this market by 10%, which is quite an impressive result. The completion of the project is not just for GSB, but it shows the success of promoting market competition and the benefits for low-income people across Thailand. The intervention of the GSB relieves them of high interest expenses, makes them accessible at reasonable financing costs, reduces the victims of loan sharks and, therefore, reduces inequalities in Thai society.

The project is integrated with GSB’s business and aims to maximize social benefits rather than profits. Therefore, the interest rate is designed to generate just enough profit to carry out the business. With its intention to help clients access formal debts without difficulty, GSB manages to provide an easy and comfortable way to access formal debts. Customers can transact through more than 5,000 branches of GSB and its partner, Srisawad Corporation PCL. Additionally, customers can receive and refund money through the GSB mobile app, MyMo, free of charge. The project will continue with a more ambitious goal of helping 1.2 million clients with a total loan amount of 20 billion baht (around $560 million).

Media Contact

Ms Wong Poh Ern
Company Asia
(60) 3 7803 0312
[email protected]

About Enterprise Asia

Company Asia is a non-governmental organization that seeks to create a Asia rich in entrepreneurship as a driver of sustainable and progressive economic and social development. Please visit for more information.

About the Asia Responsible Enterprise Awards (AREA)

The Asia Responsible Enterprise Awards program recognizes Asian companies for their promotion of sustainable and responsible entrepreneurship in the categories of green leadership, investing in people, promoting health, social empowerment, corporate governance, circular economy leadership, responsible business leadership and corporate sustainability reporting. For more information visit:

SOURCE Business Asia

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