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LENDING & CREDIT | Cesar Tordesillas, Thailand

Thailand's Krungsri targets more loans with wage hike

A 17% new accounts growth projection.

Krungsri First Choice will keep its focus on mass market segmentation, believing the nationwide minimum wage hike planned for next year will help drive its business.

The government is set to raise the wage to 300 baht per day starting next year for the remaining 70 provinces, after already raising it for seven provinces including Bangkok in April.

The minimum monthly income for those applying for Krungsri First Choice's typical loan is 8,000 baht.

However, this group and those earning less than 10,000 baht a month account for only 20% of its portfolio.

Clients with monthly salaries of 25,000 to 35,000 baht comprise the company's our largest segment, according to senior vice-president Nayanee Peaugkham.

Krungsri First Choice expects customers to reach 2 million accounts this year, of which 300,000 are new accounts, a 17% rise. Last year, new-client growth was in single digits.

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