Krung Thai Bank has teamed up with Freshket, an online fresh market startup, to enhance its lending services for SME restaurant operators, enabling them to access funding through the 'Partner Loan for Prosperity'. Borrowers can obtain up to three times their purchase amount, with an initial interest rate starting at 0.80% per month, along with special terms from Freshket that extend credit terms by an additional 15 days.

Mr. Payong Sriwanich, President of Krung Thai Bank, stated that the bank is committed to leveraging technology to develop new platforms that enhance service capabilities, with a strong focus on customer needs. The bank has continuously innovated financial solutions under the strategy of business extension from customer partners (X2G2X), allowing it to expand financial services to all customer groups through the Krung Thai Digital Supply Chain Financing project. Currently, the bank utilizes trade data connected to its Digital Supply Chain Financing Platform, such as purchase and sales information between partners, to assess credit limits for small operators, replacing the need for financial statements. This increases access to loan services and reduces the burden of document preparation for businesses seeking working capital. Some operators may struggle to access loan services due to a lack of financial history or collateral and may resort to high-interest loans from informal sources.

          The use of trade data aligns with the objectives of the Smart Financial & Payment Infrastructure (SFPI) initiative, which aims to support businesses in conducting fully digital trade transactions. This time, the bank collaborates with Polar Bear Mission Co., Ltd., the startup behind Freshket, to provide loans through the Partner Loan for Prosperity product under the Krung Thai Digital Supply Chain Financing project for SME restaurant operators partnered with Freshket who are facing liquidity issues. The goal is to enable them to access working capital to sustain their businesses through this crisis, with an initial target of providing loans to 100 Freshket partner operators before expanding to a broader range of businesses.

          Smart Financial & Payment Infrastructure (SFPI) is a collaborative project involving the Bank of Thailand, the Thai Bankers' Association, as well as the business, financial, and government sectors, aimed at developing financial and payment infrastructure for businesses. This initiative facilitates comprehensive digital transactions for buying and selling goods, enhances efficiency, reduces costs, increases access to funding sources, and supports the development of business innovations, ultimately enhancing the competitiveness of Thai businesses.

          The Partner Loan for Prosperity (Digital Supply Chain Financing) is a type of working capital loan for customers, designed as an overdraft facility (OD) that can be accessed online through both Krung Thai Business and Krung Thai NEXT. The special interest rate starts at 0.80% per month, with no collateral required, allowing borrowers to obtain up to three times their purchase amount or a maximum of 20 million baht. Additionally, Freshket has extended the credit term for participating SMEs by an additional 15 days from the previous credit terms to enhance business efficiency and provide comprehensive financial solutions for continuous operations.

          Ms. Ponglada Paniengwet, co-founder and CEO of Polar Bear Mission Co., Ltd., the startup behind Freshket, revealed that many restaurant clients, who make up over 85% of Freshket's customer base, are currently facing liquidity challenges due to the COVID-19 crisis and economic impacts. Therefore, they have partnered with Krung Thai Bank to assist SME restaurant clients through both general and targeted support measures, ensuring that they can access liquidity and maintain business operations smoothly.

          Freshket's growth plan for this year focuses on strengthening its technology in supply chain development to enhance operational efficiency and service delivery, while also accommodating business growth into new product categories and expanding services to rural areas. Additionally, they are developing technology for demand forecasting to ensure transparency for all parties, reduce food waste, and improve the quality of life for upstream operators, ensuring consumers receive quality, fresh products at reasonable prices, along with convenient and reliable services.

Interested parties can register to join the Partner Loan for Prosperity project at https://krungthai.com/th/content/sme-rich or inquire for more information at any Krung Thai Bank branch nationwide or call the Krung Thai Contact Center at 02-111-1111.