Mr. Phayong Srivanich, the President of Krung Thai Bank, revealed that since the outbreak of COVID-19 and its impact on the economy, the bank, as a state-owned commercial bank, has been part of the government’s efforts to provide assistance to customers through various measures.

These measures, which include initiatives from the Ministry of Finance, the Bank of Thailand, and the bank itself, total five strategies aimed at alleviating the hardships faced by customers affected both directly and indirectly, enabling them to continue their businesses. The bank has deployed staff nationwide to closely monitor customer needs.

Support has been provided to customers through Soft Loans from the Government Savings Bank amounting to 5.058 billion baht for 382 customers, and through Soft Loans from the Bank of Thailand amounting to 10.851 billion baht for 3,364 customers. Additionally, debt restructuring has been implemented by allowing payment deferrals.

Furthermore, additional working capital has been provided, totaling 580.077 billion baht for 167,981 customers. In total, the bank has assisted customers with 595.986 billion baht for 171,727 customers, with individual customers benefiting the most from these measures.

Small business customers and medium-sized enterprises (SMEs) account for over 90% of all customers. The bank has also participated in the SME loan guarantee program by the Credit Guarantee Corporation to enhance liquidity and assist SMEs lacking collateral in accessing funding, having already provided loans to SME operators in this program totaling over 10.636 billion baht.

The five measures of the bank include:
Measure 1: Personal loan customers and housing loan customers with loan amounts not exceeding 3 million baht can defer both principal and interest payments for 4 months and receive a 0.25% annual interest rate reduction from the original loan agreement for 4 months.
Measure 2: Personal customers and housing loan customers with documented income reductions can defer principal payments (paying only interest) for 6 months and receive a 0.25% annual interest rate reduction from the original loan agreement for 6 months.
Measure 3: Business customers with loan amounts not exceeding 100 million baht can automatically defer principal and interest payments for 6 months.
Measure 4: Medium to large business customers with documented income reductions can defer principal payments on long-term loans for up to 12 months and extend payment periods for promissory notes (P/N) and foreign trade loans for up to 6 months.
Measure 5: Business customers with loan amounts not exceeding 500 million baht can access Soft Loans with a maximum loan amount not exceeding 20% of the outstanding debt as of December 31, 2019, with a maximum loan term of 5 years, an interest rate of 2% per annum for the first 2 years, and a maximum principal payment deferral of 12 months with no interest payments for the first 6 months.

For medical personnel, civil servants, and government employees under the Ministry of Public Health, who play a crucial role in treating and controlling the COVID-19 outbreak, the bank has implemented measures to alleviate the burden of personal and housing loan payments.

This includes both existing loan amounts and those wishing to apply for new loans, providing encouragement and support such as reducing interest rates from the original agreements, deferring principal and interest payments, and offering special low-interest rates for new loans.

“Additionally, the bank has expanded upon these five measures by offering loans under the 'We Won't Abandon Each Other' initiative for small businesses and medium-sized enterprises (SMEs) to enhance business capabilities and adapt to the new normal, particularly in conducting business online.

This aims to elevate SME customers into the digital business era. The bank has also developed financial innovations to connect the five main ecosystems of the bank, including payment services, healthcare, education and students, transportation systems, and government agencies.

With a strategy to expand business from customer partners, or X2G2X, starting from G (Government), which is the bank's main customer, linking to business sectors that are partners of customers, such as distribution centers, community enterprises, retail stores, restaurants, hotels, and other businesses connected to production sources through digital technology.

The bank has also launched the #StreetFoodMustStay campaign to help beloved street food vendors maintain their income and survive the COVID-19 crisis together, with over 10,000 street food vendors reviewed on social media.

This hashtag has gained significant attention online on Facebook and Instagram and quickly trended as the number one topic on Twitter on April 27, with over 300,000 mentions and more than 1 million engagements on May 11 and 12, 2020.

The bank has also been part of the 'We Won't Abandon Each Other' project by developing and supporting the platform and processing system of the website to allow affected individuals to register for 5,000 baht in relief (for 3 months).

Additionally, 6,500 employees nationwide have been deployed to serve as guardians, assisting the public in verifying their rights, while branches across the country serve as service points for answering questions, correcting information for applicants, and handling complaints from those seeking to review their rights in cases of unsuccessful registration or ineligibility.

As a result, 15 million people have already received relief funds from the Ministry of Finance. Krung Thai Bank remains steadfast in supporting and collaborating with various sectors, especially the Ministry of Finance, to care for customers and the public to overcome this crisis together and drive the country's economy forward in a stable and sustainable manner.