• Krungthai Bank responded to the pandemic by speeding up the development of digital banking
• Several relief measures were provided to support customers  
• The bank worked with the government to support impacted communities

Payong Srivanich, president and CEO of Krungthai Bank, received Leadership Achievement Award for Best COVID-19 Response in Thailand at the Leadership Achievement Awards Virtual Ceremony 2020 presented by The Asian Banker. Krungthai Bank was awarded Best Managed Bank during COVID-19 in Thailand during the ceremony.

Krungthai Bank responded to the pandemic by speeding up the development of digital banking

With Payong at the helm, the bank accelerated the shift to digital banking during the COVID-19 pandemic with 70-80% growth in transactions made through its mobile application. In addition, the bank relied on its advanced infrastructure to support the work from home measures and plans to reskill workers and increase their performance to avoid layoffs.

Several relief measures were provided to support customers 

The bank provided several relief measures to alleviate the financial burdens of both retail and corporate customers. The bank slashed key lending interest rates in line with the Bank of Thailand’s policy of lowering interest rates and allowing extended loan repayment for various loans. As of May 2020, the bank has assisted 171,727 customers with total debt amounting to $18.7 billion.

The bank worked with the government to support impacted communities

In response to the impact of the pandemic, the bank cooperated with the government and specialised financial institutions in providing the $160 (THB 5,000) cash handout scheme. It participated in this project by collaborating, developing and supporting this platform system together with artificial intelligence (AI) evaluation system for registrants’ screening. About 8,000 bank staff helped facilitate the application process of 28.8 million registrants, of which 15.1 million were approved. 

The bank also collaborated with the government to develop Thai Chana online platform which facilitated disease-control measures and helped health authorities reach out to persons who may have been in contact with COVID-19 patients. As of June 2020, there were 32 million users of Thai Chana online platform and around 251,700 shops nationwide have registered. Additionally, the bank cooperated with the Tourism and Sports Ministry, and the Finance Ministry in launching a domestic tourism package worth $712 million to stimulate the tourism sector.

Payong in his acceptance speech said, “Now, adaptation and adversity skills become essential for all of us. I am convinced that we will get through this challenge together by cooperating, not only in our banking sector, but also across industries to find sustainable solutions for the global society”.

For video of the Leadership Dialogue and Leadership Achievement Awards Virtual Ceremony, please click here.

About Leadership Achievement during COVID-19 Awards

The Asian Banker conducts the annual Leadership Achievement Awards programme that focuses on the performance of CEOs/chairmen and boards in the financial services industry in Asia Pacific, the Middle East and Africa. This year, the Awards are specifically aimed at evaluating the performance and response of CEOs/chairmen and the banks that they lead during the COVID-19 pandemic as well as the initiatives implemented to help customers and society at large through the crisis. Shortlisted candidates and institutions were evaluated on the level of digitalisation of operations and processes; risk management capabilities, especially around credit and liquidity risk management; how they deploy their own funds in a manner relevant to the societies they serve; and how they create social capital, the means by which they justify their value through the contributions to the communities they serve.

To see the full list of winners click here