Nature of products or services and business innovation development

At present, the Company offers secured loans, unsecured loans, and regulated personal loans under the supervision of the Bank of Thailand (“BOT”). The Company has been licensed to conduct:

  • regulated personal loan business; and
  • regulated retail loan for occupation (Nano financing) from the Ministry of Finance since June 2019 and March 2019 respectively. Based on credit risk, the Company’s

loan products can be classified into the following 2 major groups.

Secured Loans

Hire Purchase

The Company offer hire purchase for general retail customers who wish to purchase used cars such as cars, pickup trucks, motorcycles, and vehicles used for agriculture etc.

As of 31 December 2021 interest income from hire purchase accounted for 50.2% of the total revenues.

Regulated personal loan with motor vehicle registration as collateral

Regulated personal loan with motor vehicle registration as collateral is a loan service for general retail customers who own a vehicle by using vehicle registration manual as collateral for application of the loan. The customer must have ownership in the vehicle. The customer pays monthly installments consisting of principal and interest.

As of 31 December 2021 the Company’s interest income from regulated personal loan with motor vehicle registration as collateral accounted for 29.1% of the total revenues.

Sample of the types of motor vehicle which are used as collaterals

Sedan
Pick-up truck
Van
Motorcycle
Truck
Agricultural vehicle

Mortgage Loan

Mortgage loan is a loan service for general retail customers who own a house or land. The owner of house or land as mortgagor registers mortgage over the house or land as collateral to the Company as mortgagee. The customer provides the land title deed to the Company as collateral on the date on which he or she receives the loan proceeds.

As of 31 December 2021 the Company’s interest income from mortgage loan accounted for 1.0% of the total revenues respectively.

Regulated personal loan without motor vehicle registration as collateral

Regulated personal loan without motor vehicle registration as collateral is a multi-purpose loan for individual customers with steady income and can provide proof of income such as government and state enterprise officers and private sector employees etc.

As of 31 December 2021 the Company’s interest income from regulated personal loan without motor vehicle registration as collateral accounted 1.5% of the total revenues.

Nano financing

The Company provides nano finance loans to general retail customers that are intended for professional use for customers who neither have proof of income or asset as collateral. The customer must be qualified as a professional with a permanent establishment and must have evidence and place of occupation and a clear source of income from occupation. The Company will assess income, inspect and take pictures of the place of occupation as evidence for credit consideration or a person who has a document certifying occupation, such as a certificate of trade registration or farmer’s registration book etc., to be used as evidence for application for a loan.

As of 31 December 2021 the Company’s interest income from nano financing accounted for 7.7% of the total revenues.

Unsecured Loans
Non-life and life insurance brokers

The Company provides non-life insurance and life insurance brokerage services through a network of branches. The Company obtained a license to act as life insurance and non-life insurance brokers from the Office of Insurance Commission (“OIC”). At present, the Company is a non-life insurance broker and a life insurance broker for leading insurance companies, covering products such as car insurance, motorcycle insurance, accident insurance, and life insurance etc. The Company will receive compensation as a commission from the insurance companies at mutually agreed rates which are recorded as fee and service income under the Company’s financial statements.

Business Innovation development

The Company places importance on information technology system which is used to develop and improve efficiency of the loan services and support growth of the Company’s business, as well as being prepared for changes in consumers and technology (Digital Disruptions) that may occur in the future. In the year 2018, the Company was also the first non-bank financial service provider to receive ISO/IEC 27001: 2013 certification for information security management system, which is an important guidelines for organizations to securely manage information.