In a significant stride towards financial inclusivity, Mambu has successfully partnered with Money DD, a subsidiary of Thailand's Government Savings Bank (GSB), to launch the innovative "Good Money" application. This app aims to provide accessible and fair loans to underserved Thai citizens, reducing reliance on high-interest informal lending. Since its launch in April 2024, the app has already processed 100,000 loans and acquired over 10,000 clients, managing 200 million Thai baht. With ambitious targets set for the future, Good Money represents a crucial step in modernizing Thailand's financial landscape.
A Transformative Initiative for Thailand's Underserved Population
In the heart of Southeast Asia, a groundbreaking initiative is reshaping the financial lives of countless Thai citizens. The "Good Money" application, launched by Money DD—a subsidiary of the Government Savings Bank—aims to offer responsible and accessible loans to those who have traditionally been overlooked by mainstream financial institutions. Built on Mambu's cloud banking platform and supported by Google Cloud's advanced infrastructure, this app went live in just eight months, marking a significant milestone in digital finance.
The pilot phase alone saw remarkable success, processing 100,000 loans and acquiring over 10,000 new clients, managing an impressive 200 million Thai baht. With a target of reaching 500,000 borrowers within four years, Good Money is poised to revolutionize the lending practices in Thailand. By leveraging Mambu's composable cloud-native lending engine, the app ensures scalability, resilience, and high performance, all while maintaining low latency.
Advanced technologies are at the core of this transformation. Good Money employs sophisticated algorithms to assess repayment capacity and adjust interest rates based on borrowers' financial behavior. This dynamic approach fosters transparency and responsibility in lending, benefiting both banks and citizens alike. Offering Personal Loans and Nano Finance options with competitive interest rates starting at 19% annually, Good Money caters to a wide range of financial needs, from personal expenses to small business ventures.
Leaders from both Mambu and Money DD expressed their enthusiasm for this partnership. Mark Geneste, Chief Revenue Officer of Mambu, highlighted the strong results achieved during the pilot phase, aligning perfectly with Mambu's mission to support fair financial practices. Sirinun Jiradilok, Managing Director of Money DD, praised Mambu's flexible cloud-native solution and Google Cloud's serverless architecture for enabling the rapid deployment of their innovative proposition.
Endorsed by the Bank of Thailand, Good Money sets a new standard for digital lending in the region. Annop Siritikul, Country Director of Google Cloud in Thailand, emphasized the importance of this collaboration in delivering dependable digital banking services that enhance financial access for underserved segments across Thailand.
From a journalist's perspective, the launch of Good Money signifies a pivotal moment in Thailand's financial sector. It not only addresses the pressing issue of high-interest informal lending but also paves the way for a more equitable and inclusive financial ecosystem. This initiative underscores the power of technology and collaboration in driving positive social change, setting a benchmark for other nations to follow.