Message from The Chairman <br>& The President

Message from The Chairman
& The President

Message from The Chairman
& The President
Message from the Chairman
Krungthai Bank, as an economic pillar

has played an important role in pushing forward measures from both the government sector and the Bank of Thailand.


       2020 marked the year that Thai economy has been severely affected by both internal and external environment factors, in particular the COVID-19 outbreak. Thus, the government needed to expedite various measures i.e., public health measures, remedial and compensation measures for persons affected by COVID-19 pandemic, including social and economic recovery measures. Likewise, for the financial sector, the Bank of Thailand in collaboration with financial institutions, has implemented liquidity enhancing measures to support borrowers in diverse groups.

       Krungthai Bank, as an economic pillar, has played an important role in pushing forward such measures from both the government sector and the Bank of Thailand. For example, the Bank launched credit measures to continuously assist borrowers affected by COVID-19 pandemic whereas especially building platforms for the government’s schemes and measures such as the “Chim-Shop-Chai” [Taste-Shop-Spend] scheme, the “Rao Mai Ting Kan” [No one will be left behind] campaign, the “Rao Tiew Duay Kan” [We travel together] scheme and the “Khon La Khrueng” [Let’s go halves] scheme. The achievements from all schemes are the pride of our Krungthai Bank since we have united as part of major driving forces behind the overall economic recovery of the country.

       Besides, we have committed ourselves to conduct business within the “Krungthai Moral” framework. In details, the Bank cultivated and encouraged executives and employees to have integrity, honesty, transparency and accountability. The Bank also inspired them to open up for knowledge and skills development that can support for the Great Reset – the change of economic landscape and business practices in the near future, which focuses more on operations with consideration towards the impact on economy, society, environment and corporate governance. This will enable Krungthai Bank to enter the digital economy era effectively and become the country’s leading commercial bank that can fully respond to the needs of all stakeholders, comprising taking care and developing potential of personnel; continuously delivering valuable services and advice to customers; joining in the sustainable development of the economy, society and environment, including sustainably creating good returns to shareholders. Consequently, we shall do our best to align with the Bank’s vision of “Growing Together for Sustainability”.

       On behalf of the Board of Directors, executives, employees and subsidiaries of the Bank, I would like to express thanks to shareholders, business partners and customers from the private and public sector for always giving trust and confidence to Krungthai Bank. I sincerely hope that you will always support the Bank continuously for all time.


Mr. Krisada Chinavicharana
Chairman of the Board of Directors


Message from the President
The Bank has hastily continued the integrated plans

regarding the digital development and internal infrastructure restructuring. As a result, it has helped to mitigate impacts of the Perfect Storm at a certain level

       In 2020, Thailand has faced with many challenges. Apart from the existing challenges from unfavorable economic structures such as high household debt and the growing of aging society, there were new challenges, especially Digital Disruption and the spread of COVID-19 outbreak. Therefore, the Thai economy seemed to undergo a huge historic storm that we have never encountered before or the Perfect Storm, which created uncertainty and severe impacts on all sectors, including the operations of commercial banks.

       Krungthai Bank has accelerated the implementation of measures, both in cooperation with the Bank of Thailand and those undertaken by the Bank, in order to mitigate the impact on customers. More importantly, the Bank has hastily continued the integrated plans regarding the digital development and internal infrastructure restructuring simultaneously during the past 3 - 4 years. For example, the rebalancing portfolio was properly adjusted and the coverage ratio was set at an appropriate level, whereas the proportion of non-performing debt was under control. Furthermore, the Bank also executed the technology to help increase efficiency in work processes. As a result, it has helped to mitigate such impacts at a certain level. In the meantime, the Bank still carried out a parallel strategy or 2 Banking Models – Carrier and Speedboat – concurrently to align with the context of extremely abrupt and severe disruption. The Carrier focused on operating key business of the Bank and Speedboat aimed at creating new business models as well as building platforms that can connect to other platforms in an open banking system.

       Another important integration was placed on the response to the government missions in parallel with the business management missions. Recently, the Bank supported the government in advocating the Thailand 4.0 policy through the development of a digital platform for people in all sectors to have access to the financial services. After the economy has been affected by the COVID-19 outbreak, Krungthai Bank attained the pride in taking part to develop the platform and acting as the rights protector for the “Rao Mai Ting Kan” [No One Will Be Left Behind] scheme, since this project can provide assistance and remedies for 15.3 million Thai people. We also joined in “Rao Tiew Duay Kan” [We Travel Together] campaign that generated cash flow in the economy up to 20,000 million Baht throughout the campaign. Meanwhile, “Khon La Khrueng” [Let’s Go Halves] scheme was not only contributed to the economic recovery at the foundation level, but it also helped to educate people on how to use technology (Digital Literacy) through using the Bank’s applications: “Pao Tang” and “Thung Ngern”. Due to the continuous support for government schemes, finally, the Bank can currently serve customers and Thai people of more than 40 million users.

       Besides, the Bank has continually endeavored to innovate and develop digital financial products/services in line with the rapidly changing of customer behavior in an attempt to increase its competitiveness. In particular, the new Krungthai NEXT application was developed with world-class technology and added with features that can support future financial activities. For Pao Tang, which is an open banking application, it is capable to support several digital services such as healthcare services via Health Wallet and Thailand’s first digital bond trading via Wallet SBM. Additionally, Thung Ngern, which is convenient for receiving payment, can serve as a replacement for the traditional EDC machines, whereas the Bank also invented a method of payment by using an ID card and implemented for the first time in Thailand. Consequently, from our commitment to progress in various fields, in 2020 many works and success of the Bank have been recognized by many sectors as well as enabled the Bank to receive considerable numbers of national and international awards correspondingly.

       In 2021, the Bank still continue to place importance on driving the 2 Banking Models strategy with the 5 Execution Pillars so as to cope with the ongoing impact of the Perfect Storm and the New Normal lifestyles. To be precise,

  1. Sustain core business of the Bank (Carrier) to run firmly as well as grow cautiously and sustainably: The Bank shall emphasis on the close monitor of quality credit along with supporting the individual customers and entrepreneurs to be able to adapt and go through this difficult period as much as possible in order to reduce the risk of non-performing receivables. Thus, along with risk management in all dimensions, the Bank also prepares to manage bad debt and extends business from the existing customers through finding opportunities to perform cross sell.
  2. Seek for alliances to create new business models, generate new sources of income and respond to the Next Normal era: During the past year, the Bank established Infinitas by Krungthai Company Limited to do research and develop new digital financial products through the concept of Open Ecosystem.
  3. Optimize work processes towards Digitization with paperless: The Bank will implement RPA or Robotic Process Automation and artificial intelligence (AI) to improve work processes and reduce the cost of services.
  4. Expand business from the Bank’s customers ( X2G2X): By taking the government sector as center, the Bank shall connect together with business partners and retail customers, especially within the Bank’s 5 target Ecosystems.
  5. Operate business on transparency and sustainability according to the vision of “Growing Together for Sustainability”: The Bank adheres to the principles of corporate governance while building up a zero tolerance culture. In addition, we take into account the business operation with the principles of ESG ( Environment, Social and Governance) that support the implementation of various activities or projects to take care of Thai people, economy, society and environment such as Krungthai Loves Community project, UNDP- Krungthai ‘Koh Tao, Better Together’ project and etc.

       I strongly believe that driving of 2 Banking Models strategy with the 5 Execution Pillars together will enable Krungthai Bank to maintain its role as the leading commercial bank with good asset quality and stable performance. The Bank engages in steering Thailand towards a cashless-society according to the Thailand 4.0 policy while adjusting itself well in the direction of shifting to the future world. Beyond the reduction on the inequality of the financial access of Thai citizens and Thai entrepreneurs, the Bank shall strengthen its digital banking competitiveness and enhance the public trust respectively. As a result, according to the various aforementioned operations, Krungthai Bank shall be able to grow alongside with Thai people steadily and sustainably.



Mr. Payong Srivanich
President