TMB Bank Thanachart or TTB Open the Financial Well-being Hackathon for Thais : Mission Announcement Dayfinancial lifeof Thai people to be better The first time of merger between financial leaders and Tech & Data Let’s make meaningful changes and improve financial lives for Thai people. without leaving anyone behind
“Piti Tantakasem” Chief Executive Officer TMB Thanachart or TTB Saying that “life following covid is not the same” makes it more Financial well-being or “Financial well-being” of Thai people has become exponentially more challenging.
As for the “financial problems of Thai people”, the bank found that Gen Z owed 200% more, 69% of workers owed informal debt, Gen Y 1 in 5 unable to pay debts, 90% of farmers had been in Join the debt relief program, retirement age, 75% proportion, no money to spend following retirement and 80% of salaries have not enough savings
When inflation and the cost of living are higher Having a good financial life is even more difficult. “Aim to be a bank that brings digital come as a tool To help our customers in all groups havefinancial lifebetter” under 4 pillars of TTB which are 1. Smart saving, smart use 2. Knowledge of borrowing. 3. Invest for the future 4 have peace of mind protection
At the same time, financial experts and Tech & DATA join the discussion on the topic “We will help each other.. enhance financial life of Thai people using Tech & Data as tools.”
“Thakorn Piyaphan” President TMB Bank Thanachart Bank (TTB) said that we see financial problems in Thai society under 4 pillars of TTB as follows: GEN YZ group 87% no financial planning , debt growth 200% 1 in 5 is at risk of payment No debt, 50% no investment because there is no money left from expenses and lack of planning for risk protection
80% of salary workers have not enough savings, 50% have no investment because there is no money left from expenses and lack of planning for risk protection , Retirement age group 55% depend on income from others, 20% can’t pay off house debt, 75% don’t have money to spend following retirement and lack of planning for risk protection
SME group No knowledge of how to reduce unnecessary costs to increase revenue. , access to financing from financial institutions only 20% and lack of protection once morest risks of employees and business and farmers and labor groups Debt is higher than net income , 92% have participated in the debt relief program.
Thissana Thitisaksakul, co-founder and CEO of Noburo, said that over the past four years, we have found that operational staff’s financial problems are “salaries are easy to pay off debts, OT is available to eat” when emergency have to turn to rely on borrowing This makes it a problem of endless dependence on debt, or “debt dependency. Trapped in a debt trap due to lack of money management being dependent on family and using money in the wrong way
It was found that 3 causes of Thai labor debt are: 1. Love debt, such as family sponsorship debt. 2. Debts from greed, such as extravagance I want to have 3. Debt from ignorance such as risky investment by during covid Thai people are more indebted. especially informal debt
“Patama Chantharak”, Managing Director of Accenture Thailand Co., Ltd., said that 5 key trends in “digital transformation” were drawn to solve problems, especially in terms of financial problems and To live to have a good financial life is
1. Everyone needs a SUPPER APP 2. ESG solutions are the future trend 3. Every idea is something that must be applied to the technology 4 .Use digital to solve problems more understandably and faster 5 . Payments must be made anytime and anywhere and how?
