Bangkok--23 May--Poly Plus PR
In response to the rapidly growing credit market, Srisawad Corporation ("The Company") plans to significantly restructure its business repertoire by introducing Srisawad Finance Public Company Limited ("Srisawad Finance") as a new alternative financial service solution as part of the Srisawad Corporation family. The Company will also be remodeling its branches to update their appearance, while maintaining the same low-key, accessible atmosphere where the customers can feel comfortable coming in for consultation. Within the next 3 - 5 years, the Company anticipates its customer base to be in the range of 2 - 3 million individuals, further supporting its image as a leader in the financial services industry.
Miss Thida Kaewbootta, Managing Director of Srisawad Corporation, revealed a positive trend in the Company's credit growth."Since its inception over 40 years ago, Srisawad Corporation has been striving toward becoming the leading financial service provider with a connection to the communities. This business model has been well received, and has allowed the Company to experience tremendous growth. To provide for a sustainable platform on which to continue its success, subsequent to the integration of Srisawad Finance, Srisawad Corporation will establish a financial service group [Group] as a new alternative financial solution to provide credit to people in the community who are in need of quick cash. The Group will operate under the supervision of the Bank of Thailand.
"As part of this restructuring, the Board of Directors and Management team of Srisawad Corporation and the Management team of Srisawad Finance are determined to work together and effectively continue the business expansion by introducing new alternative financial solutions to the target market. The collaborative effort should sustain the confidence of all stakeholders including the customers, the investors, the bond holders, and the business partners. The new corporate motto of the Group is 'Srisawad, a new alternative financial institution who offers reliable, transparent, convenient, and friendly services, under stipulations of the Bank of Thailand.'"
The products of Srisawad Fund PCL., are mainly categorized in 2 types; Loan and Saving.
1.Loan Services
1.1.Secured Loans targets the following customers;
- Retail customers, especially freelancers, who is in need of instant funds but ineligible for Bank services
- Small businesses which require revolving funds to finance their continuing operations.
- Medium businesses in waiting for fund approval from the bank which in the meantime require funds to finance the business
Apart from the above, Srisawad Fund PCL. also offers multipurpose loans for individual living expenses or personal projects. It is expected that the loan services can be promoted across 2,300 branches of Srisawad Fund PCL. and offer another alternative of financial sources for communities.
1.2.Nsecured Loan or Personal Loan under supervision (P Loan) targets employees with salary or stable remuneration.
2.Saving Service - Srisawad Fund PCL provides the saving service in form of certificate of deposit. The service is available only at Srisawad Fund office on Sathorn Road.
Miss Thida also stated "In driving Srisawad Corporation to become the leading financial service provider, there are 6 components to the strategy: 1) Comprehensive service – providing a full range of financial services to address the various financial needs of our customers including loan services and deposit services, as well as other payment services; 2) High quality of service – developing the quality of service of our branches to allow for fast and convenient customer experience, while at the same time allowing our employees to look after each customer on a closer basis; 3) Modern experience – updating and enhancing the branch appearance and integrating new technologies to provide for quicker approval time whereby the customers can find out the credit application results within 10 minutes, and to better manage the quality of the loan portfolio; 4) Coverage – expanding the service network to cover populated communities with a target of establishing 3,500 branches throughout the country within 3-5 year, from the current total of 2,300 branches; 5) International expansion – in addition to capturing the domestic market, the international markets also hold potential for growth. With this in mind, we have plans to expand internationally to the CLMV group including Cambodia, Laos, Myanmar, and Vietnam; 6) Social responsibility – there are numerous activities that we collaborate with local residents in order to promote the relationship between the Company and the communities, including the 'Srisawad- Samarn Kaewbootta Foundation' that provides underprivileged children with opportunities for education, and provides for other benefits to those in poverty.
"As part of this transformation, Srisawad will be the leader in providing new alternative financial solutions that are not only fast and accessible, but also transparent. This will contribute to the Company's strengths into the future. The Board of Directors and Management team will oversee to ensure a sustainable growth for the Company, where new products are perpetually developed to build off of the large branch network, allowing it to become a true alternative financial institution under the provision of the Bank of Thailand who looks after the interests of the community", Miss Thida concluded.