Mr. Suphachai Chearavanont, Chief Executive Officer of The Charoen Pokphand Group Company Limited (CP) and Chairman of Ascend Money Company Limited, announced that on June 19, Ascend Money, led by ACM Holding Company Limited, officially received a virtual bank license from the Bank of Thailand (BOT). He also highlighted Ascend Money’s dedication to expand its financial service through innovation to support Thailand’s infrastructure and improving people’s access to financial services.
Receiving the license marked as an essential step for Ascend Money in improving life’s quality and financial management to the people who are unable to access full services. The company plans to introduce innovation and service solutions to reimagining digital technology throughout the entire process to provide more comprehensive service and addressing customer’s demands.
CP is confident that the virtual bank will become a new infrastructure that helps people access financial opportunities more equally, improving the economy base and becoming a stimulus in creating sustainable growth, both in terms of innovation, supporting the digital economy, and improving the quality of Thai people’s life without leaving anyone behind.
These align with CP’s vision in creating a Platform of Opportunity through the development of digital financial infrastructure. This is to improve equality of financial access, economic structure, and the nation’s stability. CP will also continue supporting Ascend Money to help the new virtual bank improve the nation into the future where everyone can access the opportunity.
Tanyapong Thamavaranukupt, the co-president of Ascend Money, stated that one year from now, Ascend Money will open a new company and virtual bank that strictly follows the BOT’s criteria and adhere to the principles of sustainability, transparency, and verifiable throughout the entire process. The details of its products and services will be officially introduced and presented soon.
The vitality of a bank’s service in the next era starts with understanding customers, especially underserved individuals. Ascend Money has been studying customer’s demands to improve service, not just addressing the problem but to provide value to the economy and society, connecting the ignored segment to improve their quality of life.
The company is prepared to provide service by investing in human resources and modernizing basic infrastructure and risk management to create virtual banks that provide comprehensive and safe service that improve customer’s financial management. Ascend Money is confident that the platform, which the company will create, would provide a service that is easy to access and address all demand.
The license will improve Ascend Money’s capability in assisting customers through the virtual bank. The company plans to use AI and data analytics to introduce a service that is easy to use, safe and accurately addresses issues. The main goal is to reduce inequality and improve financial growth. Ascend Money also plans to continue providing financial knowledge to people through innovation and company’s service.
