In recent years, private sectors worldwide have been urged to shift their policies towards data management to foster economic development, while also striving to achieve ESG (Environmental, Social, and Governance) goals, particularly in addressing environmental issues, in order to balance rapid growth with sustainability.
However, for countries facing challenges as they move towards 2050, one of the significant obstacles amongst many, is the complexity of human development. This complexity stems from various factors that play a crucial role in driving economic development forward.
Suphachai Chearavanont, the CEO of Charoen Pokphand Group (C.P. Group), Thailand’s largest corporate entity with 8 business lines spanning 14 groups, and the Chairman of UN Global Compact Network Thailand (UNGCNT), stated, “Human Capital 5.0 represents an emerging global Mega Trend, where AI and Data Management significantly impact human capability. Industry 5.0 envisions how individuals live and work in the context of digital-based development.”
The UN Global Compact Network Thailand (UNGCNT), in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific, and the UN Country Team Thailand, addresses three critical and emerging issues: climate change, biodiversity, and social development. One of Thailand’s challenges in combating climate change lies in its ability to adapt to changes and address inequality issues. Social development is, thus, highlighted as an essential aspect to transition and progress.
During the Covid-19 pandemic, Thailand saw a significant increase in netizens as people were exposed to digital transformation more than ever before. However, this digital transformation primarily benefitted the online commercial sector, leaving underprivileged groups unaware of their digital rights.
The Covid-19 crisis drove Charoen Pokphand Group to accelerate digital initiatives that assisted communities across Thailand. The aim was to improve digital awareness while providing support through financial and healthcare services.
In Southeast Asia, over 225 million people lack access to a financial account, and more than 350 million people do not have access to formal credit. The World Bank forecasts that financial transactions for low and middle-income countries worldwide in 2023 are expected to increase by 1.4% to $656 billion, based on employment rates of family members generating incomes from overseas and transferring them back home. Despite some concerns over technological developments, limited access to offline financial services during the pandemic has made it challenging for groups with less exposure to digital financial platforms to access funds.
Ascend Money, the operator of TrueMoney (both are C.P. Group subsidiary enterprises), has facilitated inclusive, effortless, and seamless financial services, including salary payments, bill payments, and small business financial operations. This initiative aims to increase inclusion and reduce entry barriers so anyone can access various financial tools to better their lives.
Some Southeast Asian countries’ outreach communities, in particular, face facility shortages, making it challenging to improve their quality of life. Ascend Money and TrueMoney have established TrueMoney centres through partnerships with local shop owners, convenience stores, pharmacies, cafes, and even street vendors in countries like Myanmar, Cambodia, Philippines, Indonesia, and others. These centres and agents provide service locations for various transactions, such as cash withdrawals, pre-paid credit top-ups, and utility bill and phone bill payments, and even facilitate local remittances and cash pickup from overseas remittances. Most TrueMoney agents in these countries are local entrepreneurs and shop owners who want to make ends meet. Besides gaining more income, they have played a vital part in offering more financial accessibility, ease, convenience and inclusion for people in the community.
To foster economic growth, Human Capital 5.0 is crucial for promoting digital inclusion among low-skilled and low-literate groups. Nano Credit is one of the solutions encouraging this reformation.
“Instead of relying on loan sharks or illegal lenders, C.P. Group has introduced small businesses and underbanked individuals to small-dollar capital loans, empowering rural communities. Through the TrueMoney app, individuals and small businesses can apply for loans of less than 10,000 baht (approximately $280) using only their national ID. This streamlined loan application process can address practical and emergency needs, including working capital for farming, labour for planting seasons, medical expenses, and more.”
C.P. Group’s commitment to technological development has grown since the beginning of the COVID-19 pandemic. In particular, healthcare provision in rural areas can be accessible using “MorDee”, C.P. Group’s application under True Digital Group’s all-in-one smart healthcare platform, which bridges online and offline health services for patients across Thailand. It offers remote consultations with over 500 doctors and specialists covering more than 20 specialties from Thailand’s leading institutions via online treatment advice or telemedicine, including an Emergency Response Platform (Smart Emergency Medical Services) provided by Siriraj Hospital, a leading healthcare institution in APAC renowned for medical innovations.
True’s partnerships with the NHSO (National Healthcare Security Office), Insurance Association, and others, including AIA, Allianz Ayudhya, CHUBB, Ocean Life, and Prudential Life Assurance, make it easier and more seamless to file claims and expedite reimbursements.
Equitable healthcare is the group’s inspiration to extend its technological development to other areas where inequality is evident. By adhering to Charoen Pokphand Group Co. Ltd.’ principles, the Group recognises the importance of addressing the growing inequality that has become a systemic risk for governments, societies, and businesses worldwide.