Thailand Post plans to leverage its strong network and the expertise of its delivery staff, who have access to underserved and unserved communities across the country, to support its consortium in securing a virtual bank licence.
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With Thailand Post's network of 57,000 locations and 25,000 delivery staff nationwide, these resources should enhance the consortium's capabilities in applying for the virtual bank licence, said Waraporn Kongkiewphan, chief corporate strategy officer at the company.
Thailand Post is a member of the Shopee-led consortium applying for a virtual bank licence from the Bank of Thailand. The Shopee consortium is headed by Sea Ltd, the parent company of Shopee, and includes Bangkok Bank, VGI (the advertising and financial services arm of BTS Group), and Saha Group.
Thanks to the capability and expertise of its delivery staff, Thailand Post can access remote and underserved areas across the country. The company's customer relationship management system ensures that its delivery staff are familiar with the recipients they serve, said Ms Waraporn.
"With the expertise of our delivery staff, we can ensure deliveries reach the correct recipients, even if the sender has written the wrong address," she said.
Financial Services
"Thailand Post has access to all areas and customers nationwide, including unserved and underserved segments, allowing us to assist our financial institution partners in reaching these segments," said Ms Waraporn.
"Access to unserved and underserved Thais is a key criterion for the virtual bank licences, aligning with the Bank of Thailand's objective of promoting financial inclusion."
She said Thailand Post continues to train its delivery staff in financial services, responding to the needs of both customers and financial partners.
This development aligns with Thailand Post's broader business strategy, which extends beyond logistics.
Online merchants represent a key customer segment for Thailand Post, many of whom require funding to support business growth.
However, these merchants often face difficulties accessing loans from traditional banks due to a lack of financial statements.
Thailand Post wants to bridge this gap by supporting its consortium in virtual banking, said Ms Waraporn.
Thailand Post collaborates with various financial partners, including banks, non-banks, e-wallet operators and asset management companies, offering transactions, loans, insurance, verification, and identification of non-performing assets.
She said financial services contribute around 10% of Thailand Post's total revenue, with this share on the rise.
No Debt Collection
While offering a range of financial services, Thailand Post has no plans to offer debt collection services, either for its partners or under its virtual bank model, said Ms Waraporn.
"We want to maintain the positive image of our delivery staff, who are known for being friendly and familiar faces to Thais," she said.
"Thailand Post has no plans to expand into debt collection."
The competition for virtual bank licences is intense, with several potential applicants, said Ms Waraporn.
Thailand Post and its consortium are awaiting the announcement of the winners by the central bank, which is expected in the middle of this year.
In the initial stage, the regulator plans to grant three virtual bank licences to five competing consortiums.
In addition to the Shopee consortium, other consortiums vying for licences include the Gulf group (Gulf Energy Development, PTT Group and Krungthai Bank); the SCB X group (the holding company of Siam Commercial Bank, KakaoBank, South Korea's largest digital bank, and WeBank, a global digital bank renowned for its advanced technology); and the Ascend Money consortium, a financial technology firm backed by the Charoen Pokphand Group.
A consortium comprising Lighthub Asset and WeLab also submitted an application for a licence.