For over a century, the Government Savings Bank (GSB) has been a pillar of financial stability and social progress in Thailand. Founded on April 1, 1913, as a Savings Office by King Vajiravudh (Rama VI), the institution was designed to provide a secure place for Thais to safeguard their money while promoting financial literacy. In 1946, under King Bhumibol Adulyadej (Rama IX), it was officially renamed the Government Savings Bank, expanding its role to include issuing savings bonds, facilitating payments, and investing in economic growth. Today, GSB continues to evolve, balancing financial services with a strong commitment to social banking and sustainability.
The Social Bank Transformation
Since 2020, GSB has pioneered the concept of a social bank, focusing on reducing inequality and ensuring fair access to financial resources. As the first government-owned financial institution in Thailand to adopt corporate goals aimed at maximizing social and environmental impact, the bank has developed a 2022–2026 Enterprise Plan to guide its transformation.
GSB’s approach to sustainability is centered on four key pillars: maximizing positive impact by promoting savings and financial discipline, strengthening government policies to align with national economic and social goals, optimizing resources to ensure efficiency in banking operations, and prioritizing trust and transparency by upholding ethical banking standards.
Commitment to Sustainability and ESG
GSB actively incorporates Environmental, Social, and Governance (ESG) principles into its banking model. The bank supports a green economy through loans aligned with the Bio-Circular-Green Economy (BCG) Model, promotes financial literacy by educating students and underprivileged communities, integrates circular economy practices through eco-efficiency in banking operations, and engages in community development by supporting small businesses and grassroots entrepreneurs.
By aligning with global sustainability frameworks such as the United Nations Sustainable Development Goals and the UN Environment Programme Finance Initiative’s Principles of Responsible Banking, GSB ensures its operations contribute to long-term sustainability. The bank also integrates Governance, Risk, and Compliance (GRC) principles to manage financial risks while maintaining ethical and responsible banking practices.
Impact on the Thai Economy and Society
Between 2020 and 2022, GSB contributed 55.4 billion Thai Baht to more than 50 social projects, benefiting 16 million people. The bank’s initiatives include the GSB Job Creation Loan, which supports small businesses and local entrepreneurs, as well as School Banks and Digital School Banks, which instill financial literacy from an early age. Through the Yuwaphat Rakthin Project, GSB collaborates with universities to enhance local wisdom and community development. The Lunch for Students Project teaches farming skills to support school lunch programs, while the Holistic Area-Based Development Project improves education, healthcare, infrastructure, and job opportunities in rural communities.
A Future Focused on Social and Environmental Progress
GSB’s Commercial Mission for Social Mission ensures that its banking services not only drive economic growth but also promote financial inclusion. By embedding economic, environmental, and social impact considerations into its products and services, the bank continues to create a model that benefits both people and the planet.
With a vision rooted in trust, sustainability, and social responsibility, GSB remains a leading force in Thailand’s financial sector, setting a benchmark for purpose-driven banking in Southeast Asia.
