Elevating Lives with a Purpose
“As one of Thailand’s leading financial institutions, Krungthai Bank Public Company Limited sets a prime example for corporate citizenship.”
Krungthai Bank Public Company Limited, one of Thailand’s leading financial institutions, has been recognised for its commitment to sustainable community development. Guided by its mission to “Empower Better Life for All Thais,” Krungthai Bank leverages technology, financial services, and community initiatives to uplift local communities. The bank has transformed the lives of numerous Thai communities by focusing on economic growth, financial literacy, environmental conservation, and promoting volunteerism.
The cornerstone of Krungthai Bank’s community engagement is its Go Local, Grow Local initiative, which fosters sustainable growth and self-reliance within Thai communities. It empowers communities to address their unique challenges and improve their quality of life by promoting economic stability, environmental conservation, and social cohesion. Through a comprehensive framework that integrates career development, financial literacy, volunteerism, and environmental sustainability, the bank collaborates with community leaders, NGOs, and local agencies to identify each community’s distinct strengths and challenges, developing programs that address their specific needs.
A crucial aspect of the initiative is its focus on financial empowerment. By enhancing the financial literacy of community members, Krungthai Bank enables them to manage their finances more effectively, reduce debt, and achieve economic stability. This financial foundation supports broader economic development, empowering communities to become more self-sufficient and better equipped to sustain long-term growth.
Krungthai Bank recognises that sustainable development must also address environmental preservation. Its environmental sustainability efforts are evident in projects like the Krungthai Loves Environment Project, which focuses on natural heritage and biodiversity conservation. Through the program, Krungthai encourages eco-friendly practices and resource management, supporting communities as they adopt sustainable waste management and conservation practices. This initiative aligns with the bank’s dedication to preserving Thailand’s rich natural landscapes.
A notable success within the initiative is the Krungthai Loves Koh Tao project. Partnering with the United Nations Development Programme (UNDP), this project provides job opportunities for local fishermen, creates sustainable tourism models, and establishes environmental funds that are transparently managed to support ongoing conservation efforts. These measures empower Koh Tao’s community, helping them balance tourism’s economic benefits with the necessity of preserving the island’s ecosystem.
Volunteerism plays a pivotal role in Krungthai Bank’s community engagement. Employees at all levels are encouraged to contribute to community development, leading to over 1.1 million hours of volunteer service in 2023 alone. Volunteer activities span across social, financial, and environmental domains, enabling employees to engage in meaningful projects that reflect the bank’s mission and values. The VVe Vayu Volunteer initiative invites Krungthai employees and their families to take part in volunteering activities, such as, joining community members in cultivating vegetable plots and composting organic waste, promoting sustainable agricultural practices that advance food security.
Furthermore, the bank has initiated long-term educational programs focused on financial literacy for youth, empowering them to make sound financial decisions as they transition into adulthood. Through the Financial Literacy to Create a Sustainable Society program, Krungthai has worked with over 1,500 university students, providing workshops on savings, expense management, and emergency fund planning. These efforts aim to foster lifelong financial responsibility and create a financially resilient society.
Another key element of Krungthai’s approach is empowering communities through skills training. By equipping local entrepreneurs and artisans with skills in business management, product development, and marketing, the bank enables them to succeed independently. This holistic framework fosters a sense of ownership among community members, inspiring them to continue developing their communities after the bank’s involvement ends.
Krungthai Bank’s impact in Thai communities has laid a strong foundation for the future. As communities establish transparent financial systems, governance frameworks, and sustainable revenue streams, Krungthai gradually reduces its on-site support, ensuring each community is empowered and capable of self-sustaining its progress.
The ACES Award for Top Community Centric Companies in Asia honours Krungthai Bank’s significant contributions to societal well-being and environmental sustainability. By integrating economic empowerment, environmental stewardship, and social responsibility, Krungthai Bank has demonstrated a model of corporate citizenship that goes beyond mere financial assistance. This achievement underscores Krungthai Bank’s mission of Growing Together for Sustainability, marking it as a leader in community-centric business practices in Thailand and beyond.
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