Mambu Partners with Good Money by GSB to Launch Digital Lending Platform in Thailand

Mambu, a provider of cloud banking technology, has collaborated with Money DD, a subsidiary of the Government Savings Bank (GSB) in Thailand, to support the development and launch of the “Good Money” digital lending application. The platform aims to offer accessible financial solutions to underserved citizens in Thailand, addressing the issue of high-interest informal lending.

The application, which went live in April 2024, is built using Mambu’s composable cloud-native banking platform. It also integrates Google Cloud’s infrastructure services to ensure scalability and performance. The partnership highlights Mambu’s commitment to expanding its footprint in the Asia Pacific region, while also supporting GSB’s efforts to improve financial inclusion in Thailand.

In its initial phase, the Good Money app processed 100,000 loans and attracted over 10,000 customers, managing approximately 200 million Thai baht. The goal is to expand the platform to 500,000 borrowers and increase loan volumes tenfold within the next four years. The initiative is part of an ongoing effort to shift away from outdated lending practices and provide a more transparent and responsible lending experience.

The digital platform offers personal loans and nano finance options, with interest rates starting at 19% annually. It incorporates advanced technology to assess borrowers’ repayment capacities and adjust loan terms based on their financial behavior. This system aims to make lending more responsible and tailored to the needs of individual borrowers and small businesses.

Supported by the Bank of Thailand, the Good Money platform combines technology and social commitment to create a more inclusive financial ecosystem for Thailand’s underserved communities. With the backing of Mambu’s cloud-native solutions and Google Cloud’s technological infrastructure, the project is expected to continue growing and evolving to meet the financial needs of the Thai population.