IFC and Thai Credit Partner to Help Small Businesses

International Finance Corporation (IFC) and Thai Credit Retail Bank have partnered to help small businesses in Thailand.

As a global development institution that is a member of the World Bank Group, IFC is providing Thai Credit a $105 million loan to support the country’s small- to medium-sized businesses (SMBs), the organizations said in a Wednesday (July 5) press release.

At least 50% of the proceeds from the loan are earmarked for SMBs owned or led by women, the release said.

“Our partnership with Thai Credit is part of IFC’s ongoing efforts to support inclusive growth particularly for [SMBs], which remain a key growth engine for Thailand’s economy despite being historically underserved,” Jane Yuan Xu, IFC’s country manager for Thailand and Myanmar, said in the release.

The funding will be used in part to help Thai Credit broaden its training on financing, networking and other non-financial services that are tailored toward women-owned or -led SMBs, according to the release.

IFC will also help the bank develop financial products for these businesses and create a Social Loan Framework that adheres to internationally recognized social loan principles, the release said.

“This collaboration is a testament of our shared commitment for greater financial inclusion and a testament of IFC’s confidence in Thai Credit’s social responsibility and business operations,” Thai Credit CEO Winyou Chaiyawan said in the release. “Our core principle — Everyone Matters — underpins everything we do for our customers.”

A report published by IFC in 2021 found that women could drive more than $280 billion to Southeast Asia’s eCommerce market between 2025 and 2030.

The report indicated that boosting the number of women selling online, and offering increased training and financial support, could lead to an increase in sales volume.

“eCommerce in Southeast Asia is thriving,” an IFC representative said at the time. “Since 2015, the market has tripled in size, and it is expected to triple again. In this research, IFC shows that this growth could be even higher if we invest in women entrepreneurs on eCommerce platforms.”

In another project, IFC said in January that it will invest up to $40 million in Egyptian FinTech MNT-Halam.

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