SAM and NCB sign MOU to drive the “Pay Off Debt Quickly, Move Forward” project, aiming to improve the resolution of non-performing loans for retail borrowers, linking credit information to unlock good credit history and reintegrate them into the financial system.
Sukhumvit Asset Management Company Limited (SAM) and the National Credit Bureau Company Limited (NCB) have signed a Memorandum of Understanding (MOU) under the project to resolve non-performing loans through a retail debt purchase mechanism, or the “Pay Off Debt Quickly, Move Forward” project. This initiative aims to systematically address household debt problems in the country and aligns with government and Bank of Thailand (BOT) policies to strengthen the long-term stability of complete, accurate, and up-to-date information, improving the efficiency of the debt resolution process. Furthermore, it will provide opportunities for retail borrowers with low levels of non-performing loans (NPLs) to improve their payment history, resume debt repayments, and escape NPL status. This will increase their access to new funding sources, revitalize their financial lives, and allow them to recover and move forward. Ultimately, it contributes to the financial recovery of households while mitigating the impact and risks to the financial system, thus supporting the long-term stability and growth of the Thai economy
Ms. Nartnaree Rattapat, Managing Director of Sukhumvit Asset Management Co., Ltd. (SAM), stated that this collaboration reflects SAM’s role as a social asset management company (Social AMC). SAM has been assigned as a central mechanism for the government to drive the “Pay Off Debt Quickly, Move Forward” project, aiming to systematically resolve structural debt problems within the framework of the Bank of Thailand’s (BOT) policy. This policy focuses on maintaining financial system stability while providing opportunities and assistance to retail borrowers in a fair and transparent manner.
SAM will collect and send debtor data participating in the program, only in cases where debt restructuring has been completed and the debtor’s consent has been obtained, to NCB on a monthly basis through a secure system. SAM and NCB will act as independent data controllers and strictly adhere to the Personal Data Protection Act (PDPA) to ensure data security for debtors throughout the process.
Dr. Laksamon Atthapich, Managing Director of the National Credit Bureau Co., Ltd. (NCB), stated, “NCB is very pleased to collaborate with SAM under the “Pay Off Debt Quickly, Move Forward” project, a crucial mechanism for systematically resolving household debt problems. This collaboration reflects NCB’s role as the country’s credit information infrastructure, contributing to the support of government projects. Debtor data from SAM will be invaluable to credit reports, helping debtors who are diligent and have improved repayment histories to regain their financial stability, opening a ‘gateway to opportunity’ for future loan applications and supporting the long-term stability of the Thai financial system.”
About SAM:
Sukhumvit Asset Management Co., Ltd. (SAM) is a state-owned asset management company under the supervision of the Bank of Thailand (BOT). It plays a role in managing non-performing assets based on good governance principles to drive the financial system towards prosperous and sustainable growth.
Vision: To be a state-owned asset management company that plays a role in supporting the sustainable recovery of the public and businesses.
About the National Credit Bureau Company Limited (NCB):
The National Credit Bureau Company Limited is an integral part of the financial infrastructure and a key factor in the stability of the financial system. It collects, compiles, and processes credit information of financial institution clients only, as provided by member financial institutions or companies. The company has no involvement in, nor does it have the authority to approve or participate in loan decisions. The company has developed its credit information processing and reporting systems and continuously improves the quality of its data to ensure accuracy, completeness, speed, and timeliness. It also enhances its information security capabilities. The company adheres to the principles of data confidentiality and strongly considers the protection of the rights of consumers who are the owners of the data. The company is a key organization in providing high-quality credit information services to financial institutions and promotes financial health among the public to enhance the stability of the country’s economic system.
Source: ncb.co.th
