IFC Invests US$23.8M in Thai Credit Bank to Support Women-Led MSMEs

IFC Invests US$23.8M in Thai Credit Bank to Support Women-Led MSMEs

by February 15, 2024

The International Finance Corporation (IFC) has made a substantial equity investment of up to US$23.8 million (THB 844 million) in Thai Credit Bank Public Company Limited to boost small business financing in the country with a particular focus on women-owned or led firms.

The investment, a part of the Thai Credit Bank’s Initial Public Offering (IPO), marks IFC’s first foray into the Thai banking sector as a cornerstone investor.

Thai Credit Bank aims to leverage this investment to broaden its MSME portfolio. Additionally, the bank plans to innovate new products targeting this vital economic segment, with a keen emphasis on enterprises owned or led by women.

MSMEs are the backbone of Thailand’s economy, constituting 99.6 percent of all registered businesses, contributing to 86 percent of the nation’s employment, and accounting for 45 percent of its GDP.

Despite their economic significance, MSMEs encounter a substantial financing gap, which, as of 2021, stood at approximately US$41 billion.

The financing challenge is particularly pronounced for women-owned or led MSMEs (WMSMEs), hindered by barriers such as insufficient collateral and limited knowledge about loan application procedures.

The collaboration between IFC and Thai Credit Bank not only aims to address these financial barriers but also intends to offer tailored non-financial services, including training and networking opportunities for WMSMEs.

This initiative is part of IFC’s broader commitment to fostering financial inclusivity in Thailand, a commitment that saw a US$105 million loan extended to Thai Credit in July 2023 to support MSMEs, with a significant portion earmarked for WMSMEs.

Roy Agustinus Gunara

Roy Agustinus Gunara

“Given the underserved market conditions, we welcome IFC’s funding and expect it to support communities, enabling us to offer affordable formal financing to MSMEs, particularly WMSMEs, who have been historically overlooked.


IFC has been a great partner in promoting financial inclusion, differentiating Thai Credit from other market participants,”

said Roy Agustinus Gunara, Managing Director of Thai Credit.

Jane Yuan Xu

Jane Yuan Xu

“Dedicated financing for MSMEs, including WMSMEs, is critical for an inclusive and sustainable economy.


Accordingly, IFC’s participation as a cornerstone investor in the IPO will help foster investor confidence while empowering women, promoting SME growth, and catalyzing job creation,”

said Jane Yuan Xu, Country Manager for Thailand and Myanmar at IFC.



Featured image: (From left to right) Veeravet Chaiyawan, Assistant Managing Director Retail and Treasury Business Group, Thai Credit; Jane Yuan Xu, Country Manager for Thailand and Myanmar, IFC; Winyou Chaiyawan, CEO, Thai Credit; Roy Gunara, Managing Director, Thai Credit