TQM sets 300 million baht target for new lending business
Easy Lending will be launched this year
Unchalin Punnipa, president and chairman of TQM.
TQM Corporation, the only SET-listed insurance broker, is preparing to enter the personal lending industry in the fourth quarter with a new subsidiary, Easy Lending, aiming to issue loans worth 300 million baht this year .
The company expects the total value of loans issued to reach 1.5 billion baht next year, according to Unchalin Punnipa, chairman and chairman of TQM.
He said the Bank of Thailand recently approved a personal loan business license for Easy Lending, and it will open for service in the fourth quarter.
In the first phase, the service will target TQM customers, including owners of auto insurance policies and other insurance products. The company will issue loans that allow insurance customers to pay their premiums in installments and reduce the costs and fees associated with credit card payments.
“We believe this new venture will bring sustainable income to TQM over the long term,” said Mr. Unchalin.
He said the new service would help ease the burden on those heavily affected by the pandemic and responsible for huge expenses. This will help customers to only use credit cards in times of crisis.
Somporn Ampaisutthipong, general manager of Easy Lending, said the new business unit is expected to generate a profit of around 20 million baht for TQM this year.
Somporn Ampaisutthipong, CEO of Easy Lending.
Ms. Somporn said Easy Lending will begin offering credit to customers with good financial profiles and allow them to increase their cash flow without relying on credit cards. They will have the option of paying for up to 10 months in installments. Credit will initially be limited to less than 50,000 baht per person.
âWe aim to increase our income by over 100 million baht per year through the personal loan business. This will give TQM opportunities for growth and generate more income in the long term,â Ms. Somporn said.
TQM has a national customer base of over 3 million people with total received bonuses worth over 17.5 billion baht since the start of the year, an increase of 14.84% over the previous year. ‘last year.
The company aims to reach 25 billion baht in total premiums this year, a 60% increase over the same period last year, of which around 10 billion baht is expected to be generated from mergers and acquisitions and investments by the company in foreign companies. .