A survey found that 30% of Thai households were unable to access financial services and more than half the population in ASEAN are still unbanked. However, that might be a thing of the past as WEALTHI and its team aims to effect change and empower these people with access to financial liquidity. Powered by Artificial Intelligence and Machine Learning, WEALTHI issues pico financing of 500 to 3,500 Baht to individuals for a maximum of 15 days through its proprietary mobile application. WEALTHI and its experienced team are excited to grow its customer base in Thailand and ensure loans are responsibly extended with low default rates. Sinwattana sat down with CEO of WEALTHI, Khun Tavatchai Engbunmeesakul to understand more.
What does WEALTHI’s vision and mission mean to you?
WEALTHI aims to serve the underbanked and unbankable people for a sustainable Thailand with the mission to drive financial inclusiveness, provide credit access to empower this group of people. WEALTHI strives to help Thailand achieve its Sustainable Development Goals of reducing poverty in the country. Our team at WEALTHI firmly believe that it is high time to reduce the income disparity in Thailand and WEALTHI has the power to empower the lower income group and help them gain financial stability in the future.
Why is the current environment a good time for WEALTHI to expand and grow?
With strong governmental support and increaasing deregulation of the pico financing industry, WEALTHI’s business model is poised at a great position to serve the market. Moreover, with WEALTHI’s technology to determine willingness and ability to pay, we will be able to lower our default rates while increasing the Loan Under Management in the coming years. WEALTHI believes that it has a role to play in the government’s objective to spur Thailand 4.0 and digitize the loan industry for people without financial credit access.
What are the top Three achievements WEALTHI has accomplished thus far?
Firstly, it is heartening to see WEALTHI being validated by many industry professionals as it has been WEALTHI’s honour to receive close to 10 awards from various competitions such as the SEC Fintech Challenge and the Thailand ICT Awards.
Secondly, our team is proud to achieve over 180,000 downloads, 45,000 friends on Line and more than 8,000 registered users. This contributed to a sizeable 40 Million Baht amount of loan disbursed and a Loan Under Management of more than 6 million Bahtand growing at an exponential rate. We are humbled by the results and our team is determined to increase our customer base and work hard to allow more people to gain access to this financial channel.
Lastly, we have formed partnerships with multiple reputable partners such as Dhipaya Insurance, Jasmine City Group and Feels Telecom to facilitate our expansion into Rayong and also to explore additional revenue streams. Such partnerships reinforces our plan to expand as our partners are very supportive in our endeavour to gain momentum and be part of WEALTHI’s success story in the Alternative Financing scene.
Why Sinwattana Equity Crowdfunding?
Sinwattana Equity Crowdfunding platform offers a speedy yet reliable solution to the common fundraising problems SMEs face. With Sinwattana, the daunting task of fundraising is less challenging as we have a partner to support us in numerous ways. The publicity and outreach we’ve gained were incredible as Sinwattana actively promotes WEALTHI and the campaign tirelessly across multiple channels, be it offline or online. Furthermore, Sinwattana’s principles to support SDGs aligns with our vision to help reduce poverty makes the two companies a natural pair.
What is your favourite post work activity with the WEALTHI team?
Many of our team members are good at playing music. Although we work tirelessly, we always managed to find the time to enjoy playing together in a band during our jam session.
Sinwattana is currently raising fund of 18 Million Baht for WEALTHI on our platform and we have already received 4 Million Baht of Committed/Reserved funds raised from investors within a week of launching the fundraising campaign. The campaign was raised on the 24thof February and continues to receive strong interests from investors. To avoid any disappointment, do commit your investments early and be part of WEALTHI’s journey before the campaign closes. Speak with our investments team at 02-2333723 or email us at email@example.com to find out more.
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About Sinwattana: Sinwattana is Thailand’s Securities Exchange Commission (SEC) approved equity crowdfunding platform for local/international retail and accredited investors. Managed by a team of seasoned investment professionals and led by serial entrepreneur, Hong Sin, Kwek, Sinwattana filters and curates companies for investors to invest. Sinwattana provides support to its portfolio companies by creating growth opportunities through its network of strategic partnerships. Sinwattana’s goal is to revolutionize the business economy by evolving the sources of funding, organised around the belief that “Never Let Funding Be Your Showstopper”, empowering the next generation of businesses and investors. For more information, go to https://equity.sinwattana.com/.