November 22, 2024 – The seminar “Grameen Thailand: Co-Creating Thai Grassroots Financial Empowerment” was held at the Foreign Correspondents’ Club of Thailand (FCCT), organized in collaboration with Yunus Thailand Foundation, Grameen Trust, the Australian Government’s Department of Foreign Affairs and Trade, and The Asia Foundation. The event brought together over 70 participants, including representatives from government, private sectors, the Australian Embassy, and both local and international media.

The seminar featured Ms. Katie Francis, Economic Advisor to the Australian Embassy in Thailand, who highlighted the significance of Grameen Thailand's launch. Emphasizing its potential to empower women financially and address systemic barriers to their participation in the labor market, including wage inequality and insufficient childcare services.

Ms.Sunee Srisangatrakullert, Deputy Permanent Secretary of the Ministry of Social Development and Human Security, expressed her congratulations on the establishment of Grameen Thailand. She underscored the shared vision between the Ministry and Grameen Thailand in fostering social innovation to improve quality of life and reduce societal inequality.

Mr. Sanon Wangsrangboon, Deputy Governor of Bangkok, welcomed the partnership between the Bangkok Metropolitan Administration (BMA) and Grameen Thailand in supporting vulnerable groups and breaking cycles of poverty, particularly in districts such as Bangkok Noi, Bang Sue, and Bang Phlat. He noted that this project aligns with the city's goals of aiding economically at-risk communities.

The seminar featured a special video presentation titled “International Grameen Bank Replication: Words from Pioneers” by Professor Muhammad Yunus, Nobel Peace Prize laureate and founder of Grameen Bank; Ms. Taslima Rahman, Director of Grameen Trust; and Mr. Abu Karam, Director of Grameen Kosovo. The video highlighted the successful outcomes of scaling the Grameen model globally, mentioning achievements in 44 countries and its impact on over 130 million poor households. It also included shared insights from studies conducted in Thailand.

In the keynote speech, “Expanding the Global Impact of Grameen Bank to Grameen Thailand,” Callum Mckenzie, Co-founder and Managing Director of Yunus Thailand, recounted the journey of Grameen Bank since its inception in 1973 with an initial loan of $27 to 42 women in Bangladesh. Now a global entity with $33 billion in lending, he expressed confidence that the Grameen model would bring sustainable change to Thailand.

Ms. Kotchakorn Khwamchareon, Project Manager of Grameen Thailand, shared insights on the Grameen model and its methodologies for success. She outlined the initiative’s operational plans, which include: establishing the first branch by 2025; achieving financial sustainability for two Bangkok branches within five years; expanding branch networks through blended financing by the third year; and disbursing cumulative loans totaling 509 million baht to support 8,600 micro-entrepreneurs, ultimately benefiting over 32,800 individuals from low-income communities.

The panel discussion, “Financial Access for Vulnerable Groups in Thailand: Challenges and Opportunities,” moderated by Mr. Paricha Duangtaveesub, Director of Venture at Yunus Thailand, featured Dr. Sommarat Chantarat, Executive Director of the Puey Ungphakorn Institute for Economic Research, and Ms. Siriporn Promwong, founder of the Klong Toey Dee Jung initiative and the Music Sharing Project.

The discussion shed light on several significant challenges. Limited access to credit remains a major issue, with only 60% of households able to utilize formal banking systems. Borrowing costs are prohibitively high, particularly for small entrepreneurs who often rely on personal loans. Additionally, many individuals face overwhelming debt burdens and intergenerational poverty, a situation exacerbated by insufficient education, limited financial literacy, and inadequate social welfare systems.

The panel proposed solutions such as developing community-based financial models, like the Grameen model, and designing financial products tailored to the unique needs of vulnerable groups to create inclusive and sustainable financial opportunities.

The seminar concluded with closing remarks by Mr. Thomas Parks, Vice President of Strategic Partnerships at The Asia Foundation. He emphasized the transformative potential of microfinance in driving economic growth in Thailand, particularly through Grameen Thailand. He called for long-term collaboration and investment to enhance financial inclusion and empower vulnerable groups economically.

Yunus Thailand expressed gratitude for all participation and wished that this seminar would mark a significant step for driving sustainable and inclusive grassroots financial systems in Thailand.