Government Savings Bank, “Sustainable Banking”

Driving the mission as “Social Bank” is in accordance with the Bank of Thailand’s (BOT) sustainability practices in the Thai financial sector, which aims for financial institutions to operate under the principles of “Sustainable Banking” as a capital provider to drive the economy and in accordance with the “Principles for Responsible Banking” of United Nations Environment Programme Finance Initiative (UNEP FI) that GSB has signed in principle since December 2020 to upgrade GSB’s operations for society, environment and good governance based on international standards.

GSB places importance on business concepts for long-term sustainability. The environmental, social and governance issues (Environmental, Social, Governance: ESG) are taken into account in formulating policies, strategies, resource allocation to develop financial products and services with responsibility. This includes risk management and the impact of bank lending and investment. Optimization of resource utilization to promote innovation development helps build competitiveness and new income opportunities. The risk of environmental impact is reduced and the cooperation is created to achieve the same goal, which is the strength and sustainability of the organization, environment and society, aiming for a better future. The future generations are ensured to live in a better world with a chance to have better life and have sustainable and prosperous future.

GSB drives implementation of concrete ESG frameworks through:

Give priority to credit support to business groups by developing ESG Scores to assess responsible business operations in the dimensions of the environment, society and governance. It will begin to be used in considering large corporate loans by 2023.

There are credit products to support entrepreneurs according to the BCG guidelines with loans based on the new economic BCG Model (Bio-Circular-Green Economy) to support businesses with the BCG economic model for industrial customers, including agriculture and food industries, energy and materials industry, health and medical industry, tourism and service industry.

The investment in debt securities can support organizations and businesses that create positive impacts on the economy, society, environment and good governance, whether it is Social Bond, Green Bond and Sustainability Bond continuously.

The Eco-Efficiency evaluation focuses on adding value and reducing the impact on the environment in GSB’s business operations in parallel with setting climate change targets. The Climate Related Risk Assessment can reduce greenhouse gas emissions and is in the process of setting a goal to become a Net Zero Emission organization.

For the year 2023, GSB has a plan to raise the level of positive social impact through 3 dimensions of operations, namely:

Create fair access to funding sources through the land loan service “Mee Thee Mee Ngern” and digital lending services, both through the MyMo application and through non-bank services that will be launched for the first time in 2023.
Develop potential to be strong and sustainable through the creation of entrepreneurs build a strong community and creating stability in retirement for the people and
The Social Mission Integration is in terms of development of product, operational Process, and various special projects. It helps create benefits for people and society at a deeper and wider level (Social Impact at Scale) and in line with the Sustainable Development Goals according to the SDGs.