Mambu and Good Money launch digital lending app in Thailand

By Gloria Methri

Mambu has entered a partnership with Money DD, a subsidiary of the Government Savings Bank (GSB) of Thailand. The partnership has supported the launch of the “Good Money” app, offering new opportunities for underserved Thai citizens.

The app has been launched and live since April 2024, and is built on Mambu’s cloud banking platform, which powers its innovative, responsible lending solutions. As one of Thailand’s largest financial institutions, GSB serves a third of the Thai population and is advancing its social commitment with this transformative new venture.

Good Money addresses the pressing issue of high-interest informal lending by providing accessible, fair loans for underserved Thai citizens. This reduces their reliance on high-interest informal lending. The app leveraged Mambu’s composable cloud-native lending engine to go live within eight months. It is underpinned by Google Cloud’s integrated platform services, which include workload-optimised infrastructure, database management, container orchestration, hybrid networking, and network security to ensure scalability, resilience, high performance, and low latency.

During the pilot phase of the project launch, the app had already processed 100,000 loans while supporting the acquisition of over 10,000 clients and the management of 200 million Thai baht (5,586,910 EUR).

“Our partnership with Good Money (Money DD) is an important milestone in our growth journey in the Asia Pacific region and has seen some of our strongest pilot results yet. The work the organisation is doing to ensure fair financial support for underserved citizens in Thailand resonates well with Mambu’s values and mission, and we look forward to continuing to collaborate with Good Money (Money DD) in the future,” said Mark Geneste, Chief Revenue Officer, Mambu.

The new application leverages advanced technologies for assessing repayment capacity and adjusting interest rates based on borrowers’ financial behaviour. This dynamic approach ensures a more responsible, transparent lending experience for both banks and citizens. Good Money (Money DD) offers Personal Loans and Nano Finance options, with interest rates starting at 19% annually, catering to both personal and small business needs.

Sirinun Jiradilok, Managing Director of Money DD, said, “Mambu’s flexible cloud-native solution, underpinned by Google Cloud’s serverless architecture, has been instrumental in realising the vision of Good Money (Money DD) and helping us go to market with our new proposition in just a few months. Thanks to Mambu’s ability to deliver scalable, customer-centric financial services, we are truly setting a new standard in the development of financial tools, delivering an accessible and comprehensive digital lending experience and helping to create a more equitable financial ecosystem for Thailand’s underserved communities.”