Bangkok: The government is taking significant steps to bolster small and medium-sized enterprises (SMEs) by enhancing credit guarantees through a strategic partnership between the Bank of Thailand and a South Korean credit company. According to Thai News Agency, Mr. Karom Polpornklang, Deputy Government Spokesperson, announced the signing of a Memorandum of Understanding (MOU) between the Small Industry Credit Guarantee Corporation (TCG) and the Korea Credit Guarantee Fund (KODIT). This collaboration aims to advance SME credit guarantees in Thailand, enabling small businesses to improve their operations and scale up to larger industries. The partnership focuses on strengthening the credit guarantee mechanism and upgrading risk management and the credit scoring model to provide better financial support for SMEs. Mr. Karom highlighted that the MOU's objective is to expand the SME Bank's credit guarantees towards establishing the 'National Credit Guarantee Agency' (NaCGA). This initiative represents an expansi on of credit guarantees in the form of direct guarantees, allowing the SME Bank to extend its support to a broader range of SMEs. The move aligns with the government's policy to promote the growth and international expansion of Thai SMEs.
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