Synpitarn Pico Finance
Revolutionize The Financial Services For Burmese Migrant Workers In Thailand. Synpitarn is a Thai-based Pico Finance Company, licensed by the Thai Ministry of Finance.
Purpose:
Synpitarn aims to provide loan services to Burmese migrant workers in selected Thai provinces, addressing the lack of accessible financial solutions. Traditional institutions are often unavailable or slow, making it difficult for migrants to get timely support. Synpitarn’s project focuses on offering microloans efficiently by leveraging technology and data to meet these urgent needs.
Solution:
The system consists of a customer-facing web app for both prospective and existing loan clients, and a back-office platform for loan officers. The front-end is designed to be user-friendly, allowing customers to complete loan applications online in under three minutes from anywhere, eliminating long waits at traditional institutions. After submission, loan officers contact applicants for follow-up interviews, verify submitted documents, and manage approvals or rejections. The back-end is integrated with the Thai cloud-based software Genius, ensuring compliance, accurate loan calculations, and streamlined reporting for management.
Impact:
This innovative approach could help Burmese migrant workers, enabling them to overcome their financial difficulties and making the loan process easier for loan officers.
Increased Financial Inclusion: The website aims to bring migrant workers, who often have limited access to traditional banking services, into the formal financial system. There are great increase in the number of migrant workers who have accessed financial services through the platform.
Access to Credit: Track the number of approved loan applications and the total loan amount disbursed through the platform. This has positively impacted the lives of migrant workers who previously struggled to obtain credit.
Reduction in Loan Sharks: The website has reduced reliance on loan sharks or predatory lending, which often plagues vulnerable populations like migrant workers.
Reduced Barriers: Has removed language and cultural barriers, making it easier for migrant workers to navigate and access financial services.
This project emphasizes performance and elegance, ensuring a smooth shopping experience that drives conversion rates.
