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Ngern Tid Lor PCL is IFC’s First Investment in a Non-Banking Financial Institution in Thailand to Support Micro, Small and Medium Enterprises

Bangkok, Thailand – WEBWIRE
Apicha Chumchan, is the owner of small cooking gas shop. The loan fulfilled his dream to open a small business after being a worker for many years.
Apicha Chumchan, is the owner of small cooking gas shop. The loan fulfilled his dream to open a small business after being a worker for many years.

Small businesses will have improved access to finance with IFC’s first investment in a non-banking financial institution (NBFI) in Thailand, Ngern Tid Lor Public Company Limited (TIDLOR). The latest investment from IFC aims to support a resilient recovery by promoting business growth, creating jobs, and fostering financial inclusion.

IFC’s financing package of up to $100 million (about 3,000 million Thai baht) loan will allow TIDLOR to increase its lending to micro, small, and medium enterprises (MSMEs in the country. IFC will also mobilize international investors to help TIDLOR access diversified funding and support the company to improve its credit risk management framework. 

MSMEs represent 86 percent of Thailand’s labor force and account for 45 percent of the nation’s gross domestic product (GDP). Yet, even before COVID-19, MSMEs in Thailand had an estimated financing gap of $41 billion, accounting for 10.3 percent of the country’s GDP. With the pandemic, they face several challenges including order cancellation, reduced sales, disrupted supply chains, and shortage of working capital. Also, MSME lending by banks has been tighter due to higher non-performing loan (NPL) ratios.

“In the face of an ongoing crisis, IFC’s investment will allow TIDLOR—an affiliate of Bank of Ayudhya Public Company Limited (BAY)—to strengthen our balance sheet as we execute on our strategy to promote financial inclusion with a digital- and data-driven approach, ” said Piyasak Ukritnukun, Managing Director of Ngern Tid Lor Public Company Limited. 

NBFIs that are focused on lending remain small in scale, accounting for less than five percent of the total assets of Thailand’s financial system. This is primarily because NBFIs do not accept deposits, lack diversified funding sources, and target informal workers, individual entrepreneurs, and MSMEs that have no fixed asset collateral and are perceived as high risk. 

“In line with IFC’s strategic priorities in Thailand, IFC’s investment will help increase accessible, convenient, and affordable financial services for MSMEs, which is critical to promote employment and sustainable development,” said Jane Yuan Xu, IFC Country Manager for Thailand and Myanmar. “IFC’s support will also inspire confidence among potential international investors while having a catalytic effect on competitors, accelerating economic recovery in Thailand,” Xu added.

IFC combines investment and advisory to foster sustainable economic growth in Thailand’s private sector. As of June 2021, IFC’s committed portfolio in Thailand is $875 million. 

About IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit

Ngern Tid Lor Public Company Limited (“TIDLOR”), the owner of the top-of-mind Ngern Tid Lor brand, is the leader in providing vehicle title loans to the under-banked customer segment and the largest branch-based non-life insurance broker in Thailand. With over 1,200 branches nationwide, TIDLOR serves as an accessible, fair, transparent and responsible source of financing to the under-banked Thai population, offering them better choices in times of financial difficulty. All TIDLOR’s operations are guided by the principle “In everything we do, we strive to empower people and enrich lives. We believe that access to fair, transparent, and responsible financial services is everyone’s right.” This is reflected through its range of products and services that create opportunities for its customers who often lacks access to formal financing. For more information, visit

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