Mr Piyasak Ukritnukun, Managing Director of Ngern Tid Lor Co., Ltd., extrapolates the brand’s concept: “To build fair and transparent financial opportunities for self-employed and people of low income. These dedicated products and services meet the customers’ needs by being simplistic, convenient and speedy.”
Ngern Tid Lor (NTL) recently snatched up to three of Asia’s top international awards:
- The Financial Insights Innovation Awards (FIIA) 2018* – Asia’s Leader in Financial Inclusion (Financial Services for the Unbankable Population) category.
*The event was held by IDC Financial Insights, a financial and banking consultation organization from Singapore.
- Retail Banker International (RBI) Trailblazer Asia Award 2018** – Winning ‘Best Initiative in Financial Inclusion’ category.
- Retail Banker International (RBI) Trailblazer Asia Award 2018 – Honorable mention in the ‘Excellence in Business Model Innovation’ category.
**The event was held by Retail Banker International (RBI), a leading magazine from Singapore.
NTL received the above three prizes because it successfully developed products and services to fulfill the needs of a unique customer base. For example, Ngern Tid Lor enables car owners who have no credit card or ability to pay high premiums to get car insurance policy through six installments with 0% interest. Unlike other insurance brokers, this policy takes effect immediately and fully covers the insured for any damages incurred during a road accident. NTL is the first insurance broker to sell this new type of product in Thailand.
NTL has been engineering and testing a range of such products, such as a nano-finance service, with the hopes of ending loan shark practices and generally up-grading the quality of life for low-income wage earners across Thailand. Such financial products and services have been warmly welcomed by many leading global institutions, so much so that NTL has been awarded ‘The Banker 2012’ from the UK and ‘IDC Financial Insights Innovation 2015’ from Singapore. These awards testify to NTL’s mission of providing fair and transparent financial opportunities to underbanked Thai society.