Disrupting Thailand's Financial Landscape: How Abacus Digital's "MoneyThunder" App is Bridging the Gap for the Underbanked

*This article is based on BT Beartai's YouTube channel interview with Dr. Sutapa Amornvivat, CEO of Abacus Digital.

Dr. Sutapa Amornvivat and her leadership team were recently interviewed by K. Nui (Pongsuk Hiranprueck) on BT Beartai's YouTube channel, a leading tech media platform in Thailand with 1.39 million subscribers. 

It was a lively discussion where K. Nui asked the founding team from Abacus Digital a range of questions including Abacus Digital's mission, their MoneyThunder app, financial inclusion efforts in Thailand, use of technology including NLP and alternative data sources, and Dr. Sutapa's leadership philosophy. Dr. Sutapa highlighted the challenges within Thailand's financial systems and explained how Abacus Digital contributes to promoting financial inclusion in the country.

Dr. Sutapa highlighted that 42% of Thai households depend on unregulated funding sources. While it is quick and simple for one to open a savings account, obtaining loans remains excruciatingly difficult. To address this, Abacus Digital developed the "MoneyThunder" app, which uses AI-powered credit analysis to provide financial solutions for the underbanked. 

The app analyzes users' credit behavior, enabling fast and effective loan disbursement without the need for in-person visits. It leverages advanced data to enhance fraud detection and operational efficiency, with 80% of users receiving loan approval within two minutes. Dr. Sutapa pointed out that many underbanked individuals turn to loan sharks, who charge exorbitant interest rates of up to 240% Annual Percentage Rate (APR), compared to the 33% maximum APR charged by regulated lenders. The app is designed to be inclusive, offering a smooth user experience, even for those with basic smartphones.

Right from the start, Dr. Sutapa was adamant about having a proprietary technology platform, as  she is cognizant of the need to customize and localize the solution to cater to the Thai market. She acknowledged the financial backing from venture capital firms such as Vertex Ventures Southeast Asia and India.

Dr. Natth, Co-founder and Chief Data & AI Officer, discussed the company’s use of Natural Language Processing (NLP) to handle customer queries in various languages and accents. Their technology can handle more than 95% of customer queries - which helps improve customer service.   

Dr. Saran, Co-founder and Chief Data Scientist, highlighted Abacus Digital’s innovative use of nine alternative data sources to train underwriting models and improve credit scoring. The company also provides feedback to customers denied loans, helping them improve their financial health for future applications.

Dr. Sutapa wrapped up the interview by sharing  her leadership philosophy, which focuses on empowering employees and promoting a bottom-up decision-making process. She fosters a culture of open dialogue and inclusivity, ensuring that even entry-level employees have a voice in driving innovation. 

Employee-driven initiatives such as the Coffee Club, which encourages team bonding, and collaborations with the Blind People’s Association for massage services, further cultivate a strong sense of community within the company. Abacus Digital also celebrates employee contributions through internal awards such as "Think Bold," "Make Impact," and "Build Trust," inspiring junior staff to share their ideas and step into leadership roles.

Vertex Ventures Southeast Asia and India is honored to support Dr. Sutapa and her team at Abacus Digital in their mission to improve financial inclusion in Thailand. For anyone who understands Thai, here is a link to the interview.

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