Thailand, located in the centre of Southeast Asia, is renowned for its vibrant and changing economy, breathtaking scenery, and rich cultural legacy. The nation has come a long way in adopting sustainability in recent years, with the financial sector spearheading the movement. The banking sector of the nation shapes the economic landscape. With prominent players in the industry who not only cater to the domestic market but also contribute significantly to the country’s international trade and finance.
Established in 1913, the Government Savings Bank (GSB) of Thailand, the oldest in the country, has made significant strides in the banking industry for more than a century. Catering to the financial needs of the Thai people for the past 110 years, GSB works closely with both public and private sector businesses. They started with the admirable goal of providing financial services that were affordable to all societal classes. It has remained faithful to this promise over time, providing a broad range of financial services suited to the various demands of the Thai populace. From straightforward savings accounts to cutting-edge investing options, GSB has consistently changed to stay up with the ever-evolving financial scene. Acknowledging their hardcore efforts World Business Outlook honoured GSB as the Best Savings Bank of Thailand 2023.
Banking for a better tomorrow
Beyond financial services, GSB has also been at the forefront of promoting sustainable banking practices. Recognising the importance of environmental conservation and social responsibility, the bank has implemented eco-friendly initiatives and supported community development projects. The bank recently announced its intention to stop lending to fossil fuel power generation companies. This step comes in line with the bank’s efforts to cut down the indirect carbon emissions of around 1.68 million by 2050. According to recent reports, within the next three years, GSB plans to replace all of its oil-powered vehicles in Bangkok with EVs. This approach will not only help mitigate environmental damage but will also encourage businesses to adopt eco-friendly strategies. In another milestone achievement, GSB and UNDP announced a collaboration to attain sustainable development goals by tackling the waste management system in Thailand. By championing green banking and corporate social responsibility, GSB has set a benchmark for other financial institutions, highlighting the importance of giving back to society and preserving the planet for future generations.
Saluting the wholehearted dedication put forward by GSB, World Business Outlook again lauded the Government Savings Bank of Thailand and awarded them with Most Sustainable Bank of Thailand 2023 and Most Socially Responsible Bank of Thailand 2023. With an eye towards the future, GSB will keep upgrading itself, embracing new technologies, and promoting a financial literacy culture that will strengthen people’s lives and communities throughout the nation. The Government Savings Bank  has a legacy, which is not just about financial transactions; it’s about transforming lives, fostering dreams, and building a brighter future for Thailand and its people.
