Sustainable Development in Economic Dimension

Sustainable Development in Economic Dimension

Resources from all sectors of the business for sustainable benefits of society

Mr. Kiat Wattanavekin, founder of Kiatnakin Bank, has laid the foundation for the Bank's social responsibility as follows:

social responsibility qoute

Stakeholder Engagement

Regulatory agencies The Bank of Thailand required the Bank to adopt the market conduct policy to manage customer services fairly and the Office of the Securities and Exchange Commission required the Bank to improve the quality of mutual fund sales such as call back service, creating a mutual fund sale check list, and conducting a mystery shopping survey.  

Shareholders The Bank has operated its business in accordance with the resolutions of the 2018 Annual General Meeting of Shareholders and complied with the principles of corporate governance.

Customers Set the loan interest for taxi drivers at a lower rate than the loan market, offer special conditions, and organize auto auction.

Business partners Collaborated with Generali (Thailand) to develop products that suit the needs of different customer groups.

Employees Offer a flexible healthcare benefit and club activities to strengthen the relationship between employees and the organization and the bond between employees.

Communities and society Promote financial understanding and discipline.

Corporate Governance

Improving the Kiatnakin Principles of Corporate Governance 2018 in five categories including:

Category 1: Rights of Shareholders

Category 2: Equitable Treatment of Shareholders

Category 3: Roles of Stakeholders

Category 4: Disclosure and Transparency

Category 5: Responsibilities of the Board


Promoting Internal Control and Internal Audit Systems

Overall, the Financial Group has an adequate internal control system that conforms to the COSO framework set by the Securities and Exchange Commission of Thailand.

Whistleblowing or Complaint Reporting

The Bank has set up channels for reporting information or complaints and placed importance on keeping the information of whistleblowers, complaints, and evidence confidential.

Code of Business Conduct and Anti-Corruption

The Bank has reviewed and improved the Banking Industry Code of Conduct, which has applied to all units in the Financial Group from 15 September 2017 onwards.

  • Create corporate culture and comply with the code of business conduct.
  • Policy and measures against fraud and corruption.
  • Join a network against fraud and corruption.
  • Join the cooperation project on electronic data interchange for inspecting financial transactions by PACC.
  • Confidentiality policy and measures.
  • Market conduct policy.
  • Policy and measures on the environment, health, and safety.
  • Monitoring and compliance with the code of business conduct.

Risk Management

Enterprise Risk Management (ERM)

New product launches and process changes must comply with the rules and be approved by the New Product and Work Process Subcommittee before implementation.

Capital Adequacy Management

The Bank has established the capital adequacy management policy in line with other standards and policies such as the risk management policy and ICAAP policy to ensure compliance with the Capital Guidance (Pillar 2) set by the Bank of Thailand, taking into consideration:   

  • capital held for risk
  • capital held for business expansion

Promoting Risk Management Culture across the Organization

Crisis Management

In 2018, the Bank reviewed its business continuity management guidelines and required a proper business continuity management process to be put in place, covering the following steps:

  • disaster assessment
  • business impact analysis
  • business continuity management strategy
  • training and communicating with employees and related parties
  • test the business continuity plan at least once a year
  • test the emergency communication system

Customer Relationship Management

Customer Satisfaction Assessment 2018

  • Used and new car dealers’ satisfaction assessment
  • Branch customer satisfaction assessment

Super Branch Award 2018

Supply Chain Management

  • The Bank has identified a group of major loan customers based on the single lending limit that became effective from 1 January 2013 onwards
  • The Bank has adopted the core credit policy.
  • The Bank requires that the purchase or possession of the Bank's property must take into account the safety of employees, customers, and the public.
  • The Bank sets the minimum qualifications of outsource service providers to serve as guidelines for selecting outsource services and appropriate hiring processes.
  • The Bank has minimized the risk that may arise from procurement process and set procurement rules in the anti-corruption policy.
  • Procurement system must take into account social and environmental issues.

Tax Practice

The Financial Group has laid down the rules for tax practices in several related policies as follows:

  • Anti-corruption policy
  • Corporate social responsibility policy
  • Code of business conduct policy

Business and Social Innovation

               Examples of Business and Social Innovations in 2018

Innovation Cooperation with External Organizations for Social Benefits      

  • Online Transaction Fee Waiver
  • Thailand Blockchain Community Initiative
  • Basic Banking Account Service

Innovation in Work System Development

IT Core Banking System Improvement

Innovation in Account Products

  • Basic Banking Account
  • KK Phatra Smart Settlement (KKPSS)

Innovation in Loan Products

  • KK SME Car3, KK SMEx3, and KK SME Freedom

Innovation in Service Channels

  • KK Magic Mirror
  • Auto Auction through Smartphone
  • Line@ KK Online Loan

Innovation in Insurance Products

  • KKGen Ultimate Protect

Innovation in Investment Products

  • Structured Note

Promoting Business and Social Innovation

  • Share Your Magic Idea!