“Which bank did you open your first savings account with?”,
Many would likely answer Government Savings Bank (GSB), recalling childhood visits to deposit money and receive their first piggy bank. As they grew older, they began buying GSB savings lottery tickets to save money while hoping to win prizes. But as the world changes, the role of state financial institutions must also evolve. Thairath Money had the opportunity to speak with Songphon Cheewapanyaroj, the 18th Director of GSB, who shared his urgent mission and efforts to improve the long-term financial lives of Thai people.
Although it has been less than six months since Songphon Cheewapanyaroj took office as GSB Director, he has already initiated many projects. He explained that his first step was communicating with over 20,000 employees to build mutual trust and align efforts toward a common goal: becoming a Smart Social Bank for All Lives, a bank serving society.
This concept stems from the understanding that each generation requires different financial support, so the bank must design tailored products. For families, GSB launched “GSB Save Love,” a deposit product that provides insurance coverage for parents or children under specific terms, which has been well received. For savings lottery tickets, GSB adjusted based on customer insight that happiness does not come from large cash prizes alone, so the number of prizes was increased to spread joy to more ticket buyers. For seniors who prefer monthly interest, new products were introduced to meet their needs.
Additionally, the bank encourages positive financial behavior by rewarding responsible customers. The “Good Home Loan” program offers a 0.5% annual interest rate reduction automatically, without needing to contact the bank or submit new documents, for those who repay their home loans according to the bank’s conditions. For borrowers under welfare loan programs for teachers and education professionals, fixed interest rates have been reduced to 3.5% per year until the end of 2027.
"GSB serves as a financial pillar for the country, focusing on those underserved by commercial banks," Songphon added. He emphasized the bank’s commitment to promoting savings, as saving helps mitigate social issues such as aging populations and income gaps during non-earning periods. However, saving requires income generation and financial discipline, enabling people to plan and save effectively. GSB aims to support customers through every life stage.
Songphon continued that current challenges include wars, natural disasters, and crises that diminish income capacity and may increase household debt. Therefore, GSB prioritizes job creation. The bank has offered loans to SMEs using alternative data such as credit scores like "Aree Score," spending behavior, and alternative collateral to assess creditworthiness. GSB’s services aim to genuinely enable Thai people to improve their livelihoods.
Going forward, GSB plans to offer On-Demand loans, which are short-term loans tailored to immediate needs. For example, a vendor might borrow funds for two days to purchase materials for a booth and repay immediately after receiving payment. This system helps small entrepreneurs access capital without accumulating long-term debt burdens.
“In the past, people thought they had to borrow large amounts from banks out of fear that they wouldn’t be approved later. But we tell them that it’s okay to borrow smaller amounts and repay promptly. We are ready to lend again,” Songphon said.
Recently, GSB has accelerated improvements in loan approval processes by using comprehensive customer data to assess risk more effectively. Non-performing loans (NPL) have shown improvement since early this year, with June 2026 figures around 3.7–3.8%, remaining stable compared to the same period last year.
Resolving debt issues also requires continuous financial education, as people of all ages need access to financial services in diverse forms. Therefore, GSB maintains over 1,022 branches and online channels to support and promote financial knowledge at both individual and community levels. This approach targets different customer segments than commercial banks and the growing number of branchless virtual banks.
Currently, GSB has a deposit customer base of 20 million, over 16 million users of the MyMo app, more than 2.4 million grassroots and entrepreneur loan accounts, and housing loans totaling 400 billion baht. Overall, the bank’s loan portfolio exceeds 2.6 trillion baht, with an investment portfolio of about 600 billion baht.
GSB is currently developing a five-year strategic plan focused on three main pillars: customers, the bank, and employees. For customers, the goal is to realize the concept “From Birth to Legacy,” encouraging saving according to different life goals and improving financial literacy among Thais.
For children, saving habits should begin early to build financial discipline. Teenagers need to deepen their understanding of saving, especially those entering the workforce who require suitable financial products and options. Working adults may seek capital to advance their lives or need to plan income and expenses carefully.
Middle-aged individuals or business owners should adopt broader perspectives, including investment risk management and debt planning, since managing these matters at age 50 may be too late. At retirement age, with increasing life expectancy, GSB aims to support better living standards and increased passive income.
These objectives represent the mission that Songphon Cheewapanyaroj, GSB’s 18th Director, is building upon: the bank’s foundational role in serving the public by fostering saving discipline, expanding opportunities for small-scale individuals, and helping people plan for genuinely better lives.
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