Krungsri Consumer, an unsecured loan service provider under Bank of Ayudhya (BAY), targets 180,000 new credit cards and 10% card spending growth this year from four affinity cards in cooperation with Home Product Center Plc (HomePro).
The company aims for spending via the four cards to increase to 14 billion baht this year, said chairman Thakorn Piyapan.
Of the four affinity credit cards in partnership with HomePro, three are new: Krungsri HomePro Corporate card, HomePro First Choice card and MegaHome First Choice card. The HomePro Visa Platinum card is already on the market.
Mr Thakorn said the collaboration between HomePro and First Choice, a personal lending arm of Krungsri Consumer, will provide greater business opportunities for client base expansion.
The MegaHome First Choice card is targeted at self-employed workers.
"Typically self-employed workers earn high incomes, but most of them don't have salary slips, which prevents us from offering them accounts," Mr Thakorn said. "Information-based lending through data analytics creates the opportunity to tap into this segment."
Of the new card target of 180,000, some 5,000 MegaHome First Choice cards are expected to be held by self-employed workers, who are projected to spend 1 billion baht via the card this year.
Krungsri Consumer and HomePro have partnered under a co-branded credit card for 17 years. They plan to use their database of customers to offer benefits and other financial solutions to keep pace with clients' real demand.
Information-based lending will also be applied to other business partners of Krungsri Consumer, Mr Thakorn said.
Khunawut Thumpomkul, executive director and managing director of HomePro, said partnership and technology development are the key strategy for business expansion this year.
HomePro has 3.8 million Home Card members, of which 43% are Bangkokians. Those living in the provinces contribute 92% of sales revenue.
