The Asia Responsible Enterprise Awards (AREA) 2024 is pleased to honor Krungthai Bank PCL outstanding business leaders and enterprises for championing sustainable and responsible business practices. Presented by leading regional NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity and being socially responsible corporate citizens.
Krungthai Bank PCL’s “Krungthai Loves Community: Baan Poltai Sustainable Tourism Community” project and its “Building Sustainable Growth through Employee Excellence and Collaboration” project achieved victory in the Social Empowerment and Investment In People categories respectively.
Krungthai Bank PCL has embarked on two transformative projects aimed at fostering sustainable growth both within the community and among its employees. The first project, the “Baan Poltai Sustainable Tourism Community” project, focuses on revitalizing the rural village of Baan Poltai in Roi Et Province, Thailand. Launched in October 2022, this initiative seeks to leverage the community’s cultural and natural assets to create a sustainable tourism destination. By employing the “HOTOWN” concept, which integrates experience offering, business entity development, and environmental enhancement, Krungthai Bank aims to improve the local economy and quality of life. Key components include training residents in sustainable tourism practices, enhancing local infrastructure, and establishing a social enterprise to ensure long-term financial stability and self-reliance.
The impact of the Baan Poltai project has been substantial. Improvements in local attractions and infrastructure have turned Baan Poltai into a vibrant tourist destination, while residents have acquired skills in tourism management and financial literacy. The establishment of a social enterprise has created a sustainable business model, ensuring continuous community development. This initiative serves as a model for other communities in Thailand, demonstrating the potential of integrated community-based tourism programs to drive economic and social resilience.
On the other hand, Krungthai Bank has launched the “Building Sustainable Growth through Employee Excellence and Collaboration” initiative to enhance its internal culture and operational effectiveness. This project focuses on three main pillars: Reskilling Financial Discipline, Rebuilding Empowerment and Collaboration, and Renewing the Brand. The first pillar involves upskilling employees in financial management and implementing financial planning programs. The second pillar emphasizes employee engagement through team-building activities and recognition platforms. The third pillar addresses environmental sustainability by introducing new uniforms made from recycled plastic and reducing the carbon footprint through co-working spaces.
The initiative has achieved notable success. The Krungthai Happy Money program has improved financial stability for many participants, and employee engagement scores have risen, reflecting enhanced morale and commitment. The bank’s financial performance has also improved, with an 8.7% increase in net profit in 2023. These efforts have strengthened internal governance, reduced employee debt, and improved the bank’s DJSI scores in areas such as human rights and business ethics, establishing Krungthai Bank as a leader in ethical and sustainable business practices.
Among the measures of a truly successful business is the longevity of its history and the quality of its products and services. By investing in its employees and underserved communities, Krungthai Bank further solidifies its reputation for excellence and dependability.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplifting the economic status of people across Asia and ensuring a legacy of hope, innovation, and courage for future generations. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit https://enterpriseasia.org/area/.