Bangkok: CLICX, a branchless bank, has clarified the controversy surrounding its loan disbursement, which led to a "loan default" trend with online posts encouraging others to default on their loans. The bank affirms that it conducts business under the principles of responsible lending, using multiple pieces of information in its decision-making process, closely monitoring loan quality, and does not support excessive debt or fraud.According to Thai News Agency, following criticisms and concerns regarding the service and loan approval process of CLICX Bank Public Company Limited, including system delays due to a large number of users, CLICX Bank Public Company Limited has issued a clarification statement. The statement affirms its commitment to expanding financial opportunities while maintaining responsible lending standards, managing risks, and closely monitoring loan quality.CLICX stated that the bank was established through a collaboration between Krung Thai Bank Public Company Limited, Advanced Info Se rvice Public Company Limited, and PTT Oil and Retail Public Company Limited, with the intention of increasing opportunities for Thais to access formal financial services comprehensively. As a legally licensed branchless commercial bank, it operates under the supervision of the Bank of Thailand and adheres to appropriate governance and risk management standards.The bank stated that it aims to increase opportunities for those with the potential to repay debt but who face limitations in accessing credit through traditional channels. This is achieved by utilizing diverse technologies and data to inform the consideration of new loan products, under the principle of responsible lending, to ensure customers receive appropriate loan amounts. It emphasized that loan approval is not based on a single piece of information but on multiple factors, including the bank's risk management criteria. The bank continuously monitors loan quality and reviews its criteria to reflect changing circumstances. The bank stressed that the convenience and speed of digital channels do not guarantee approval for all applicants or that the loan approval process has been lowered.Furthermore, CLICX does not condone the misuse of loans or evasion of debt repayment obligations, which may negatively impact credit history and future access to financial services. If false information, incorrect documentation, or fraudulent behavior is discovered, the bank will take action in accordance with applicable laws and regulations.Regarding the system delays, CLICX has apologized for the inconvenience, stating that a higher-than-expected number of concurrent users caused system slowdowns and necessitated a temporary suspension of loan application processes. This resulted in some loan applications taking longer than usual to process and notify applicants. CLICX is currently working to expedite the review process as quickly as possible, under its standards of thorough and responsible loan approval.CLICX affirms its commitment to increasing opportunities f or Thais to access formal financial services, coupled with risk management, good corporate governance, responsible lending, and the promotion of accurate financial literacy, in order to create an accessible and sustainable financial system.
