Mambu has recently announced the “success” of its partnership with Money DD, which is a subsidiary of the Government Savings Bank (GSB) of Thailand.
The partnership has supported the launch of the “Good Money” application, offering opportunities for “underserved” Thai citizens.
The app has been launched and has reportedly been live since April 2024, and is built on Mambu’s cloud banking platform, which “powers its innovative, responsible lending solutions. ”
As one of Thailand’s largest financial institutions, GSB serves “a third of the Thai population and is advancing its social commitment with this transformative new venture.”
Good Money addresses the pressing “issue of high-interest informal lending by providing accessible, fair loans for underserved Thai citizens.”
This reduces their reliance on “high-interest” informal lending.
The app leveraged Mambu’s composable cloud-native lending engine “to go live within eight months.”
It is underpinned by Google Cloud’s integrated platform services, which include “workload-optimized infrastructure, database management, container orchestration, hybrid networking, and network security, to ensure scalability, resilience, high performance, and low latency.”
During the pilot phase of the project launch, the app had “processed 100,000 loans, while supporting the acquisition of over 10,000 clients and the management of 200 million Thai baht (5,586,910 EUR).”
With a target of reaching 500,000 borrowers and achieving a tenfold loan uptick within four years, Good Money (Money DD) reportedly represents a crucial step toward “reducing reliance on traditional, outdated lending practices and enhancing financial inclusion in Thailand.”
As covered in December of 2024, Mambu, a cloud banking platform, announced the acquisition of Numeral, a French payment technology provider for banks and fintechs.
The acquisition reportedly aims to strengthen Mambu’s position as a key industry player in a move that underscores market confidence and “demand for modern financial experiences.”
The addition of payment capabilities represents a significant investment in the next phase of Mambu’s growth as “an established market player.”
With Numeral’s platform, Mambu is set to drive value from wider audience segments that will increase its overall share of the market.
It also offers a unique strategic fit to the “foundation of the cloud banking leader’s long-term expansion efforts.”
Established back in 2021, Numeral is a payment tech provider that offers financial institutions a universal gateway to “connect to partner banks and access schemes and a modern payments hub to automate payment processing.”
The Paris-based firm processes over €10 billion in payments annually and has established a presence in Europe, “having expanded its operations to the UK last year.”
