The service will help 10,000 SMEs obtain loans worth about 100 billion baht ($3.17 billion), Thammarak Moenjak, a director at the Bank of Thailand, told a briefing.
At present, there are about 30 banks and non-banks providing factoring, with some 30,000 SMEs taking on loans worth 200 billion baht, he said.
Factoring allows a business to obtain immediate capital or money based on the future income attributed to a particular amount due on an account receivable, or a business invoice.
($1 = 31.59 baht)
(Reporting by Kitphong Thaichareon; Writing by Orathai Sriring; Editing by Martin Petty; Editing by)
