VITAI RATANAKORN
PRESIDENT AND CEO, Government Savings Bank
BUSINESS LEADER INTRODUCTION
Vitai’s Vision for GSB is to transform it into a Social Bank, focused on reducing poverty and inequalities in Thai society by providing financial access to vulnerable groups such as low-income individuals, small business owners, and community organizations. His ultimate goal is to help improve the quality of life for these people, building self-reliance within these communities. Vitai emphasizes a dual-mission approach, where profits from commercial activities are utilized to support social initiatives, which makes GSB a pioneering organization in Thailand dedicated to supporting the underprivileged. To achieve this, he has introduced Social Mission Integration throughout the organization, making every key function of the company integrate social mission into its products, processes, or projects. By doing so, GSB is moving towards becoming a true Social Bank, which can truly transform the social and economic landscape of Thailand.Vitai’s leadership at GSB is making a positive impact on Thai society, and he is setting an example for other businesses to follow. Through his Vision, he is demonstrating that businesses can be a force for good by working to empower poor people and underserved communities. With his strong intention to deliver a concrete, sustainable, and positive impact on society, GSB is able to make an impressive contribution to Thai society. Since taking on the position in 2020, Vitai’s focus on delivering a sustainable and positive impact to society has resulted in GSB generating a significant value of about THB47,500 million (USD1,390 million) and has helped 16 million Thai people across three dimensions. These dimensions are fostering access to financial resources at reasonable costs, implementing debt relief and restructuring measures, and contributing to society.
Vitai’s leadership style stresses the importance of purpose along with profit, focusing on building sustainable value for all stakeholders involved. Vitai’s efforts are expected to leave a lasting impact on GSB, by creating a true positive impact on society through a holistic approach of a Social Bank.
ACHIEVEMENT AND IMPACT
For the past three years, as GSB’s president and CEO, Vitai has initiated over 50 projects aimed at improving the quality of life for the poor. One of the flagship projects, launched in late 2022, is the “Holistic Area-Based Development Project” in Nan province. This project initially aimed to address poverty and environmental issues in five remote villages in the Nan province where residents relied on shifting cultivation for a meager living, the process of which was also destroying the environment. The project aimed to transition them to growing coffee under the forest canopy.Realizing that changing agricultural practices alone would not significantly impact the quality of life and self-reliance of these communities, Vitai directs GSB to expand the project into ten dimensions that include access to finance and debt problems, financial literacy and promotion of savings, healthcare services, infrastructure, waste management, religion, education, tourist attraction development, job creation, income generation through agroforestry, and reforestation. The project’s short-term goal is to provide the communities with basic necessities whereas, in the long-term, GSB aims to help them earn more sustainable income, and improve access to finance, healthcare, education, and quality of life.
Despite still being in progress, the “Holistic Area-Based Development Project” has already achieved positive outcomes in various areas. One of the most notable achievements of the project is the increased access to basic necessities such as finance, healthcare, and education. This accessibility will allow the community to develop its capacity to become more self-reliant. Another significant achievement is the provision of economic opportunities by imparting new skills and promoting sustainable income generation.
Vitai expects that this project will serve as a model for underserved community development throughout Thailand. It is the first of its kind for GSB, demonstrating its dedication to improving the livelihoods of vulnerable communities by providing a comprehensive approach that addresses various aspects of development.
Vitai Ratanakorn is widely acclaimed and honored among the banking
and investment industries as being a change leader. He took office as the
President and CEO of Government Savings Bank (GSB) on July 1st, 2020.
He repositioned GSB to become a ‘Social Bank’ with the aim of “Making a
Positive Impact on Society”.
