Grab Thailand plans to extend loans worth up to 1 million baht to its merchants to capitalise on digital lending opportunities, aiming for profitability for a second consecutive year in 2023. According to the "eConomy Asia 2023" report by Google, Bain and Temasek, digital lending in Thailand in 2023 is estimated at US$12 billion, up 65% from 2022, with average growth from 2023-25 at 31%, reaching $21 billion in 2025 and $65 billion in 2030. "The company expects to be profitable for a second consecutive year and paid corporate tax for the first time amid a challenging economy," Worachat Luxkanalode, country head of Grab Thailand, told the Bangkok Post. After a decade of operations, Grab Thailand finally achieved profitability in 2022, making it the first ride-hailing and food delivery service in Thailand to escape the red ink. One of the factors contributing to its success is high spending users who account for 50% of revenue, thanks to its subscription base that can retain users.
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