Korn Chatikavanij, a Democrat Party politician and former Finance Minister, has returned to the financial sector by teaming up with tech - savvy partners to launch an online refinancing service.
Mr Korn had previously left his successful investment banking business in 2004 to become a full time politician with the Democrat Party in 2005.
WHAT DOES THE BUSINESS DO?
Refinn International Dot Com, a fintech start-up, was set up last year with 1 million baht in registered capital.
The company began providing services on Aug 7, including total solutions for refinancing transactions, with its primary focus on mortgages.
WHAT IS REFINANCING?
Refinancing is the replacing of an existing loan with a new loan with different loan terms.
Borrowers refinance for many different reasons including:
1. Taking advantage of better interest rates for reduced monthly payments.
2. To free up cash from the accumulated paid-back principal of a loan.
3. To consolidate multiple loans into one loan.
4. To change the risk profile of a loan, from a variable rate to a fixed interest rate mortgage, for instance.
5. Debt restructuring and rescheduling when a company or person is having financial difficulties.
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WHAT IS FINTECH & REFINN?
Fintech (short for "financial technology") is a new platform that allows retail customers to access refinancing packages.
While Refinn lets them manage their own refinancing packages via a beta version of its website.