TBN Corp. PCL

TBN Corporation Public Company Limited, or TBN, a leader in Mendix Low-Code technology, has undertaken a major organisational restructuring that reduces personnel costs by approximately 20% per quarter, with the effects expected to become clearly visible from the third quarter of 2026 onward. This follows second-quarter 2026 results that were hit by one-time expenses related to the restructuring. Chief Executive Officer Panayu Sirikrachangsri told Than Hoon that third-quarter 2026 earnings are trending toward recovery, and the company aims to turn its performance around in 2027. In its end-to-end loan system solutions business, as of 30 June 2026 TBN had a backlog of approximately 274 million baht, comprising 123 million baht to be recognised as revenue during 2026 and roughly 151 million baht to be recognised from 2027 onward, not including additional recurring revenue that may come in. The company also sees growing opportunities as financial institutions increasingly sell off non-performing loans, and expects to close at least two new debt management system deals within 2026, covering both banks and non-bank operators. It is also in discussions with Virtual Bank clients, with a deal expected to close by the end of 2026 and clear revenue recognition beginning in 2027.

TBN Corporation is making an aggressive move into AI-era digital lending. Mr. Panayu Sirikrajangsri, Chief Executive Officer, stated that the key pillars are that AI must be accurate, technology must be fast, and processes must be end-to-end, in order to accelerate the organization's transformation into an Agentic Enterprise, which uses AI agents to manage the complete loan workflow. The Unify system, which uses AI to verify and match documents, can boost employee productivity by up to five times. The company focuses on practical business outcomes (Built to Deliver) rather than developing systems for demonstration purposes.

TBN is undertaking a major strategic shift to become a digital transformation specialist, developing comprehensive software solutions that combine low-code and AI technologies to help large organizations improve operational efficiency. The company is focusing on an end-to-end lending solution that covers the entire credit management lifecycle, from loan applications and document management to debt collection, non-performing loan management, and auction processes. It sees strong potential in debt collection solutions amid the economic slowdown and rising bad debts. Currently, over 90% of its customer base is in the private sector, with more than half in banking and financial institutions, and this year it plans to expand to government agencies. The current backlog stands at approximately 284 million baht, mostly from long-term contracts of three to five years. First-half 2026 performance fell short of targets due to economic headwinds and the emergence of AI, prompting the company to accelerate its business model shift from custom system development to building its own products. Positive results are expected in the second half of 2026 and to become more evident in 2027, with the rollout of its lending platform under the End-to-End Lending brand, which is projected to start generating revenue from late this year into early next year.