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Business DNA: Debt Collection Business Built on Buddhist Principles

Suksan Yasasin’s father passed away when he was only two years old. He was not happy living with his stepfather and ran away from home after joining the vocational school. Suksan later went on to study for a Diploma in marketing. During this period, he faced financial problems and had to go back to work at the National Intelligence Agency.

When he was young, Suksan was afraid of poverty, starvation, and tribulations. The more he saw how hard poor people work and how they live without food, the more he thought about being free from such difficult situations.

In 1997, a company was established, which later became Chayo Group Public Company Limited (CHAYO TB). It was listed in the Thai Market for Alternative Investments (mai) on 22 March 2018. Through its three subsidiaries, Chayo mainly engages in the acquisition of non-performing loans. Besides, it offers debt tracking and debt collection for its clients. Chayo has extended its business to customer services, e.g., supporting its clients with product presentations and marketing. A minor part of the business consists of providing secured and unsecured loans.

Download the full interview (1.8MB pdf)

Company DNA: Chayo Group

The focus of this interview was to try to understand the company’s DNA. Now that we had a little bit of a background on the company, we want to drill down to find the unique essence of what differentiates Chayo Group.

Debt collection business built on Buddhist principles

Chayo Group is a debt collection business built on Buddhist principles; these principles help Chayo’s employees to do their debt collection job effectively.

Learn from your mistakes

To increase employee efficiency, Suksan emphasizes that employees understand their jobs, and encourage employees to meditate to clear their minds before working. He also let them recite Thailand’s Debt Collection Act and listen to randomly selected recordings of recent conversations between them and the debtors.

These activities help the employees to learn their mistakes and improve their strategy. In this way, they understand their jobs and customers better. They can build their confidence, build trust with customers, and negotiate better with the customers.

Communicate instead of using violence

SUKSAN: People may stick with the image that the debt collection business is violent. They might think that a violent guy with a weapon is riding a motorcycle while collecting debts from people in their homes.

Honestly, we still see that in real life, but that is not what we do. We do business under the law of the Debt Collection Act. We do not use violence, force, or threats in our company. We try to communicate with our customers to help them find the best solution. Our prime revenue (87%) is from the debt management business, while the debt collection service business earns about 12% of the total income.

Leader DNA: Suksan Yasasin

Take a moment to introduce yourself

SUKSAN: My name is Suksan Yasasin, CEO of Chayo Group Public Company Limited. I was born in 1961. My father passed away when I was only two years old. My mother later married and took my sister and me to live with her new husband, who became our stepfather. My mother had three more children after getting married.

Ran away from home after joining the vocational school

SUKSAN: I was not happy living with my stepfather, but my siblings and I love each other very much. We all grew up together and have achieved success in our lives.

After I graduated from secondary school, I joined a vocational school. I ran away from home after joining the vocational school because I was unhappy at home. My sister helped and supported me during that time. I had to take care of myself financially by working during school breaks.

How would you summarize the most important thing we should take from this to understand you better?

SUKSAN: I try to be a good person with the right intentions. For me, education and ambition are vital as they lead to opportunities for a great career.

Can you share with us what motivates you? What is your source of inspiration during difficult times? Can you tell us about a time that you had to dig deep and rely on this inspiration?

SUKSAN: When I was young, I was afraid of poverty, starvation, and tribulations. The more I saw how hard poor people work and how they live without food, the more I thought about being free from such difficult situations. I never want to have to face such difficulties.

Can you tell us the story of the biggest mistake or challenge that you faced throughout your career? How did you deal with it, and what did you learn?

SUKSAN: For me, I do not consider them mistakes. These are challenges that made me become what I am in my business today. My effort to fight, learn, and deal with all manner of problems has pushed me to be what I am today.

Struggles help you to grow

SUKSAN: I had hard times before my business listed in the SET. I struggled many times before I started my real estate and debt collection businesses. I first started working at the National Intelligence Agency. At the same time, I was studying. When I finished my studies, I saw that Kasikornbank was recruiting, and because I wanted to do something new, so I applied for the job. I got a position in the internal audit department.

Bankruptcy led to ideas about starting a business

SUKSAN: I applied my background knowledge from the National Intelligence Agency in my new job at the bank. I also gained more experience from working at the bank. My boss appreciated my work, and he promoted me to a credit manager. I worked in that position for some time, later my boss resigned to run his own business. He asked me to join him, and I did. Later on, the company went bankrupt, and that was the point that I started thinking about running my own business.

What is your main constraint to growth?

SUKSAN: Lack of funds to buy more debt since this is our prime source of revenue.

Key Takeaways

  • Education and ambition are vital – Be a good person with the right intentions. Education and ambition are vital as they lead to opportunities for a great career.
  • The business is built on Buddhist principles – Suksan has built his debt collection business on Buddhist principles, and these principles help his employees to do their debt collection job effectively.
  • Debt collection is not about making threats – People may stick with the image that the debt collection business is violent. Chayo instead tries to communicate with its customers to help them find the best solution.
  • Analyze your performance to improve – Employees listen to randomly selected recordings of recent conversations between them and the debtors, which helps them learn from their mistakes and improve their strategy.
  • See mistakes as opportunities to grow – Suksan does not consider his mistakes to be mistakes. The fighting, learning, and dealing with all manner of problems push you to become better.

Learn more about Suksan and Chayo Group in the full interview.

Download the full interview (1.8MB pdf)


DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.