Car-pawning lender 'Ngen Hai Jai' (KIV subsidiary) reported 8.8% loan growth in H1 2025 to ฿23.9bn, driven predominantly by entrepreneurs seeking working capital as traditional bank lending tightens. The company targets double-digit growth for full-year 2025 (vs. 4–5% market average) with NPL at ~2%. Key risks include household debt stress, erratic repayment capacity among informal traders and SMEs, and EV-induced volatility in used-car collateral values. Opportunity gap identified: ~45M vehicles in Thailand but only 2–3M car-pawned; 80–90% of clients are now entrepreneurs seeking business expansion, not emergency cash.