Search Results for: loan applications
- Thailand News
Bank of Thailand targets illegal loan apps for removal
The Bank of Thailand (BoT) has identified 10 mobile applications offering personal loans illegally and is taking steps to have them removed from the App Store and Google Play Store. Pirajit Padmasuta, the central bank’s senior director for financial consumer protection and supervision of financial service providers, stated that the regulator initially reported the 10 verified illegal apps, including Fineasy…
- Thailand News
State Welfare Card applications to open by March
Applications for the State Welfare Card will open by the end of March, with low-income and vulnerable groups invited to register. The registration follows two years after the last round, which took place from September 5 to October 31, 2022. Julapan Amornwiwat, Deputy Finance Minister, announced that the details of the new registration for the State Welfare Card this year…
- Thailand News
Built-in loan apps raise data security fears for Oppo and Realme users
The Ministry of Digital Economy and Society urged representatives of the electronics company Oppo and its subsidiary Realme to clarify allegations of illegal data collection from built-in loan apps found on their smartphones. A technology-focused social media influencer, known as คุณลุงไอที (Khun Lung IT, meaning IT uncle), took to his official Facebook page to warn Oppo and Realme smartphone users…
- Thailand News
Thailand approves 55 billion baht low-interest home loans
The Thai Cabinet has approved the Government Housing Bank (GHB) to roll out a low-interest loan package worth 55 billion baht. This initiative aims to enhance housing accessibility for Thai citizens and includes two major schemes: a fixed-rate mortgage for the first five years at 3% per annum for purchasing or constructing homes, and a low-interest loan for home renovations…
- Economy News
Stuck in neutral: Loan rejections stall Thailand’s used car market
Thailand’s used car market is set to experience continued sluggish sales due to frequent loan rejections faced by prospective buyers, according to the Association of Used Cars. Earlier forecasts by the association anticipated an improvement in used car sales in the latter half of 2024, driven by expectations that financial service providers would relax their lending criteria. Nonetheless, financial institutions…
- Thailand News
Berry far away: Thai farmers chase sweeter loans in Scandinavia
The BAAC is offering loans for Thai farmers to harvest berries in Sweden and Finland this summer. The state-owned Bank of Agriculture and Agricultural Cooperatives (BAAC) earmarked 375 million baht to help 5,000 Thai farmers embark on an adventurous journey to pick wild berries in Sweden or Finland during this year’s harvest season, starting this month. BAAC President Chatchai Sirilai…
- Thailand News
Loan rejections soar for Thai homes under 3 million baht
The Thai housing market is facing a significant challenge as a growing number of loan applications for homes priced below 3 million baht are being rejected. According to the Housing Finance Association, the rejection rate has spiked to 50%, highlighting the vulnerability of this segment despite its substantial market size. The association’s secretary-general and chairman of the executive board, Alangkot…
- Business News
Thai banking industry faces hurdles amid high auto loan rejections
Last year’s robust profits from the Thai banking industry stirred debates, as critics pointed to excessively high interest rates. The sector witnessed a 17.8% surge in net interest income (NII) to 727 billion baht (US$20.2 billion) in 2023, up from 617 billion in 2022. The five biggest banks by assets contributed significantly to this rise with an increased net interest…
- Thailand News
Thai police busts 500 million baht fraudulent loan scheme in a massive operation
A massive operation by Thai police led to the arrest of 13 individuals linked to nine fraudulent loan applications, with a total of 500 million baht found circulating in seized passbooks. The Central Investigation Bureau’s (CIB) top officer, Police Lieutenant General Jirabhop Bhuridej, disclosed the details during a press briefing yesterday. The operation spanned across ten provinces, including Bangkok, Nonthaburi,…
- Thailand News
Thai CIB crackdown reveals 500 million baht online loan scam
The Central Investigation Bureau (CIB) has launched the CIB Anti Online Scam, a crackdown operation against a ruthless online loan scheme that has been running through various mobile applications. The operation, which took place at 11am today, led to the arrest of two key suspects and the discovery of more than 500 million baht in circulation. CIB’s operation took place…
- Guides
Can expats get a loan in Thailand?
As an expat living in Thailand, you may have often wondered, “Can I get a loan as a foreigner in Thailand?” Maybe you’re eyeing that lovely condominium in the heart of Bangkok, dreaming of a shiny new car, planning your dream tropical wedding by the beach, or thinking of sprucing up your home. And naturally, you’re looking at loans to…
- Business News
CIMB Thai Bank targets 500 million baht in digital personal loans focusing on upper-income segment
CIMB Thai Bank (CIMBT) has announced intentions to expand its digital personal loan offerings in the current year, aiming for a total of 500 million baht whilst primarily focusing on the upper-income segment. Recently, CIMBT introduced two digital personal loan products – the “Personal Cash” instalment loan and the “Extra Cash” credit line. These products have a combined value of…
- Bangkok News
52 people in Bangkok arrested for alleged involvement in illegal loan operation
Thai immigration police arrested 52 people who were allegedly involved in an illegal loan shark operation using a smartphone application called “Speedwallet” to provide loans with interest rates higher than the legal limit. Police had received complaints from several of the application’s customers. Speedwallet provided loans of 5,000 baht to 20,000 baht and collected interest rates of 12% to 15%…
- Economy News
Banks get tough on loan criteria as economic effects of Covid-19 worsen
The Covid-19 crisis has had a devastating effect on the global economy and, while it may have been successful in suppressing the virus, Thailand is in no way immune to the economic fallout. A report in Nation Thailand today says the country’s banks are now clamping down on their lending, imposing stricter criteria on borrowing. PHOTO: Nation Thailand The Bank…
- Economy News
PM assures MPs that government knows how to handle trillion baht loan
“Don’t worry, we got this…” Following the Finance Ministry’s securing of a trillion baht loan, PM Prayut Chan-o-cha spoke up to address concerns over how the funds will be administered. Answering questions raised by opposition parties, the PM said the government has clear rules in place on how the funds will be distributed, with the priority being small and medium…
- Crime News
Bangkok immigration police nab Chinese loan sharks
Bangkok immigration police have arrested 5 organisers and 73 employees at a building in Chom Thong district today, where alleged Chinese loan sharks were running an illegal finance firm. The company, “Thai Luck Trade” extended loans at interest rates far higher than the limit under Thai law. The company was registered as a merchant dealing in glasses, watches and cameras…
- Economy News
Thai banks report strong mortgage growth despite April’s new loan regulations
Ever since the Thai government enforced the higher loan-to-value ratios on property lenders last April, borrowers and developers have been generally unhappy with the result – a sluggish new home-buyer market. But some commercial lenders, particularly some of the larger ones, have still reported strong lending growth for the first nine months of 2019. Kasikorn Bank says its housing loans surged…
- Phuket News
Phang Nga Gov raps banks over slow loans
PHANG NGA: Phang Nga Governor Anuwat Metheeviboonwut yesterday criticized banks and other financial institutions for taking too long to process applications for soft loans by business owners affected by the tsunami.Gov Anuwat said, “The problem we have today is that 80% of the business owners are still waiting for loans from financial institutions to be approved.“If the financial institutions were…
- Phuket News
Relief loans for tourism businesses
PHUKET: The Small and Medium Enterprise Development Bank (SME Bank) of Thailand is offering members of the Phuket Eco-tourism Association (PEA) loans of up to 5 million baht, it was announced today. Speaking at a seminar held at the Royal Phuket City Hotel this afternoon, SME Bank Phuket branch manager Adisorn Kittipatanapaiboon said that loans of between 300,000 and 5…
- Thailand News
31 Thai and Chinese suspects arrested in Rayong for money laundering
Police arrested 18 Thai and 13 Chinese suspects at an accommodation in the eastern province of Rayong for operating a money laundering scheme linked to a scam gang. Officers raided properties in the Ban Chang district of Rayong on two occasions, April 8 and May 7, and arrested 31 suspects involved in the money laundering operation. They also discovered several…
- Crime News
NBTC suspends OPPO and realme sales over data privacy breach
The National Broadcasting and Telecommunications Commission (NBTC) and the Office of the Personal Data Protection Committee (PDPC) have ordered the suspension of mobile phone sales by OPPO and realme due to the installation of loan applications without user consent. Both companies have until January 16 to explain, failing which they face fines of up to 3 million baht. Yesterday, January…
- Thailand News
Thailand’s auto industry brakes as production target stalls
Thailand’s auto industry is stuck in first gear, with car production now expected to fall short of the 1.7 million target for 2024 as sales and exports hit a serious slump. The Federation of Thai Industries (FTI) warns that car manufacturing could face another downgrade this year, with officials predicting a sharp drop from the original target of 1.7 million…
- Business News
New Thai bank licences grapple with early profitability challenges
The winners of the Bank of Thailand’s virtual bank licences are expected to face significant challenges in achieving profitability in the initial years, as the industry typically experiences high cash burn during the first five years, according to KGI Securities. Siam Commercial Bank (SCB) is projected to benefit the least from a virtual bank licence compared to other Thai banks…
- Thailand News
Thai Cabinet levels flood compensation at 9,000 baht
The Thai Cabinet has revised flood victim compensation to a uniform rate of 9,000 baht per household, replacing the previous variable range of 5,000 to 9,000 baht. Prime Minister Paetongtarn Shinawatra announced the decision following a Cabinet meeting, citing the severity of the flood situation as the reason for the new compensation structure. “The government decided that all affected households…
- Hot News
Bank of Thailand warns of elevated financial cybercrime risk
The Bank of Thailand (BoT) is warning consumers and banks of an elevated financial cybercrime risk. The warning comes after a man claimed that he had lost 101,560 baht from his bank account after using a public charging outlet. The BoT denied the claim after conducting an investigation and said it believes the theft occurred because the man was a…
- Business News
Developers need to clear stock, heavy discounting in property market
ADVERTORIAL Property prices are expected to decline by double digits in the next few months as Thailand’s property developers begin to offer more sales incentives in response to post Covid-19 markets. A recent survey by leading property portal FazWaz indicated that 50% of Thailand’s property developers are considering discounting at least 20% off minimum benchmark prices. Brennan Campbell, CEO at…
- Technology News
Everything you need to know about 5G
by Live Tiles 5G literally refers to the fifth-generation of wireless technology, following on from 3G and 4G. The biggest changes will bring users higher speeds, lower latency, and the chance to connect more devices at once. Speed, for example, will provide almost instantaneous transfers across the internet, faster than the human reaction time. So something like a livestream of…
- Business News
Phuket Business: Andaman motor show drives sales; Limited companies spike
PHUKET: THE 14th Andaman Motor Show, organized last week at HomeWorks, opposite Central Festival Phuket, concluded with one of its most vibrant years in car sales. The six-day event, this year under the theme “Summer on the Beach”, ended on Wednesday. “We don’t have final figures for the overall number of car loan applications yet, but I have to admit…
- Phuket News
Phuket property worst hit at “high end”
PHUKET: More than 10 residential projects with a combined market value of nearly 10 billion baht remain “on hold” in Phuket, because demand from both domestic and foreign buyers – especially for luxury homes – has fallen to less than half of last year’s level. Wanwipa Horbut, deputy managing director of luxury property developer Surin Hill Development, said demand for…
- Thailand News
US visa clamp sparks panic but Thai students gets pass
Thai students hoping to hit the books in the United States can breathe a sigh of relief, after officials confirmed student visa interviews in Bangkok are still a go, despite a sweeping clampdown ordered by US President Donald Trump’s team. On April 1, US political news outlet Politico dropped a bombshell: a leaked Trump-era memo revealed that US embassies worldwide…
