Search Results for: loan products
- Business News
LH Bank targets doubling Taiwanese loan portfolio within five years
A subsidiary of the Land and House Financial Group (LHFG), LH Bank revealed its ambitious plan to double its Taiwanese loan portfolio over the next three to five years. This strategy is backed by the increasing influx of foreign businesses into the Thai market. LHFG President Shih Jing Fuh highlighted that despite moderate overall loan growth in the first half…
- Business News
Thailand’s SME D Bank offers interest-free loans to entrepreneurs
Thailand’s Small and Medium Enterprise Development Bank (SME D Bank) has partnered with the National Innovation Agency (NIA) to offer interest-free loans for up to three years to entrepreneurs developing innovative products and services. Phichit Mitrawong, Managing Director of SME D Bank, announced this initiative following the signing of a cooperation agreement with the NIA yesterday. The agreement aims to…
- 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…
- Business News
Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
- Business News
KBank restricts digital personal loans to refine business model
Kasikornbank (KBank), known for its leading mobile banking services, has strategically slowed down its digital personal loan operations. The move aims to refine its business model and enhance the quality of its loan products, according to its Chief Executive Kattiya Indaravijaya. Kattiya revealed that there is no specific timeline for the completion of the business model improvement. However, she assured that…
- Business News
Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
- Business News
Krungsri Bank targets 2-3% growth in SME loans in 2024
Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…
- Business News
Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
- Thailand News
Government Housing Bank breaks ground with 0% down payment home loans
The Government Housing Bank (GHB) is set to introduce three new home loan products with a combined budget of 45 billion baht. With an initial interest rate of 0% for the first three months and a minimum monthly repayment of just 3,300 baht per million borrowed, the bank aims to make homeownership more accessible for Thai citizens. GHB, a state-run…
- Business News
Thai banks see modest rise in mortgage loans
In the first six months of this year, a modest increase in mortgage loans was recorded by banks as purchasing power of homebuyers took a hit due to rising interest rates. Collectively, eight out of the ten SET-listed banks reported consolidated outstanding mortgages tallying 2.39 trillion baht as of June, marking a 1.04% rise from 2.37 trillion baht in December…
- 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…
- Crime News
Authorities bust 2 brutal loan sharks in central Thailand
Thai authorities busted two brutal loan sharks in Thailand’s central Pathum Thani province yesterday. The Economic Crime Suppression Division (ECSD) arrested the loan sharks, a 42 year old woman named Natthajaree Muangthong and a 43 year old man named Thanachai Ruangphueng. The individuals were accused of “conducting unauthorised personal lending and charging interest rates exceeding those permitted by law.” They…
- Business News
Thai woman’s 307,000 baht debt sparks social media advice
A woman’s struggle with debt totalling 307,000 baht recently gained significant attention on social media. Earning 22,000 baht per month, she allocates 6,000 baht for rent and 3,000 baht for motorcycle loan payments. The debt, arising from six unsecured loans including credit cards and personal loans, spans multiple financial institutions. Details on monthly instalments, interest rates, or the status of…
- Lifestyle
Negotiations and bartering business in Thailand
Whether your interest lies in acquiring a high-end residence in the thriving city of Bangkok, or is searching for price-suitable deals at the energetic Chatuchak market, it is crucial to comprehend the skill of negotiation. The marketplace in Thailand is an active process of bargaining, wherein a properly-timed cordial smile and an agreeable counter-proposal can transform an average business interaction…
- Thailand News
Thai banks urged to ‘transact green’ by BoT to aid local businesses
The Bank of Thailand (BoT) urges large commercial banks in Thailand to provide transition finance to aid local businesses in shifting from carbon-intensive operations to more sustainable practices. During the seminar EARTH JUMP 2024: The Edge of Action organised by Kasikornbank, Ronadol Numnonda, deputy governor of the central bank, revealed that last year, large local banks reported a total of…
- Business News
Thai Finance Minister set to discuss policies with BOT
The freshly appointed Finance Minister today expressed his readiness to engage in discussions with the governor of the Bank of Thailand (BoT) to align fiscal and monetary policies. Pichai Chunhavajira, who is also the Deputy Prime Minister of Thailand, stated to journalists that collaborating with the BoT on policy coordination is part of his job responsibilities. Pichai expressed confidence that he…
- Business News
Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
- Economy News
CardX braces for regulatory change raising customer debt repayment 3%
CardX, a credit card service provider operating under SCB X Group, anticipates a potential issue with customer compliance linked to an upcoming regulatory change from the Bank of Thailand. The central bank presently permits credit card users to repay their debt at a minimum rate of 5% of the overall credit balance each month, a measure introduced to aid consumers…
- Business News
State banks offer higher deposit rates at Money Expo 2023
State-owned banks in the country are eager to offer customers higher deposit rates, with one scheme providing up to 17%. At the 23rd Money Expo 2023, Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC) unveiled campaigns to attract patrons to open short-term deposits for three-to-five months by presenting step-up interest rates. Monetary Policy Committee members…
- Thailand News
Thai PM announces 10,000 baht digital wallet registration date
Registration for the 10,000-baht digital wallet handout starts on August 1, as announced by Prime Minister Srettha Thavisin. This initiative aims to stimulate the economy through significant government spending. The Bangkok-born PM shared the date on X (Twitter) yesterday, July 15, coinciding with the Digital Wallet Policy Committee’s meeting to finalise preparations for registering eligible recipients and vendors. He emphasised…
- Business News
Food delivery market grows as economy threatens restaurants
The online food delivery market in Thailand is experiencing growth but the challenging economy might force closures of between 50,000 and 100,000 small restaurants. Thailand has approximately 700,000 restaurants, including mobile street vendors, with the total business valued at 800 billion baht. Online food delivery services contribute 15% to this total. Chief Executive of Line Man Wongnai, Yod Chinsupakul, reports…
- Business News
Thailand boosts SMEs growth in upcoming Synergy Expo 2024
Thailand is set to boost marketing opportunities for small and medium-sized enterprises (SMEs) through the newly announced Thailand SME Synergy Expo 2024. This five-day trade show, running from June 19 to 23 at the Queen Sirikit National Convention Center in Bangkok, is a collaborative effort by the Business Development Department (DBD), the Office of SMEs Promotion (Osmep), and several governmental…
- Thailand News
Krungsri First Choice launches new campaign for young people
Krungsri First Choice has launched a brand campaign targeting young consumers and is aiming for a 10% growth in new customer accounts and spending through credit cards. The campaign, Take Time to Try, Take Time to Fail, features PP Krit Amnuaydechkorn as the brand presenter for the second consecutive year, aiming to communicate with young people. Athip Silpagijkarn, Managing Director…
- Business News
Thailand’s manufacturing sector hit by surge in factory closures
A surge in factory closures has heightened concerns over the weakening of Thailand’s manufacturing sector, as indicated by Kiatnakin Phatra Financial Group (KKP). KKP Research revealed that Thailand’s manufacturing production index experienced a decline over a 15-month span from December 2022 to March 2024, despite a global trade recovery commencing late last year. Thailand has seen an increase in factory…
- Thailand News
Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
- Business News
Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
- Business News
Thai car production drops 11.02% in April amid long holidays
Car production in Thailand experienced a significant decline of 11.02% in April from the previous year, with total units produced amounting to 104,667, according to the Federation of Thai Industries (FTI). This decrease follows a more substantial drop of 23.08% year-on-year in March. The FTI attributed April’s reduced production figures to long holidays during the month. For the January to…
- Thailand News
Ombudsman: No jurisdiction over digital wallet scheme complaints
Keirov Kritteeranon, the secretary-general of the Office of the Ombudsman, revealed that they lack the power to escalate complaints about the contentious digital wallet scheme to the Constitutional Court or any other legal forum. At the heart of the furore are the government’s ambitious plans to distribute 10,000-baht payments to a staggering 50 million adult citizens through digital wallets, alongside…
- Guides
How you can use AI for smarter money management
In the rapidly evolving domain of technology, artificial intelligence (AI) is significantly transforming the management of financial operations. It is noteworthy to observe recent research indicating a substantial shift towards the integration of AI in personal finance management. It’s pretty exciting to see recent studies showing a big move towards using AI in personal finance. What started as a cool…
- Guides
What is financial literacy and its key to your success
In today’s rapidly evolving society, acquiring a thorough grasp of one’s financial situation is increasingly critical. Financial literacy, while at first seemingly daunting, essentially acts as an essential toolkit for making informed and strategic choices regarding one’s financial assets. This notion goes beyond simple chequebook management or saving for unexpected events; it entails empowering individuals to confidently understand the complexities…
