Search Results for: loan products

  • 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

    Loan and behold: NPLs spike as economy recovery stumbles

    The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…

  • 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

    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

    Thai Government Savings Bank promises low interest rates for home loans

    The Government Savings Bank (GSB), an institution committed to enabling Thai citizens to own their homes, is prepping a credit line of 45,000 million baht to offer three home loan products with fixed interest rates for the first three years, marking the end of this year. The initiative is expected to inject liquidity into the economy. According to Karm Phonprakong,…

  • 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…

  • 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

    Struggling airlines to get reprieve through small loans, extension to fuel tax cut

    Airlines in Thailand are being offered a financial lifeline, as the Government Savings Bank announces soft loans for carriers left struggling as a result of the current Covid-19 ‘disruption’. Nation Thailand reports that the GSB is offering the loans over a 60 month period, with an annual interest rate of 2%. Chairman Patchara Anuntasilpa says the proposal will shortly be…

  • 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…

  • Press Room

    ROSHI unveils groundbreaking insights into personal lending trends

    Singapore-based Fintech ROSHI has released a detailed analysis that talks about what types of individuals use personal lending services to tackle financial pressures over 2023’s high inflation economy. This meticulous study utilised first-party application data to delve into the profile characteristics and utilisation patterns of numerous Singaporeans who sought personal loans from ROSHI to mitigate income disparities during the past…

  • 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…

  • 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…

  • Business News

    Thailand’s steel sales slump 11 to 12% due to weak car market

    Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…

  • 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…

  • 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…

  • Business News

    Exim Bank of Thailand grows 7.05%, focusing on green lending

    Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…

  • 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…

  • Thailand News

    Thailand revolutionises agriculture with nine policies

    Thailand is gearing up for an agricultural revolution with nine bold policies aimed at transforming its farming sector into a global powerhouse. Thailand’s Minister of Agriculture and Cooperatives, Thamanat Prompow, unveiled these game-changing strategies during a seminar geared towards positioning Thailand as a premier destination for agriculture and food. Backed by Prime Minister Srettha Thavisin’s visionary Ignite Thailand agenda, these…

  • Business News

    Thailand’s manufacturing production index falls for 17th time

    The Office of Industrial Economics (OIE) disclosed that Thailand’s Manufacturing Production Index (MPI) has fallen for the 17th consecutive month. February saw a year-on-year decrease of 2.8%, bringing the index to 99.2 points. This slump is largely attributed to a drop in manufacturing within key sectors, including the automotive industry. The OIE has also highlighted ongoing issues with high household…

  • Business News

    LiVE Fin Corp launches new S curve to capital market initiative

    LiVE Fin Corp, under the aegis of the Stock Exchange of Thailand (SET), has set in motion a new initiative that seeks to bolster the potential of 60 entrepreneurial entities, startups, and small to medium-sized enterprises (SMEs) in high-growth sectors. The initiative, christened “New S Curve to Capital Market,” has been crafted in partnership with KPMG Thailand, the National Innovation…

  • Business News

    BAAC to back 50,000 tech-savvy farmers with 55 billion baht

    The Bank for Agriculture and Agricultural Cooperatives (BAAC), a state-owned entity, outlined an ambitious plan to foster a new breed of technologically adept farmers. The bank intends to support 50,000 young, smart farmers over the next five years, offering low-interest loans that total 55 billion baht (US$1.5 billion). BAAC president, Chatchai Sirilai, announced the project’s key objective following a memorandum…

  • Automotive

    Buy a car in Thailand: your ultimate guide for beginners

    Buying a car in Thailand is an important decision that requires careful consideration, research, and planning. With a diverse automotive market offering a variety of brands and models, buyers have numerous options to consider. Navigating the Thai automotive market can be a rewarding experience, as long as you’re well-prepared and well-informed. Additionally, having a basic understanding of the Thai language…

  • Business News

    Thai retail sector struggles despite tax incentives and tourist spending

    Despite increased spending by tourists and tax incentives to encourage buying, Thailand’s retail sector is under strain. The sector, facing the challenges of a surge of substandard goods from China, is burdening local entrepreneurs. Thai Retailers Association Vice President Chatchai Tuongratanaphan predicts a growth of only 1-2% in the retail sector for the first half of the year. This is…