Money
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US banking collapse has Thailand customers asking, is my money safe?
The recent collapse of Silicon Valley Bank (SVB) in the United States has triggered concerns about the safety of money in banks, with customers in Thailand wondering whether their cash is safe and whether they should withdraw it. While Thailand’s Finance Minister Arkhom Termpittayapaisith insists that the troubles faced by some major US banks have had no impact on Thailand,…
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No ripple effect in Thailand from US banking crisis, says Finance Minister
Finance Minister Arkhom Termpittayapaisith insists that the recent troubles faced by some major banks in the United States have had no impact on Thailand so far. Arkhom added that the government is prepared to take action in case of any potential volatility that may arise from global markets. The comments were made in response to the recent collapse of Silicon…
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Ministry reveals 200 apps that steal your cash
Since an unhappy Thai man accused a charging cable of stealing the 100,000-baht contents of his bank account, people in Thailand have become hyper-aware of the problems of apps that steal your cash on their phones. The victim insists he had not accessed any suspicious websites, taken any call centre calls or filled in any online forms but says his…
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Custodied cryptocurrencies to see new regulations in Thailand
Custodied cryptocurrencies will see new regulations in Thailand. The Securities and Exchange Commission of Thailand issued new measures which require companies offering crypto custody services to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure the safety of clients’ assets.” The new regulations went into effect on January 16th. The new measures…
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Bitcoin mine raided over suspiciously big electricity bill
A commercial building in Nang Rong district, Buri Ram, has been running up a suspiciously big electricity bill. The premises – two storey-building with two shop fronts – were raided by police Sunday, is a search for an illegal bitcoin mining operation. China’s recent ban and crackdown on cryptocurrency has fuelled a cryptocurrency mining boom in Thailand as small investors…
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It’s Bank of the Future for Thai consumers
A survey revealed that Thai consumers are quite happy to go “Bank of the Future” to share personal data to get a better digital banking experience. An encouraging sign given e-commerce platform Shopee announced a permanent end to purchases made by bank payment after a Thai customer was hacked via Shopee and lost tens of thousands of baht from a bank account linked to…
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No link between phishing and Shopee transfer scam
E-commerce platform Shopee has stopped Internet bank transfers as a payment method for purchases, as it wants to improve the user experience. The company says the move is unrelated to the case of a buyer’s account being allegedly hacked. In an email to The Thaiger, Shopee said… “The phasing out of manual bank transfers as a payment method on Shopee…
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Bank of Thailand to raise interest rates on Wednesday
Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput today announced interest rates will be raised on Wednesday to deal with potential inflation increases. Governor Sethaput is expected to raise interest rates by a modest quarter-point to take the benchmark rate to 1.25% underscoring ongoing worries about growth in Southeast Asia’s second-largest economy. Thailand’s economy lagged its Southeast Asia contemporaries and is…
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PayPal to lock out Thai users at end of month
Most PayPal users in Thailand will be locked out of the service next month unless they jump through a series of complex and quite silly hoops that are intelligible only to Thai citizens. After a year of nothing but statements, PayPal told customers this morning that they cannot use the service after December 15 unless they take “certain actions” that,…
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Rich rewards offered for info on currency counterfeiters
With large numbers of fake banknotes now circulating in Thailand, especially in the north of the country, the Digital Economy and Society Ministry Saturday announced a counterfeit rewards system for those canny enough to spot the fakes and turn them in. If you come up with information on counterfeit banknotes, you can expect to be rewarded with up to 100,000…
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Centi-millionaires: how rich is REALLY rich?
Are you rich? Super rich? The world’s first global study on the ultra-rich found a surprising amount of centi-millionaires – people with more than US$100 million in investible assets. A startling 25,490 of these super wealthy and powerful people pepper the globe. The number of heirs, CEOs, tech gurus and finance moguls worth over $100 million doubled amid a period…
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BOT to mount rescue of crumbling baht
The Bank of Thailand (BOT) is attempting to steer the baht and the economy through some tricky times. As the government is apparently out of ideas to jump-start the economy due to high debt, the responsibility has fallen to the central bank. The central bank’s recent move to raise the key policy rate by 0.25 percentage points to 1% has, however,…
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Rare pink diamond sells for US$57m in Hong Kong auction
A rare diamond, described in the auction catalogue as “fancy vivid pink” has been sold for 453 million Hong Kong dollars (US$57 million) – more than double its estimate – a world record for a diamond sold at auction. The UK’s Guardian newspaper reports that the 11.15-carat Williamson Pink Star is named after another pink diamond, simply “the Williamson” given…
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Shark warning – illegal Chinese money lenders nailed in Pattaya
Sixteen Chinese nationals suspected of running an illegal online money-lending business were arrested during a police raid in Pattaya on Wednesday. Following a tipoff, police and immigration officers in Pattaya’s Bang Lamung district, raided a three-storey townhouse at around 3pm on Wednesday. The officers were given information that a gang of foreign nationals were using the house as their operational base,…
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International money transfers made fast, secure and transparent with DeeMoney Neo App
Sponsored With the pandemic boosting the global digital economy and accelerating cross-border payments, people are constantly looking for hassle-free modes of transaction. However, finding the right and trustworthy financial service can be challenging due to cumbersome procedures and money lost to hidden charges and exchange rates. DeeMoney, Thailand’s #1 Fintech specialising in cross-border payments, aims to address these pain points…
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DeeMoney Unveils its Neobank Transformation Roadmap
Press Release SawasdeeShop Co., Ltd, branded as DeeMoney, Thailand’s leading and fastest-growing fintech company specializing in cross-border payments, recently announced its readiness to transform into a full-fledged independent neobank with the upcoming launch of licensed cross-currency e-wallet services in Q1/2023. DeeMoney’s move to expand its financial product offerings and become a neobank is in response to the evolving demands of…
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Thai bank apps crash on payday causes customer outrage
Siam Commercial Bank joined Bangkok Bank, and TMB Thanachart Bank in causing chaos throughout Thailand this morning when their banking apps crashed. They not only wreaked turmoil throughout the land but they also managed to unite all of its customers – in anger, after their mobile banking systems crashed on the day their salaries were supposed to be transferred into…
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Do I need a bank account in Thailand to buy property?
One of the most commonly asked questions is whether a foreigner needs a Thai bank account when buying real estate. This is essential to understand to ensure everything goes smoothly and your money doesn’t get ‘stuck.’ Purchasing property in Thailand as a foreigner requires due diligence and a thorough understanding of the buying and selling procedures ahead of time. So,…
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