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- 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…
- Business News
CIMB Thai Bank targets 200 billion baht in sustainability loans
CIMB Thai Bank (CIMBT) aims to capitalise on the burgeoning demand for sustainability-linked loans, projected to be worth 200 billion baht (US$6 billion) among major local corporate clients within the next two years, particularly targeting the oil, gas, and energy sectors. Jason Lee, CIMBT’s head of sustainability, projects that around 300 large Thai corporations will seek transition financing over this…
- Thailand News
GHB holds savings bonds prize draw in Nonthaburi
The Government Housing Bank (GHB) held the prize draw for its savings bonds yesterday, October 16, at the prize draw building of the Government Lottery Office (GLO) in Nonthaburi. The event was presided over by Akkarut Sonthayanon, Deputy Permanent Secretary of the Ministry of Finance and Chairman of the GHB Board, along with Thidaporn Meekingthong, GHB Deputy Managing Director. Media…
- Phuket News
Overdrawn: Bungling burglar caught cracking into bank in Phuket
Police yesterday apprehended a man after he attempted to break into a bank branch and managed to forcibly open a passbook updating machine in Baan Lipon, Srisoonthorn, Phuket. An automatic security alarm alerted the police to the break-in at the Bank for Agriculture and Agricultural Cooperatives in Baan Lipon, Moo 7, Srisoonthorn, at 11pm. Thalang police responded promptly, arriving to…
- Crime News
Gunman fires shots at Yala bank, no injuries reported
A gunman fired five shots at a bank in Bannang Sata, Yala, without causing any injuries. Police are investigating and pursuing the suspect, believing it to be a staged daily situation. Police Lieutenant Anan Suwannachatri from Bannang Sata Police Station in Yala received a report of a shooting at a local bank branch. On arriving at the scene with a…
- Thailand News
Thai cyber police bust fraud gang posing as Citibank
Thai cyber police dismantled a fraud network posing as a well-known bank, luring victims with promises of high returns on minimal investments. A victim lost over 1.1 million baht after being deceived by the scam. A stranger contacted the victim via the LINE messaging app yesterday, sending a link that led to an advertisement claiming to be from Citibank. The…
- Thailand News
Foundation urges more funds to aid Thai debtors’ repayments
The Supha Wongsena Foundation For Debtors’ Rights Reform has called on the government to allocate more funds to the Land Bank Administration Institute to assist individuals in repaying their debts. This appeal was made during a seminar aimed at finding solutions to household debt, organised by the Department of Special Investigation (DSI) at the DSI Academy in Nong Chok district…
- Business News
Thai central bank to cut rates as US economy slows
The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…
- 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
CIMB promotion offers increased interest rates for saving accounts
CIMB Thai is offering a new range of savings accounts with increased interest rates until the end of July. Beginning on June 1, CIMB Thai customers who open a ‘Speed Savings Account’ will receive an increased bonus interest rate to help grow their savings. Each savings account will receive a base interest rate adjusted based on the total amount of…
- Thailand News
Foreign minister: China’s banking giant to boost tech investment
Thailand’s Minister of Foreign Affairs Maris Sangiampongsa met with Ge Haijiao, Chairman of the Bank of China, on Wednesday, July 10, during his official visit to China. The meeting, held to bolster Thai-Chinese economic ties, saw the presence of Pongsarun Assawachaisophon, Deputy Secretary-General to the prime minister. In a strategic pitch, Maris extended an invitation to the Bank of China to…
- Business News
Robinhood app to cease operations on July 31, SCB announces
Thailand’s beloved Robinhood application will cease operations on July 31, as announced by Siam Commercial Bank (SCB) yesterday. Offering commission-free food delivery, hotel booking and various other services, Robinhood announced that they have fulfilled their mission of supporting riders and small businesses during difficult times. SCB X Plc, the holding company for SCB and its affiliates, stated that Robinhood had…
- Business News
Finance Ministry to fast-track NPL debtor blocklist removal
The Finance Ministry is set to engage in discussions with the Bank of Thailand and the National Credit Bureau (NCB) to address the issue of non-performing loans (NPLs) caused by the Covid-19 pandemic, specifically targeting Code 21 debtors. The aim is to expedite the removal of these debtors from the bureau’s blocklist, enabling quicker access to credit. Deputy Finance Minister…
- Business News
Revved up: Thai used car market set to accelerate
The used car market in Thailand is poised for growth in the latter half of this year as financial service providers may ease lending criteria for prospective buyers. According to the President of the Association of Used Cars, Vichai Suwanasilar, this development follows discussions about stringent loan conditions. “We talked about lending with banks and finance companies, which affects the…
- 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…
- Thailand News
Monitor lizard causes disruption at Nakhon Ratchasima bank
A large monitor lizard caused a stir at a prominent bank in the early hours of this morning, prompting police and bank staff to intervene. Despite orders to stop, the reptile remained uncooperative. The lizard, weighing 20 kilogrammes, was eventually captured and released back into the wild. At 8.30am yesterday, Deputy Traffic Inspector of Phimai Police Station, Suphanroj Imwiset, was…
- Thailand News
NBTC rings changes: Task force to dial down online banking scams
The National Broadcasting and Telecommunications Commission (NBTC) has established a working group to enforce a new policy aimed at preventing online scams targeting mobile banking users. This policy mandates that the name used to register a mobile phone SIM card must match the name of the bank account holder connected to the internet via that SIM card. This policy had…
- 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
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Thailand News
Chinese man discovers forgotten bank deposit of 1.5 million baht
A 70 year old Chinese man recently discovered a long-forgotten bank deposit of 1.5 million baht, originally made 20 years ago, that had accumulated a significant amount of interest. Managing personal finances varies from person to person but it’s critical to remember where your savings are deposited. A 70 year old man from China received a phone call from his…
- China News
Young girl amasses over 50,000 baht in locked piggy bank
A young girl’s diligent savings efforts culminated in an unexpected revelation when firefighters were summoned to unlock her iron piggy bank, discovering over 50,000 baht inside. The heartwarming incident unfolded in the southwestern Chinese province of Yunnan, where the young saver had persistently deposited money received from adults over four years into the rectangular iron bank, which lacked a withdrawal…
- Business News
Bangkok’s BAM anticipates drop in bad debt auction prices in 2024
Bangkok Commercial Asset Management (BAM), a prominent player on the Stock Exchange of Thailand (SET), anticipates a decrease in auction prices for bad debt sales in 2024 due to a rising supply amid economic sluggishness. The financial institutions are expected to face increased challenges with the escalation of distressed debts, influenced by depreciating auction prices for both non-performing loans and…
- Business News
Vietnam cuts bank stake limits to curb market manipulation risks
Vietnam’s legislature passed a resolution to decrease the maximum stake investors can own in domestic banks. Coming into force in July, the law will limit the equity held by institutional investors, such as pension or investment funds, to 10%, down from the current 15%. The adjustment has been made in an attempt to mitigate the risk of market manipulation. This…
- Thailand News
Bank of Thailand resists calls for policy adjustments amid economic slump
The Bank of Thailand (BoT) countered government calls for monetary policy adjustments to stimulate the country’s slumping economy. Piti Disyatat, BoT Assistant Governor, stated today, January 15, that interest rates, already quite low compared to global standards, are not the solution to an economy being pummelled by external factors like dwindling global demand. Piti emphasised that the country’s lacklustre economic…
- Business News
Thailand banks break the ice: Freezing loan rates to thaw financial stress
Thailand’s state-run banks have taken a bold step to counteract high interest rates by freezing their loan rates. This move has been initiated to assist low-income earners and small to medium-sized enterprises (SMEs), as disclosed by Vitai Ratanakorn, who holds dual roles as president and chief executive of the Government Savings Bank (GSB). The GSB, which currently services six million loan…
- Business News
World Bank revises Thailand’s economic growth forecast due to export contraction
The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption. A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World…
- Business News
Banking on change: Thai banks raise policy rates to woo depositors with digital deals
Following the Bank of Thailand‘s decision to hike its policy rate by 0.25 percentage points, banks are now increasing both their loan and deposit rates. In a bid to attract depositors, special rates are being offered on digital savings products. Siam Commercial Bank (SCB), the country’s fourth-largest lender by total assets, has acted promptly to the central bank’s policy rate…
- Thailand News
Krungsri Bank anticipates Thai baht fluctuation amid global market developments
The Global Markets team at Krungsri Bank predicts a movement in the Thai baht this week within the range of 35.40 to 36.00 baht per US dollar. Last week, the baht closed weaker at 35.79 baht per US dollar after trading in the range of 35.43 to 35.82 baht per US dollar. The dollar strengthened against the euro but held…
- Crime News
Online fraudsters prompt Thailand’s DES Minister to call for halt on unauthorised bank transactions
Thailand’s Minister of Digital Economy and Society (DES) strongly urged banks to halt unauthorised transactions following a request by their customers. This suggests an effort to mitigate the financial damages inflicted by online fraudsters on unsuspecting victims. The directive comes in light of the recent enactment of the Royal Decree on Cyber Crime Prevention and Suppression, which came into effect…
- World News
UBS set to complete Credit Suisse takeover, creating $1.6tn Swiss banking giant
Today, UBS announced its expectation to finalise the acquisition of Credit Suisse by June 12, forming a colossal Swiss bank with a US$1.6 trillion balance sheet. The completion of the takeover is contingent on the registration statement being declared effective by the US Securities and Exchange Commission and other remaining closing conditions. “UBS expects to complete the acquisition of Credit…
