Bank
- 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A 70 year old Chinese man recently discovered a long-forgotten bank deposit of 1.5 million baht, originally made 20 years ago, that had accumulated a significant amount of interest.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…
- Business News
LH Bank reveals strategy for mid-sized status by 2030
Land and Houses Bank (LH Bank), the financial subsidiary of property giant Land and Houses Plc (LH), unveils its ambitious plan to become a mid-sized bank by 2030. The bank’s strategy is founded on robust loan growth and an increasing income stream. LH Bank’s five-year business strategy involves a comprehensive restructuring of its loan portfolio, aimed at driving loan expansion…
- 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
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
Thai bankers reassure on mobile banking security following fraud incident
The Thai Bankers’ Association (TBA) has reassured its customers about the security and stability of mobile banking applications. The affirmation follows the recent arrest of a software programmer who developed a tool capable of bypassing facial recognition technology for transactions above 50,000 baht. It is mandatory for mobile banking users wishing to transfer between 50,000 baht and 200,000 baht per…
- 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
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…
- Business News
Kasikornbank’s ASEAN ambitions grow: Eyes on Home Credit Vietnam
Kasikornbank (KBank), the second-largest lender in Thailand by total assets, is in preliminary discussions to acquire consumer finance provider Home Credit Vietnam. This move is part of KBank’s ASEAN business expansion. Home Credit Vietnam belongs to the Netherlands-based non-bank financial institution, Home Credit Group, which is planning to offload its ASEAN businesses. KBank executive vice-president Pattarapong Kanhasuwan revealed the deal…
- 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…
- Business News
HSBC Thailand seeks licence, raises capital for local business expansion
In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster…
- Business News
Bank of Japan to maintain ultra-loose policy, downplays change expectations
The Bank of Japan’s Governor, Kazuo Ueda, has stated that the central bank will continue to maintain its ultra-loose monetary policy, as there remains a significant gap to achieve the 2% inflation target sustainably. Ueda’s comments downplay the expectations of a policy change in the near future. He told parliament, “We expect inflation to quite clearly slow below 2% toward…
- 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…
- Environment News
Phuket government promotes solar energy with low-interest loans
In an effort to encourage more renewable energy use and lessen environmental impact, the Government Savings Bank of Thailand has unveiled the GSB Go Green loan. By providing financing for the installation and purchase of solar panels and other energy-efficient equipment, the bank aims to ease household energy costs in the country while helping to reduce global warming. Withai Rattanakorn,…
- Thai Life
Thailand: Check your 20 baht bills, they might be worth more than you think…
A Thai coin and banknote collector is offering big cash for a rare kind of 20 baht bill that could be in anyone’s wallet in Thailand. Some of the new plastic polymer 20 baht bills which entered circulation last year were printed without a vertical line on the left-hand side, as seen in the picture. “Gig” the rare money collector…
- Crime News
Coffee shop conned by in-person overpayment scam
A coffee shop in Bangkok learned the hard way about a new twist on the classic overpayment scam. They somehow did not suspect the con when a smartly dressed man entered their shop and placed an order for a whopping 550 coffees, put into bottles. An overpayment scam is when somebody makes a payment for more than the actual cost…
- Thailand News
Shopee stops all bank payments after hackers steal from customer in Thailand
E-commerce platform Shopee announced a permanent end to purchases made by bank payment starting today onwards. The decision comes after a customer in Thailand was hacked via Shopee and lost tens of thousands of baht from a bank account linked to the app. The hackers allegedly used the Shopee app to get into bank accounts and transfer money without even…
- Thailand News
Thailand to postpone new cash deposit machine rule after backlash
The implementation of Thailand’s new cash deposit machine (CDM) rule will be postponed after customers complained it would cause unnecessary inconvenience and extra fees for people who do not use credit/debit cards. The new rule will require anyone depositing money into their bank account using a CDM in Thailand to verify their identity with their debit/credit card and PIN. The…
- Hot News
Weakening baht is in focus as meeting called to discuss its impact
The Bank of Thailand is scrambling to find the sources behind the weakening baht as a meeting is called to discuss its impact. Finance Minister, Arkhom Termpittayapaisith, says the depreciating currency is adding to the inflationary pressures and is vowing to determine whether the decline is linked to the country’s economic fundaments. The Finance Ministry is set to hold talks…
- Technology News
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…
- World News
Kasikornbank bank buys 67% of Indonesian bank, Bank Maspion
One of Thailand’s premier banks, Kasikornbank, has purchased majority shareholding in Indonesian bank, Bank Maspion, for US$220 million. The agreement should be completed by the end of the year, with Kbank owning 67.5% of Maspion shares. Two years ago, rival competitor Bangkok Bank splashed almost US$2.3 billion baht in an Indonesian bank, Bank Permata. Following a plan to spend US$20…
- Travel
City Guide: How to open a bank account in Thailand 2022
Opening a bank account in Thailand is important if you’re going to stay here for the long run. Expats frequently have trouble opening a bank account or are uninformed about the process. This’s where we come in… Having a Thai bank account can help you manage your finances more effectively, including sending and receiving money from overseas. Obviously, it’s necessary…
- Thailand News
Farmers sleep on the streets of Bangkok for 42 days calling for action on debt
Farmers from all over Thailand are sleeping under a busy expressway in Bangkok to call on the government to solve the problem of farmers’ debt. So far, the protestors have slept on the streets for 42 nights. The farmers request that their debt be transferred from central government banks, which charge high interest rates, to the Farmers’ Rehabilitation and Development…
- Thailand News
Say goodbye to your PayPal account from March 7, services to relaunch in Thailand
Got a PayPal account? Withdraw your remaining balance into your bank account. PayPal is relaunching its services in Thailand. Starting next month, customers in the country will not be able to use their PayPal wallets to shop online. They will also not be able to make a new account until further notice. Casual sellers and entrepreneurs of non-registered businesses will…
- World News
Citi to sell consumer banking business in Southeast Asia to Singapore’s United Overseas Bank
Citigroup announced on Thursday its agreement to sell its consumer banking operations in Thailand, Malaysia, Indonesia and Vietnam to United Overseas Bank (UOB) for approximately US$2.97 billion. UOB stated that as part of the agreement, it will acquire Citi’s retail deposit divisions, loan portfolios and wealth management, in the four countries’ consumer banking sectors. “We are excited to announce this…
- Crime News
Huge pyramid scheme and scam uncovered involving 1000s of people | VIDEO
Tens of thousands of people across Thailand woke up over the past 24 hours that they have been victims of a dodgy online money-making app concocted by the “SPM Shopping Mall” through the website www.shopping.baironghj.com This is roughly how it works… Victims would transfer money to to a Thai account… all online. The app promised returns of up to a…
- Pattaya News
UPDATE: “Hundreds” of investors caught in alleged Kasikorn Bank branch fraud in Pattaya
CORRECTION: In an earlier story about this case we referred to a Chinese man losing 130 BILLION baht in the scheme. The amount was actually 130 MILLION baht. We apologise for the error. Hundreds, perhaps more than 400, investors have been allegedly defrauded by an assistant bank manager at a Kasikorn bank branch in Pattaya. The assistant manager, named in…
- Crime News
Man arrested for allegedly robbing 500,000 baht from Bangkok bank
Police arrested a man for alleged armed robbery at a Government Housing Bank in Bangkok. 46 year old Phaiboon Sara allegedly used a gun to threaten bank tellers and take off with 500,000 baht in cash. Police reviewed the bank’s security camera footage and tracked down Phaiboon, arresting him at his home in Samut Prakan. Phaiboon allegedly told police that…
