Bank
- Thailand News
Former bank officer arrested in Nakhon Sawan for 500k fraud
The Anti-Corruption Division of the police, in collaboration with the Public Sector Anti-Corruption Commission, apprehended a former state bank officer involved in defrauding locals of half a million baht. The suspect faces charges at the Criminal Court for Corruption and Misconduct Region 6 today, December 4. Police Major General Jaroonkiat Pankaew, Deputy Commissioner of the Central Investigation Bureau (CIB), and…
- Thailand News
Scammer in Thailand caught calling dead woman’s phone
A scammer impersonating a bank official made a call to a dead woman’s phone, only to be confronted by her son. The incident highlights the persistent issue of telephone fraud, where scammers impersonate government or bank officials to deceive people into revealing personal information or transferring money. In this particular case, the female scammer called the number of 80 year…
- 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…
- 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…
- Business News
New Thai bank licences grapple with early profitability challenges
The winners of the Bank of Thailand’s virtual bank licences are expected to face significant challenges in achieving profitability in the initial years, as the industry typically experiences high cash burn during the first five years, according to KGI Securities. Siam Commercial Bank (SCB) is projected to benefit the least from a virtual bank licence compared to other Thai banks…
- 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…
- 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
Thai banks brace for rising credit risk amid global uncertainties
Large local banks foresee their corporate clients grappling with significant challenges in the second half of the year due to global uncertainties and concerns over a potential US recession. Banks aim to manage asset quality to mitigate rising credit risk among certain customer segments. The Chief Executive of Siam Commercial Bank (SCB), Kris Chantanotoke, highlighted that some corporate customers will…
- 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…
- 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…
- Thailand News
Thai man demands bank accountability after 100k ATM malfunction
A Thai man demanded that a bank take action and responsibility after he lost 100,000 baht in cash due to a malfunction at an automated teller machine (ATM) in Nonthaburi province near Bangkok. The victim, 29 year old Dunlathorn, filed a complaint with Mueang Nonthaburi Police Station regarding the loss. He explained that as a lottery seller, he had deposited…
- 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
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
Mobile banking to operate normally during verification
The National Broadcasting and Telecommunications Commission (NBTC) clarified today that mobile banking services will continue to operate as usual on May 27. The NBTC, in collaboration with the Anti-Money Laundering Office (AMLO) and commercial banks, aims to ensure that mobile numbers linked to bank accounts are properly verified to tackle issues related to fraudulent SIM cards and mule accounts. The NBTC…
- 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…
- 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
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…
- 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
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…
- 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…
