Banks
- Thailand News
Thai banks fuel Myanmar’s bloodshed: UN
Thai banks have become the main financial lifeline for Myanmar’s military government, enabling it to buy goods and equipment for its brutal campaign against pro-democracy resistance and ethnic minority groups. This revelation comes from a UN report released yesterday, June 26, by Tom Andrews, the UN special rapporteur on the situation of human rights in Myanmar. The report details how…
- Business News
Vietnam considers ceasing decade long gold import ban
Vietnam may soon allow companies to import gold for the first time in over a decade. Aiming to bridge the gap between local prices and international benchmarks, this development comes as the Vietnam Gold Traders Association (VGTA) continues its extended discussions with the government to address the supply and demand imbalance for gold. Huynh Trung Khanh, vice chair of VGTA,…
- 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…
- Business News
Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
- Business News
BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
- Thailand News
PM Srettha discusses interest rate cuts with bank chiefs
Prime Minister Srettha Thavasin convened a meeting with top executives from four major banks to discuss potential interest rate reductions aimed at aiding vulnerable groups within the country. The discussions took place at the Government House at 9am today just before the weekly Cabinet meeting. PM Srettha, who also serves as Finance Minister, sought cooperation from the leaders of both…
- Thailand News
Counterfeit 1,000-baht notes found in central and east provinces
Counterfeit 1,000-baht notes have hit businesses hard in two provinces, with shop owners in Samut Songkhram and Ratchaburi reeling from the circulation of fake currency. A warning has been issued to the community, along with guidance on how to distinguish between genuine and counterfeit banknotes. This follows a social media alert in Samut Songkhram Province about the spread of fake…
- Business News
SCB X Plc set to acquire Home Credit’s Vietnamese operations
Thailand’s largest bank by market value, SCB X Plc, is reportedly on the brink of securing a deal to acquire the Vietnamese operations of consumer lender, Home Credit. The transaction, which could be worth up to US$900 million, is expected to be announced within the week, say sources familiar with the proceedings who wish to remain anonymous due to the…
- Thailand News
Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
- World News
Italian banks face US$10 billion loss as new tax rattles market
An unforeseen tax on banks’ extraordinary profits, instigated by Italy’s conservative regime, has taken markets by surprise, causing an approximately US$10 billion decline in Italian lenders’ market value. The proclamation came late Monday night from Matteo Salvini, the Deputy Prime Minister, stating a 40% levy on excess gains from banks would be levied as part of a comprehensive decree ratified…
- Business News
TTB to tackle household debt and promote ESG standards
Piti Tantakasem, Chief Executive of TMBThanachart Bank (ttb), insists that tackling high levels of household debt should be a priority on the national agenda. Piti made known that he is poised to tackle the issue, given his leading role within the household debt resolution team set up by the Thai Bankers’ Association (TBA). Alongside the central bank and other pertinent…
- Business News
Thai state banks raise interest rates after central bank policy hike
Following the Bank of Thailand‘s recent policy rate increase, state banks, including the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC), have raised interest rates for loans and deposits, with deposit rates exceeding loan rates. Vitai Ratanakorn, GSB’s president and chief executive, stated that after the central bank’s policy rate increased by a quarter percentage…
- Business News
Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
- Business News
Thai Bankers’ Association considers new fee structure for industry
The Thai Bankers’ Association (TBA), which represents the banking industry in the country, is contemplating the introduction of a new fee structure in response to increasing operating costs. Banks are planning to take into account expenses from traditional and digital banking services while finalising the updated fee structure. This will be done in conjunction with the Bank of Thailand. The…
- 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
Banking job boom and surging salaries in Saudi Arabia
Despite ongoing global financial challenges, Saudi Arabia is experiencing a significant surge in banking jobs and salaries. This growth is attributed to the ambitious economic expansion plans by Crown Prince Mohammed Bin Salman, who is utilising oil sales revenue to transform the nation’s economy. With over US$600 billion worth of assets, Saudi Arabia’s Public Investment Fund is hiring swiftly, attracting…
- World News
Banks deny wrongdoing in Jeffrey Epstein lawsuit
Two major banks are denying any legal responsibilities in Jeffrey Epstein’s sex trafficking after two victims filed lawsuits against them. American bank JPMorgan Chase and German-based Deutsche Bank requested that the federal court drops the suit that claims the banks should have known of Epstein’s illegal sexual escapades and therefore bear some responsibility for the abuse that occurred. Epstein was…
- 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 video news
Thailand News Update | Thai suicide rate skyrocketed during pandemic
On Saturday, Thailand’s Department of Mental Health has reported the drastic impact of Covid-19 on mental health, with its director-general revealing that the suicide rate in Thailand is 5.9 times what it was in pre-Covid days.The department’s data found that people are 2.1 times more likely to develop stress, and 4.8 times more likely to develop depression, than they were…
- Technology News
Digital literacy a must for bank card holders after recent cyber fraud incident
In light of the recent cyber fraud incident, in which 40,000 people were victimised in Thailand, a cybersecurity expert is emphasizing the need for digital literacy. Prinya Hom-anek, president of the ACIS Professional Centre, an IT security consulting service, says bank card holders are the most vulnerable in the payment ecosystem. This vulnerability sees criminals targetting the group first, as…
- Economy News
Thai household debt expected to keep rising- Kasikorn Research
Despite rolling out Covid-19 vaccines, in which could see a faster return to pre-Covid times, Thailand’s household debt is expected to keep rising. Kasikorn Research analysts say it could, in fact, reach 89-91% by the end of the year. In a recent survey, KResearch says 10.8% of respondents could be stuck in a financial crisis. Of those who may be…
- World News
UPDATE: Burmese Coup: Myanmar’s banks told to close “because of internet problems”
All Burmese bank branches have been closed across Myanmar today after the bloodless military coup this morning. The Burmese army have declared a state of emergency for the next 12 months and have arrested and detained de facto civilian leader Aung San Suu Kyi, along with other National League for Democracy politicians. The country’s banking association made an announcement this…
- Thailand News
Thailand News Today | Visa amnesty, sealing Burmese border, Thai airways creditors | September 24
Latest update for September 26 deadline of visa amnesty. Deadline set for THAI creditors A date has now been set for creditors to recover their money from Thai Airways. Applications for debt repayment through corporate bonds started yesterday. Applications filed by private individuals are being received at the Securities and Exchange Commission office in Bangkok. The deadline for applications is…
- Thailand video news
Thailand News Today | Surachet sues, The Nude Panda | September 23
Daily TV News from The Thaiger Former immigration chief, “Big Joke” suing Thai PM over transfer The former head of Thai Immigration, and poster boy for Thai officialdom, Surachet Hakparn, is taking legal action against Thai PM Prayut Chan-o-cha, after the PM had him unceremoniously transferred to an inactive post last year. Surachet, commonly known by the nickname “Big Joke”,…
- Covid-19 News
400 billion baht stimulus announced to boost Thai economy
“The package will inject an estimated 400 billion baht into the economy in a bid to return growth to positive territory.” Yesterday’s Thai cabinet meeting gave the greenlight to a new stimulus package. The government expects the approved 400 billion baht to reduce the impact of the Covid-19 coronavirus outbreak. Last week’s 2,000 baht cash stimulus proposal, which was largely…
- Business News
SE Asian banks slowly giving way to e-payments and payment apps
PHOTO: starbucks.com That cold, hard cash in your pocket, and the traditional shop-front banks that give it to you, are slowly being phased out and replaced with e-payments. It’s now expected that traditional banks in South east Asia will miss out on as much as US$5 billion, or 14.3% of their payments revenue by 2025. A report says they are…
- Property
Stricter controls and paperwork putting brakes on residential property market
The honorary president of the Thai Housing Business Association, Atip Bijanonda, is tipping the local residential market may fall by up to 10% this year starved of economic confidence, the global economic slowdown and the loan-to-value limits. But he also believes the situation is far from the situation leading up to the 1997 economic collapse. The Greater Bangkok residential market…
- Business News
Bank of Thailand cuts policy rate, to 1.5%
The Bank of Thailand’s Monetary Policy Committee has made a surprise decision today to cut the policy interest rate amid pressure to avert an economic slowdown and hedge the heightened trade war between the US and China. The MPC cut the interest rate by only 25 basis points to 1.5 %. But the cut is significant. Of the seven-member committee,…
