Banks
- Thailand News
GHB to launch loan app offering 8,000 to 1 million baht loans
The Government Housing Bank (GHB) is set to launch an application-based loan service aimed at small businesses, offering loans ranging from 8,000 to 1 million baht, with interest rates as determined by the Bank of Thailand (BoT). The Director of GHB, Withai Rattanakorn, announced that by next year, the bank targets to accelerate plans to enhance social support and long-term…
- Thailand News
Crackdown on financial crimes suspends 34,000 bank accounts
The Thai Bankers Association (TBA) announced a significant crackdown on financial crimes, blacklisting 15,000 individuals and suspending 34,000 bank accounts linked to call centre scams. TBA Chairman Payong Srivanich revealed today, September 2, that the association’s new AI-driven system, the Cross-Reference File (CRF), uncovered over 15,000 people involved in money laundering schemes. This system, which has been analysing data from…
- Thailand News
Thai banks deny funding Myanmar junta’s weapon purchases
Foreign Minister Maris Sangiampongsa issued a strong rebuttal to accusations from Move Forward Party (MFP)-list MP Rangsiman Rome, categorically denying that Thai banks or the government are involved in supporting weapons procurement for the Myanmar junta. These remarks follow a report from the Office of the United Nations High Commissioner for Human Rights in late June, which claimed Thai banks…
- Business News
Thailand tackles household debt crisis, slow economic recovery
The Economic Cabinet directed the Finance Ministry and the Bank of Thailand (BoT) to quickly address household debt issues, focusing on bad debts in housing, cars, motorcycles, credit cards, and student loans, amid an economy still showing sluggish recovery signs. Finance Minister Pichai Chunhavajira, after the economic ministers’ meeting chaired by Prime Minister Srettha Thavisin, stated that the premier instructed…
- 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
Exim Bank of Thailand grows 7.05%, focusing on green lending
Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…
- 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…
- Business News
Invest in foreign bonds, REITs, healthcare, and tech stocks for 2024, advises Tisco bank
Tisco Bank’s Head of Wealth Advisory, Nattakrit Laotaweesap, advises investors to focus on foreign bonds, real estate investment trusts (REITs), and healthcare and technology stocks in the next year as a safeguard against potential downturns. The global economy’s pace is anticipated to decelerate next year due to the impact of tighter monetary policies, which could result in a potential downgrade…
- 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
Krungsri Auto targets 1/3 EV lending market share amid 203% growth forecast
Krungsri Auto, a leading automotive finance company under the Bank of Ayudhya, is targeting a one-third market share in electric vehicle (EV) lending this year. The firm anticipates a 6% decline in new motorcycle sales, amounting to 1.7 million units, mainly due to a high base effect. Out of these, 30,000 units are expected to be electric motorcycles, an increase…
- 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
JPMorgan Chase swoops in to buy US crisis bank First Republic
US financial authorities seized California’s struggling First Republic Bank on Monday and sold it to JPMorgan Chase, hoping to bring stability to a banking crisis that has rattled the financial system. First Republic, following the disclosure of a loss of over US$100 billion in deposits in the first quarter, became the second-largest bank by assets to collapse in US history.…
- 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…
- Crime News
Banks confirm refunds to recent cyber fraud victims
After the recent cyber fraud scam that affected at least 40,000 individuals in Thailand, banks are now confirming that they will refund money to such victims. The scam saw small amounts of online withdrawals through hacking users’ debit and/or credit card information. Payong Srivanich, chairman of the Thai Bankers’ Association, says banks will pay back money to the victims of…
- 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
Four major banks close branches for the weekend to prevent crowds
Four of Thailand’s biggest commercial banks are closing all branches over the weekend to promote social distancing and fight the spread of the Covid-19. Kasikornbank, Siam Commercial Bank, Krungthai Bank and TMB-Thanachart Bank announced yesterday that they would close all branches nationwide today and tomorrow (Saturday and Sunday). Electronic services will remain available. Krungthai Bank’s announcement said the decision was…
- 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…
