finance
- Thailand News
Phuket savings group ex-loan officer nabbed for 12 million baht embezzlement
The former loan officer of a savings group was arrested by police in a Phuket restaurant on charges of forging loan documents, fabricating account data, and embezzlement of over 12 million baht. The arrest of the 44 year old woman named Arwarran, made under the jurisdiction of Narathiwat Province’s court, follows a complaint lodged in 2020 by more than 50…
- 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…
- World News
Thai baht and Singapore dollar battle for strongest regional currency
China is reopening its borders, pushing economists to predict that an influx of Chinese tourists to Thailand will propel the Thai baht into Southeast Asia’s reigning currency in 2023. But the baht has one regional competitor: the trusty Singapore dollar. Thailand’s economy heavily depends on tourism revenue. In 2019, Chinese tourists made up over 40% of the 40 million tourist…
- Economy News
Thai baht soars to six-month high against US dollar
The Thai baht opened at 34.78 against the US dollar today, strengthening from yesterday’s close of 35 to a six-month high. The baht’s sudden rise is down to the Bank of Thailand’s (BOT) hiking the policy rate by a quarter point earlier this week. The BOT remains committed to a gradual monetary tightening policy, raising the policy rate from 1%…
- World News
US Federal Reserve hikes up interest rates again
The United States Federal Reserve approved yet another aggressive interest rate hike yesterday in their quest to combat persistent inflation which is at a 40-year high in America. It is the fourth consecutive 0.75% interest rate hike approved this year. The central bank has raised the policy rate from near zero in March to what is now between 3.75-4%. It…
- 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…
- 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…
- Thailand News
Cryptocurrency ban in China fuels Thailand’s crypto mining boom
China’s recent ban and crackdown on cryptocurrency has fuelled a cryptocurrency mining boom in Thailand as small investors quickly buy up the equipment that are now useless in China. In September, China’s central bank declared all digital currency trading and mining illegal. Some of the largest Bitcoin mining operations in the world relocated while many smaller miners are now selling…
- Best of
Top 5 Tax Firms in Thailand
As a busy professional, maintaining your tax affairs may not be at the top of your daily list. However, whether it be personal or professional wealth, completing your financial statements and complying with tax regulations is essential. This is complicated even further if you’re an expat living in Thailand as you’ll have to navigate an unfamiliar tax system in new…
- Thailand News
New Covid-19 wave could cause the Thai economy to lose 100 billion baht per month
With more than 18,000 Covid-19 cases in 22 days, the new wave of infections may have a dramatic impact on the Thai economy… possibly a 100 billion baht loss per month, according to the University of the Thai Chamber of Commerce. They say the outbreak is likely to primarily impact the service sector and the number of workers is expected…
- Economy News
Thai baht performs worst of all Southeast Asian currencies
Among common currencies in Southeast Asia, the Thai baht was the worst performing in the first quarter of 2021, mostly due to Covid-19’s effect on tourism in Thailand. This week the baht hit its lowest point in half a year, falling 4% against the US dollar to 31.24. The decline was the sharpest in all of the Southeast Asian nations.…
- Thailand News
Bank of Thailand wrestles with cryptocurrency adoption
The Bank of Thailand is wrestling with cryptocurrency – how to adopt its usage and how to regulate it in the face of growing popularity, along with all the dynamics surrounding the new ‘currencies’.. The BOT admits they’re struggling with balancing the innovation in the financial world and protecting investors in a volatile and unstable market. Digital currency fluctuates much…
- Economy News
Bankruptcy Court approves Thai Airways debt restructuring plan
The Central Bankruptcy Court approved Thai Airways International’s debt restructuring plan. An official says the approval is just a “tiny step” in the process estimated to take years. With the approval, the international airline company can now start discussions with debt holders. The 60 year company is reportedly facing its biggest challenge: bankruptcy during a global pandemic with international travel…
- Economy News
Thai economy shrinks, pandemic to blame
The Thai economy is shrinking. A lot. So much that it’s close to hitting as low as it did in the 1998 financial crisis. Some say the coronavirus pandemic is to blame. For the second quarter, the Thai economy shrank by 12.2%, the National Economic Social Development Council says. That’s just a few decimal points away from a low in…
- Economy News
Somkid outlines a bright future for Thai economy
Thailand is poised to soar in the global market with heightened investment attraction and a massive budget earmarked to rejuvenate the economy in the fourth quarter, as the Covid-19 pandemic eases, according to Deputy Prime Minister Somkid Jatusripitak. Mr Somkid says the government also plans to enhance financial cooperation with China and Hong Kong that will lead to business expansion…
- Tourism News
Covid-19 crisis sees nearly 100 Koh Samui hotels put up for sale
The economic devastation of the Covid-19 pandemic on Thailand’s tourism and hospitality sectors has been inestimable, with foreign arrivals banned since March and hotels nationwide ordered shut in April. Some around the country have since re-opened but nearly 100 hotels on the tourist island of Koh Samui are now for sale. The president of the Tourism Association of Koh Samui…
- Transport News
Thai Airways should file for bankruptcy: former finance minister
A former Finance Minister is proposing that Thai Airways formally file for bankruptcy, so the troubled national flag carrier can use the protection of the country’s bankruptcy law to begin rehabilitation. Kla party leader Korn Chatikavanich maintains that this is a “golden opportunity” for the financially battered airline to enter administration, under the bankruptcy process, and clear the way for real,…
- Covid-19 News
100 billion baht fund in the works for small businesses
A pay cheque might be on the way for small businesses that kept paying their employees, despite loss of business from the pandemic. An up to 100 billion baht fund, or 3 billion USD, is planned to be set up to help Thailand’s small businesses, according to Reuters. Deputy PM Somkid Jatusripitak said assistance from the Finance Ministry will be for…
- Covid-19 News
Computer says no. Finance ministry refuses two-thirds of stimulus applicants.
Only 9 million Thais have been considered eligible in the latest package rolled out by the Finance Ministry. About 27 million registered for the emergency aid program to provide 5,000 baht per month for at least three month. Now the two-thirds who were initially refused the package after initial computer screening are asking why and fronting up to the Finance Ministry…
- Covid-19 News
Government doubles cash stimulus period for informal workers
The Thai government is doubling the period of monthly cash handouts for “informal workers,” from 3 months to 6. Finance Minister Uttama Savanayana made the announcement after yesterday’s weekly Cabinet meeting. The government initially only planned to provide cash to 3 million people for 3 months. The new stimulus marks a huge investment by the Thai government to keep the…
- Covid-19 News
Government says they won’t allow Thai Airways to collapse
“All rumours about a lay-off aren’t true. News involving Thai Airways that didn’t come from the Finance Ministry should be considered false.” Thailand’s deputy PM Somkid Jatusripitak says the government won’t allow its struggling national airline Thai Airways to collapse. He dismissed rumours of impending lay-offs due to the virus outbreak. Thai Airways has been a financial basket-case for the…
- Covid-19 News
Third stimulus package coming, valued at 500 billion baht
Thailand’s economy has been hit hard by the Covid-19 coronavirus pandemic, as it’s heavily reliant on exports and tourism. As of yesterday, Thailand had reported 1,524 cases of coronavirus and nine deaths as a result of the outbreak. So the finance minister yesterday announced a new stimulus package valued at more than 500 billion baht to alleviate the impact. The…
- Economy News
Thai exports figures rise in January
Whilst there’s been plenty of economic challenges around for Thailand, including the high Thai baht and a levelling out of tourist arrivals, exports for January 2020 unexpectedly rose according to ministry figures. It’s the first rise in six months, and an increase of 3.35% from the exports 12 months earlier. The customs-cleared export numbers have been boosted by higher shipments…
- World News
Grab creates finance and payments revolution in Southeast Asia
PHOTO: Grab.com While Southeast Asia’s economy shows huge potential for growth, around 73% of the population still doesn’t have a bank account, severely limiting the upward mobility of both individuals and organisations. Enter Grab, the ride-hailing app, which is introducing a range of financial services in Singapore, including micro-insurance for small to medium sized companies, and post-paid products. Instead of…
- Politics News
Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
- Business News
Somkid blames sluggish formation of Thai government for GDP downgrading
Deputy PM Somkid Jatusripitak is saying the delay in forming Thailand’s next government caused the downgrading of the country’s GDP projections from 3.8% to 3.3%. The Bank of Thailand downgraded their forecasts at a meeting this morning. But Somkid noted that he was confident that Thailand’s GDP growth will pick up again once the new cabinet had been announced and…
