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  • Business NewsLH Bank targets doubling Taiwanese loan portfolio within five years

    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 NewsHigh demand for GSB soft loan scheme reaching 80 billion baht

    High demand for GSB soft loan scheme reaching 80 billion baht

    A government-administered soft loan scheme through the Government Savings Bank (GSB) has seen significant initial interest, with demand reaching 70-80 billion baht out of a total of 100 billion baht, according to Finance Minister Pichai Chunhavajira. During the signing ceremony for the memorandum of understanding for the GSB Boost Up scheme aimed at supporting small and medium-sized enterprises (SMEs), Pichai…

  • Business NewsThai SME bank sees non-performing loans surge to 13%

    Thai SME bank sees non-performing loans surge to 13%

    Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…

  • Thailand NewsLamphun dorm owner seeks media help to recover rent

    Lamphun dorm owner seeks media help to recover rent

    A distressed dormitory owner in Lamphun reached out to the media for help to recover rent, a loan, and a missing wall fan after police delays. Porntip Kamfubut, the owner of a dormitory in Mueang Nga subdistrict, Mueang district, Lamphun province, reported that a tenant, Chatchai, had taken a wall fan from the dormitory and failed to pay 1,500 baht…

  • Thailand NewsDeputy PM defends mammoth borrowing to jump start growth

    Deputy PM defends mammoth borrowing to jump start growth

    In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…

  • Business NewsFinance Ministry to fast-track NPL debtor blocklist removal

    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…

  • Thailand NewsInterest-ing development: Ministry slashes housing loan rates

    Interest-ing development: Ministry slashes housing loan rates

    The Ministry of Social Development and Human Security announced a significant reduction in housing loan interest rates by 0.5% for one year, aiming to support citizens during challenging economic times. Minister of Social Development and Human Security, Varawut Silpa-archa revealed this decision at a press conference at Government House at 10am today, May 28. The Community Organisations Development Institute (CODI)…

  • Business NewsFinance minister orchestrates with BoT for fiscal symphony

    Finance minister orchestrates with BoT for fiscal symphony

    Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…

  • Business NewsKrungsri aims for 7% loan growth in multinationals.

    Krungsri aims for 7% loan growth in multinationals.

    Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…

  • Thailand NewsYoung woman nabbed for running fake loan scam in Thailand

    Young woman nabbed for running fake loan scam in Thailand

    A young woman was arrested in Nakhon Ratchasima for her involvement in a sophisticated loan scam operation that duped victims into transferring money for non-existent loans. The sophistication of online financial scams and the importance of being vigilant when sharing personal information and transferring money over the Internet is been crucial these days. The police urge the public to be…

  • Business NewsThai banks’ loan jitters: ITD woes prompt provision provisions

    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…

  • Business NewsThai SMEs urged to leverage Secured Transaction Act for loans

    Thai SMEs urged to leverage Secured Transaction Act for loans

    The Thai Commerce Ministry is encouraging small and medium-sized enterprises (SMEs) to capitalise on the Secured Transaction Act. This act allows businesses to use assets with economic value, such as machinery, high-value trees, and intellectual property, as collateral for securing loans. Deputy Commerce Minister Napintorn Srisunpang made these remarks during the opening of the Business Collateral Fair. The event was…

  • Business NewsStudent Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts

    Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts

    With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…

  • Thailand NewsLoan shark takedown: Cyber cops sink teeth into predatory lending racket with jaw-dropping rates

    Loan shark takedown: Cyber cops sink teeth into predatory lending racket with jaw-dropping rates

    Cyber Crime Investigation Bureau (CCIB) police successfully dismantled a predatory lending scheme run by an unscrupulous loan shark who charged exorbitant interest rates of 50% and coerced borrowers into extreme measures to repay their debts. The operation, which took place today, was led by the head of the CCIB, along with his team, who executed a search warrant in Trang…

  • Thailand NewsThailand’s Student Loan Fund tackles 100 billion baht in bad debts

    Thailand’s Student Loan Fund tackles 100 billion baht in bad debts

    The Student Loan Fund (SLF) in Thailand has accumulated bad debts amounting to 100 billion baht (US$2,816,902,000). This is a significant increase from 2017 when the total non-performing loans stood at 60 billion baht. The SLF’s manager, Chainarong Katchapanan, attributes this surge to borrowers prioritising other repayments, such as credit card debt and mortgages, over their student loans. The SLF…

  • Thailand NewsProminent Thai loan shark arrested for illegal pawnbroking business

    Prominent Thai loan shark arrested for illegal pawnbroking business

    A 66 year old Sunthorn from the province of Nakhon Si Thammarat, known as a prominent loan shark, was arrested for running an illegal pawnbroking business, lending money with an annual interest rate of 36%. The authorities seized 31 vehicles, warning debtors that they could become criminal suspects. Yesterday, at Na Bon Police Station in the Nakhon Si Thammarat province,…

  • Thailand NewsThai widow pleads for help as loan sharks tighten grip after husband’s suicide

    Thai widow pleads for help as loan sharks tighten grip after husband’s suicide

    The recent suicide of a 60 year old woman’s husband due to mounting debt led her to plead for assistance to deal with aggressive loan sharks. The woman, known as Yay Yuphin, from Uthai Thani province, sought help from Ekaphop Luangprasert and his team from the Saimai Must Survive news page, following her husband’s death. The man had committed suicide…

  • Thailand NewsLoan sharks circle in: 65 year old business owner seeks refuge in Chon Buri

    Loan sharks circle in: 65 year old business owner seeks refuge in Chon Buri

    A 65 year old business owner in Chon Buri approached the Saaih Mai Tong Rod coordination centre at 10.40am today, seeking assistance after being ruthlessly pursued by loan sharks. The business owner, Chai, borrowed just 30,000 baht but has ended up paying over 3 million baht in interest. His lenders, a total of 29, have forced him to become a…

  • Thailand NewsLoan dispute escalates into violent altercation in central Thailand

    Loan dispute escalates into violent altercation in central Thailand

    A debtor, who had previously complained to the Crime Suppression Division about being attacked with a knife and having his teeth knocked out, has been informed that his case is not progressing. The police superintendent of Bang Bua Thong Police Station clarified that the incident was not related to illegal lending but was a case of assault stemming from a…

  • Thailand NewsIndian national arrested in Ang Thong over illegal loans in Thai baht

    Indian national arrested in Ang Thong over illegal loans in Thai baht

    An Indian national has been arrested for operating an illegal daily loan scheme in Ang Thong. The arrest followed complaints by residents to the local Justice Centre about the extortionate interest rates and violent threats from the loan shark. The investigation, conducted today, November 30, found that an Indian man, identified only as Harinda, had loaned amounts ranging from 2,000…

  • Phuket NewsPhuket man caught using fake red license plates to avoid loan payments

    Phuket man caught using fake red license plates to avoid loan payments

    Phuket Highway Police apprehended a man using counterfeit red license plates on his vehicle, following his admission that he was unable to keep up with his car loan payments. The black Toyota Vios, sporting the dubious license plates, was first spotted by officers at a Highway Police rest stop. The car was parked near a restroom, its licence plates bearing…

  • Business NewsGrab Thailand to offer million baht loans to tap into digital lending

    Grab Thailand to offer million baht loans to tap into digital lending

    Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…

  • Thailand NewsPrime time relief: Govt’s debt deal targets students, teachers, and small-biz owners

    Prime time relief: Govt’s debt deal targets students, teachers, and small-biz owners

    A fresh debt relief package aimed at several demographics, including past students embroiled in student loan repayments, teachers, and owners of small-to-medium businesses, is set to be unveiled by the government, according to Prime Minister Srettha Thavisin‘s announcement yesterday. The Bangkok-born Thai PM added that this package, which will also extend to individuals making repayments to non-banking lenders, is expected…

  • Thailand NewsThai Government Savings Bank promises low interest rates for home loans

    Thai Government Savings Bank promises low interest rates for home loans

    The Government Savings Bank (GSB), an institution committed to enabling Thai citizens to own their homes, is prepping a credit line of 45,000 million baht to offer three home loan products with fixed interest rates for the first three years, marking the end of this year. The initiative is expected to inject liquidity into the economy. According to Karm Phonprakong,…

  • Thailand NewsGovernment offers loans to Thai workers returning from Israel

    Government offers loans to Thai workers returning from Israel

    The Thai government pledged to extend low-interest loans of up to 150,000 baht to each Thai worker who has been forced to return from Israel due to the ongoing war in Gaza, Palestine. The loans aim to help Thai workers settle any outstanding debts with job brokers or to fund alternative career paths. Paopoom Rojanasakul, the finance minister’s secretary, revealed…

  • Business NewsThai banks see 0.71% loan growth as SMEs and households struggle

    Thai banks see 0.71% loan growth as SMEs and households struggle

    Thailand’s top six banks reported a meagre loan growth of 0.71% in the first three quarters of 2023, as compared to the same period in 2022. This slowdown is primarily due to reduced loan uptake by small and medium-sized businesses (SMEs) and an increase in household debt. The six banks—Bangkok Bank (BBL), Kasikornbank (KBank), Krungthai Bank (KTB), Siam Commercial Bank…

  • Business NewsThailand banks break the ice: Freezing loan rates to thaw financial stress

    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 NewsBanking on change: Thai banks raise policy rates to woo depositors with digital deals

    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…

  • Business NewsThailand’s Student Loan Fund expands reach to address ageing society needs

    Thailand’s Student Loan Fund expands reach to address ageing society needs

    The Student Loan Fund (SLF) in Thailand, managed by Chainarong Katchapanan, announced plans to extend its loan services to all working-age adults, aged between 18 and 65. The move, aimed at upskilling and reskilling, is in response to Thailand’s shift towards an ageing society. This initiative will be implemented by the end of this year, marking the first time since…

  • Thailand NewsGovernment Savings Bank unveils 100,000 baht loan scheme for struggling self-employed workers in Thailand

    Government Savings Bank unveils 100,000 baht loan scheme for struggling self-employed workers in Thailand

    The Government Savings Bank (GSB) is launching a loan scheme targeting small-scale self-employed individuals, such as taxi drivers, motorcycle taxi drivers, riders, and online sellers. The bank is offering loans of up to 100,000 baht, repayable over eight years, to support these workers who have been adversely affected by the rising cost of living, resulting in reduced income and financial…