loan
- Thailand News
Bank of Thailand targets illegal loan apps for removal
The Bank of Thailand (BoT) has identified 10 mobile applications offering personal loans illegally and is taking steps to have them removed from the App Store and Google Play Store. Pirajit Padmasuta, the central bank’s senior director for financial consumer protection and supervision of financial service providers, stated that the regulator initially reported the 10 verified illegal apps, including Fineasy…
- Crime News
Chiang Mai woman claims bank loan fraud, 300,000 baht debt
A 57 year old hill tribe woman, unable to read, claims she was tricked into signing a bank loan document, resulting in a debt of nearly 300,000 baht. The newly appointed district chief of Samoeng, Siripong Nampha, is investigating the matter to ensure justice for all parties involved. Yesterday, January 15, Siripong Nampha, along with several local officials, visited the…
- Thailand News
Built-in loan apps raise data security fears for Oppo and Realme users
The Ministry of Digital Economy and Society urged representatives of the electronics company Oppo and its subsidiary Realme to clarify allegations of illegal data collection from built-in loan apps found on their smartphones. A technology-focused social media influencer, known as คุณลุงไอที (Khun Lung IT, meaning IT uncle), took to his official Facebook page to warn Oppo and Realme smartphone users…
- Business News
Bank loan growth to shrink despite Q4 rise in retail lending
Bank loan growth is anticipated to shrink this year despite a slight rise in the fourth quarter, as banks maintain their cautious lending practices into 2025 to 2026 due to sluggish GDP growth, analysts report. Analyst Weerapat Wonk-Urai from CGS International Securities (Thailand) highlighted a rising ratio of underperforming loans in retail lending, prompting banks to enforce stricter credit standards…
- Thailand News
Fishy business! Sauce boss sues ex over 80-million-baht ‘phony’ loan
The CEO of a fermented fish sauce factory in the Isaan province of Sakon Nakhon is taking legal action against her ex-husband for allegedly forging her signature and document on a loan amounting to 80 million baht. The CEO of Imsook Foods, 31 year old Cherlin “Ninew” Apinarakasemsit, held a press conference at 11am today, October 25, to disclose details…
- 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…
- Thailand News
Udon Thani woman forced to sign new loan, assaulted by creditor
A woman reported her creditor for assaulting her in the middle of a market, despite claims of having repaid the loan in full. She was forced to sign an additional loan agreement for 40,000 baht after already repaying both the principal and interest. The woman, 46 year old Phanomphon from Nong Khon Kwang, Mueang district, Udon Thani province, filed a…
- Thailand News
Thailand’s household debt growth slows amid stricter loan criteria
Household debt growth in Thailand decelerated in the first quarter of this year, partly due to stricter loan criteria imposed by financial institutions, the National Economic and Social Development Council (NESDC) announced. The NESDC Secretary-General, Danucha Pichayanan, reported that household debt reached 16.3 trillion baht in the first quarter of 2024, marking a 2.5% increase, which is a slowdown from…
- 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
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 News
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 News
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 News
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 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…
- Thailand News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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 News
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…
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