Latest news with #BankofThailand
Korea Herald
20 hours ago
- Business
- Korea Herald
Kakao Bank wins approval for Thailand's first virtual bank
Korean lender sets sights on second-half 2026 launch under SCBX-led joint venture Kakao Bank, South Korea's leading internet-only lender, has secured final approval to establish Thailand's first digital bank, marking the official launch of its joint venture with Thai financial giant SCBX to roll out services next year. The Bank of Thailand on Thursday announced the winners of its long-awaited virtual banking licenses, selecting three applicants from five contenders. The SCBX-led consortium — whose members include Kakao Bank and Tencent-backed Chinese digital lender WeBank — was among those granted a license. The other winners were ACM Holding Company and a consortium led by state-run Krung Thai Bank. The licenses were issued following a review by Thailand's Ministry of Finance, based on central bank recommendations. Authorities assessed business models, digital capabilities and each group's potential to boost financial inclusion, particularly for underserved consumers and small businesses. Thailand's central bank said the digital lenders are expected to enhance customer experience, increase efficiency, and drive healthy competition through innovation and better pricing. Regulators also weighed the optimal number of new banks to foster healthy competition while maintaining financial system stability. The approved candidates are required to establish a corporate entity in the third quarter and commence operations within one year, setting the stage for operations to begin in the second half of 2026. The milestone comes two years after Kakao Bank, a subsidiary of Korea's IT giant Kakao, signed a memorandum of understanding with SCBX in June 2023 to collaborate on developing Thailand's first digital bank. SCBX is the holding company of major Thai lender Siam Commercial Bank. This marks Kakao Bank's second overseas venture after launching Superbank in Indonesia through a joint venture with Grab. It remains the only Korean internet-only bank with international operations. The move also signals a meaningful return of Korean banking to Thailand, nearly three decades after Korean lenders exited the market during the 1998 Asian financial crisis. 'Drawing on its experience in shaping Korea's digital banking landscape, Kakao Bank will play a leading role in building the new Thai digital bank, overseeing the development of its technology infrastructure and service design,' a company official told The Korea Herald. Once established, Kakao Bank will become the second-largest shareholder in the new online lender. In response to the approval, Kakao Bank CEO Yun Ho-young called the license "a stepping stone into a new market and a valuable opportunity to showcase the strength of Korea's digital finance technology," adding that the firm aims to serve as a bridgehead for Korean banks and companies seeking entry into the Thai market.
Time Out
4 days ago
- Entertainment
- Time Out
Find your favourite reads at BOTLC Book Fair on July 16-20
Bangkok doesn't do quiet, it hums, honks, pulses. Even its silences come laced with static. Which is why the BOTLC Book Fair feels almost suspiciously serene. From July 16-20 at 10am-6.30pm, the Bank of Thailand Learning Centre – all clean lines and soft light – becomes a kind of sanctuary for the overstimulated. Tucked beside the Chao Phraya, it offers not just books but the rarest thing of all: a pause. This isn't your average fairground frenzy. No jostling, no soundtrack engineered to keep you moving. Instead, it's slow: a page turned, a thought held, a breeze that actually matters. You can wander through tables of titles without pressure, eavesdrop on a panel, then drift outside to sit with something dog-eared and deeply yours. There'll be workshops, music, food if you need it – but the real draw is the rhythm, unhurried, unbothered. Because yes, you'll find books – but you'll also find space – space to browse, to breathe, to sit with a novel by the water and forget your phone exists. Here's how it unfolds Book fair – Not just a shopping spree. It's a curated sprawl of publishers, obscure titles, and enough paperbacks to make your tote bag ache in the best way. Book talk – Authors step into the spotlight, joined by influencers who know their Baldwin from their Barthes. Book walk – A wander through the Bank of Thailand Museum's collection of currency, stitched with stories more telling than any economics textbook. Book sharing – Bring a book, take a book, leave a piece of yourself behind. No receipts, just trust. And the rest? Think hands-on workshops, low-key gigs and stalls selling snacks that will inevitably leave crumbs in your next read. How to get there By bus: Wat Sam Phraya stop: 3, 9, 30, 32, 33, 43, 53, 64, 65, 524 Opposite Wat Sam Phraya: 3, 9, 30, 32, 33, 53, 64, 65, 516, 524 Opposite Bank of Thailand: 3, 9, 30, 32, 33, 49, 53, 64, 65, 516, 524 In front of Bank of Thailand: 3, 9, 30, 32, 33, 43, 49, 53, 64, 65, 524 By boat: Thewet Pier – Chao Phraya Express: orange flag, green and yellow flags Wat Sam Phraya Pier – Cross-river ferry (no flag)
Time of India
30-05-2025
- Business
- Time of India
Bot: Thai economy improved in April on increased manufacturing, central bank says, ET Manufacturing
Advt Join the community of Top industry professionals Subscribe to our newsletter to get latest insights & analysis. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. The Thai economy improved in April from March, driven by the manufacturing sector after a sharp increase in exports drove inventory replenishment and also helped by a slight rise in tourism, the central bank said in a report on was too early to see adverse impacts from the U.S. tariff policy, which was announced in early April, the Bank of Thailand said, noting that private investment continued to while the tourism sector slightly improved from March, it remained weaker compared to the same period last year."Although exports to the U.S. slowed slightly, they remained at a high level," the central bank exports rose 9.9% in April from a year earlier and imports increased by 17.3%, the BOT said, leading to a trade deficit of $1.4 billion. Thailand recorded a current account deficit of $1.5 billion in April.
Arabian Post
27-05-2025
- Business
- Arabian Post
Thailand Unveils Crypto Payment Pilot for Tourists in Phuket
Thailand has initiated a pilot programme enabling foreign tourists to make purchases using cryptocurrencies in Phuket, marking a significant step in integrating digital assets into the nation's tourism sector. The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, allows visitors to register their Bitcoin through Thai exchanges and verify their identities before transacting. A designated clearinghouse will convert these digital payments into Thai baht, ensuring that local merchants receive funds in the national currency and are insulated from cryptocurrency price volatility. This pilot operates within Thailand's existing legal frameworks, requiring no amendments to current laws. The government aims to enhance convenience for tourists and expand business opportunities in the tourism sector, a critical driver of the nation's economy. Phuket, attracting up to 14 million tourists annually, serves as an ideal location for this trial. The programme builds upon Thailand's growing acceptance of cryptocurrency. In Kalasin's Huay Phueng district, dubbed 'Bitcoin Town,' over 80 businesses, including noodle vendors and tuk-tuk services, accept Bitcoin payments. This grassroots adoption demonstrates the potential for broader cryptocurrency integration across the country. ADVERTISEMENT Former Prime Minister Thaksin Shinawatra has advocated for using Phuket as a 'Bitcoin sandbox' for tourism, suggesting that Thailand is well-prepared to advance cryptocurrency initiatives compared to other Southeast Asian nations. He also proposed the issuance of a government-guaranteed stablecoin to increase economic liquidity and potentially boost GDP growth. Despite these advancements, challenges remain. The Bank of Thailand has previously expressed concerns about the use of cryptocurrencies for payments, citing potential threats to financial stability. However, proponents argue that a carefully controlled pilot could attract new capital inflows and liquidity into Thailand's economy.
Yahoo
27-05-2025
- Automotive
- Yahoo
ASEAN 2025 sales forecast faces third consecutive year of decline
The ASEAN Light Vehicle (LV) market closed Q1 2025 with marginal growth of 2% YoY, thanks to positive results in the region's two smallest markets: Vietnam and the Philippines. The Vietnamese market surged by 51% YoY in Q1 2025, largely attributable to the strong performance of VinFast. According to the company announcement, it delivered more than 35k units in Q1 2025, a substantial increase from approximately 9k units in Q1 2024. VinFast has now become the leading automaker in the Vietnamese market, accounting for more than 31% of total LV sales. Looking ahead to the remainder of 2025, and considering that Q1 results have exceeded our expectations, we have revised the country's forecast upward to a record high of 521k units, marking a 12% YoY increase. This optimistic outlook is supported by the market's resilience and robust economic growth. Meanwhile, LV demand in the Philippines rose by 10% YoY in March, marking the 37th consecutive month of growth, and contributed to overall Q1 2025 sales increasing by 9% YoY. Based on local media reports, the strong results were supported by increasing demand for EVs, affordable vehicle prices from Chinese brands, and aggressive sales campaigns. Moreover, household consumption grew by 5.3% in Q1 2025, improving from 4.7% in Q4 2024, thanks to easing inflation. This could imply higher consumer confidence and purchasing power. Despite the positive growth in Q1 2025, we have cut the Philippines' 2025-27 sales forecast by an average of 2% compared to last month's report, due to political uncertainty stemming from the conflict between the Marcos and Rodrigo families. As such, 2025 volumes are now projected at 492k units, reflecting a 4% YoY increase. In contrast, LV sales in Thailand decreased by 7% YoY in Q1 2025. However, this decline is less severe than the nearly 30% contraction experienced in Q4 2024 and the subdued total LV sales of 565k units (-26% YoY) for the whole of last year. We have made a downward adjustment to the country's sales forecast for 2025-2028. Volumes are now expected to decrease by to 555k units in 2025, with a projected recovery to 625k units in 2026. A major concern arises from the unpredictable policies of the US under the new administration of President Trump. The Bank of Thailand has projected that, in the most favorable scenario, the economy will expand by 2%. However, if the impact of US tariffs is more pronounced, growth may slow to 1.3%. Although the long-term sales outlook remains generally positive, it is important to note that growth is likely to be constrained by the high level of household debt and a more moderate pace of economic expansion. Based on the recent GAIKINDO report, the Indonesian LV market dropped by 2% YoY from January to April. Toyota, Isuzu, and Fuso were the only Japanese brands that saw their sales grow during this period, thanks to the new generation Innova, Agya GR Sport, and the newly launched Hilux Rangga for Toyota, as well as Light Commercial Vehicles (LCVs) for all three brands. Meanwhile, new Chinese players, particularly BYD, Denza, Aion, Chery, and Geely, delivered positive performances due to the expansion of their modelline-ups, although it is important to note that these Chinese brands had not started operations in Q1 2024. Indonesia's near-term outlook has been lowered by an average of 4% compared to our previous report due to: a) weaker-than-expected sales in March and April; b) Indonesia's Q1 2025 GDP growth of 4.9%, the slowest rate in three and a half years; and c) a weak currency leading to vehicle price hikes and high inflation. As such, Indonesia's 2025 sales were revised downward to 775k units, representing a 3% YoY decline. In Malaysia, the LV market started the year sluggishly, recording a 24% YoY decline in January. However, volumes gradually improved and achieved growth of 1% YoY in February, 2% YoY in March, and 3% YoY in April, thanks to new model launches from Chinese OEMs such as the BYD Sealion 7 and M6, Denza D9, Jaecoo J7 PHEV, and Omoda C9, along with aggressive sales campaigns from automakers. As a result, Malaysia's LV market improved from a double-digit decline in January to a single-digit decline of 4% YoY from January to April as a whole. Malaysia's Passenger Vehicle (PV) sales were stronger than expected, and national brands are now set to expand their xEV models in the market. This led us to increase Malaysia's 2025 outlook from 759k units to 772k units, although this still represents a decline from a record high of 818k units in 2024. As a result, the ASEAN LV sales near-term outlook has been lowered by approximately 1% compared to our previous report, and 2025 sales are now projected to marginally drop from 3.12 million units in 2024 to 3.11 million units in 2025, with downside risks stemming from global trade uncertainty. This article was first published on GlobalData's dedicated research platform, the . "ASEAN 2025 sales forecast faces third consecutive year of decline – GlobalData" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
