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Forbes
5 hours ago
- Business
- Forbes
Groups Backed By Thai Billionaires Dhanin, Sarath, Win Virtual Bank Licenses
Mobile banking is one of the services to be provided by virtual banks. Three groups backed by energy-to-telecommunications tycoon Sarath Ratanavadi, billionaire Dhanin Chearavanont's Charoen Pokphand Group and an international consortium led by Siam Commercial Bank's SCB X won permits to establish virtual banks in Thailand, the central bank announced on Thursday. The Bank of Thailand hopes the entry of new players would boost innovation in the banking industry and stimulate competition, while maintaining the country's financial stability. The virtual banks are expected to start their commercial operations within one year from the issuance of the licences. Establishing a virtual bank is a major diversification move for Charoen Pokphand, Thailand's largest conglomerate with interests in agribusiness, food, retail, e-commerce, fintech, media, real estate and telecommunications. CP Group is the main source of wealth for Dhanin Chearavanont and his family, whose net worth of $29 billion makes them the country's second wealthiest. For Sarath, a virtual bank is a natural extension of his Gulf Development's ventures in digital infrastructure such as data centers and crypto currency exchange. The project will be implemented by his Advanced Info Service, the nation's second biggest mobile carrier. Sarath has a real-time net worth of $11.1 billion. SCB X, meanwhile, has roped in digital banks such as China's WeBank and South Korea's Kakao Bank, a unit of billionaire Kim Beom-su's Kakao messaging app, to help it build a digital bank in Thailand. Although virtual bank operations can provide long-term opportunities for those getting the licenses, any immediate impact will likely be limited since they will need to book substantial investment and operating losses in the initial stage. 'We are of neutral view with this development because any material benefit will not be seen within the next five years,' Piriyapon Kongvanich, investment strategist at Bangkok-based Bualuang Securities, said. 'As earnings bases of those involved are massive, it will be difficult for future profits from the virtual bank businesses to push an uptick in their bottom lines.'
Business Times
20 hours ago
- Business
- Business Times
Top Thai billionaires-backed groups win digital bank permits
[BANGKOK] Three groups led by Charoen Pokmhand Group, Gulf Development and SCB X have clinched Thailand's new virtual bank licences to boost competition in the nation's banking industry, according to the central bank. ACM Holding, which is part of CP Group, and Advanced Info Service, a Gulf Development's mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday (Jun 19). SCB X, which formed a consortium that includes China's WeBank and South Korea's KakaoBank, also obtained the virtual bank licence. 'We have high hopes that the new licences will increase competition in the banking industry with new innovation and technology,' deputy governor Roong Mallikamas told a press briefing. The announcement came amid a fresh political turmoil in the country that puts the current government on the brink of collapse. The nation is opening its banking industry to more competition that will allow greater access to loans for under-served consumers, following similar moves across Asia. Still, the new virtual banking operators will confront a landscape where traditional lenders are saddled with rising bad loans and weakening credit demand on the back of a soft economy. The timing of these permits is 'tricky and throws up a number of challenges,' said Sarah Jane Mahmud, a senior bank analyst at Bloomberg Intelligence. 'Singapore digital banks have yet to break even, three years after going live,' she said. 'With hefty investment in digital platforms and marketing, Thai digital banks could face a longer wait to generate profit.' Singapore handed out digital banking permits in 2020, followed by the Philippines and Malaysia. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Low-income individuals and small business will also have a greater access to new credit by the new operators of virtual banks, said Roong. The Chearavanont family, which controls CP Group, is one of Asia's richest clans, according to the Bloomberg billionaires Index report. It has businesses spanning from foods and retail to telecommunication and properties. It forayed into digital payment and financial services through fintech unit Ascend Money, with more than 50 million customers in Thailand and six other South-east Asian countries. Gulf Development, controlled by billionaire Sarath Ratanavadi, was created earlier this year by combining his empire – ranging from power to seaports, tollways and telecommunication – under one roof with the goal to accelerate his expansion in digital infrastructure such as data centres. Sarath is Thailand's second-richest person with a net worth of USUS$11 billion. Joining Sarath's group in the bid are Krung Thai Bank and PTT Oil and Retail Business, according to the central bank's statement. BLOOMBERG
Forbes
30-05-2025
- Business
- Forbes
Side Hustles Take Offices Buildings Beyond 9-To-5
Bankrate report from July of last year revealed about one-third of Americans are working a side hustle, with the Millennial and Generation Z cohorts the most likely to be pulling extra hours at a second job. By the time a more recent survey of side hustles was revealed by MarketWatch in April, it appeared the portion of Americans toiling at part-time second jobs had surged to half, with 72% of Generation Z and 62% of Millennials logging overtime at jobs that weren't their primary vocations. The seemingly growing American predilection to take on side gigs has helped recraft conventional assumptions about the workforce. But it's not just people tackling part-time jobs after the close of regular business hours. It's more and more common for the nation's office buildings to moonlight for extra income on an after-hours basis. With return-to-office mandates helping revive demand for office square footage at the same time retail's recent 4.1% vacancy rate signals a supply shortage, office building owners savor a rare opportunity. They can ride new revenue streams by leasing space for retail pop-ups, brand-propelled activations and private gatherings. Turning available space over for multiple uses not only brings landlords greater revenue from the same square footage, but generates greater foot traffic, a boon to both landlords and tenants. Popular choices Florida's largest office property owner, CP Group, is among the owner-operators leveraging this concept. At The Center (formerly CNN Center) in Atlanta, branded pop-ups and a proposed entertainment hub heralding the 2026 World Cup are both intended to lure members of the community while also attracting additional corporate tenants. Miami Tower's rooftop pool and Skydeck terrace high above central Downtown Miami are popular choices for private events. And in Boca Raton, a former IBM research facility turned 1.7-million-square-foot Boca Raton Innovation Campus (BRIC) has seen its sprawling conference and event space become host site for weddings, mar mitzvahs and charity events. 'Our business is evolving to change the traditional office building environment from one that has been cloistered from the broader community to one that has been integrated within it,' says Angelo Bianco, managing partner, CP Group. 'This has had a significant positive impact on our office buildings, increasing rental rates, tenant retention and leasing velocity.' National real estate owner-developer AmTrust RE now offers several rentable amenities spaces at One East Wacker, its freshly refurbished trophy office tower on the northern border of Chicago's Loop central business district. Following its renovation, the tower offers state-of-the-art technology and contemporary interior design attracting private and public events. An event hall, sky lounge with bar and large conference rooms host both corporate and personal events, with booking through platforms like PartySlate. An added inducement to rent space in the 63-year-old, 41-floor marble-clad building is its location near the center of downtown Chicago, steps from the increasingly popular Chicago Riverwalk, and a short stroll from Millennium Park and North Michigan Avenue. 'Opening amenity spaces for non-tenant uses creates a more vibrant workplace environment and can also introduce cost savings opportunities for tenants of the building,' says Jonathan Bennett, president, AmTrust RE. 'The added stream of revenue for property owners can offset costs and allow them to offer tenants access to these spaces at a discounted rate, enabling another means for businesses to take advantage of their office community.' First 'metroburb' In a class by itself is Holmdel, N.J.'s Bell Works, a masterpiece designed by Eero Saarinen as the Bell Labs campus, which opened the same year One East Wacker did. The 2-million-square-foot building, dubbed the nation's first 'metroburb,' is now home to businesses, shopping, dining, lodging and the arts. Among its side hustles is serving as a shooting site for film and TV productions, such as Law & Order: Organized Crime, The Crowded Room, and the extolled Apple TV series Severance, as well as TV commercials. A second Bell Works, this one originally constructed as the AT&T research facility and now a destination for business and culture, stands in the northwest Chicago suburb of Hoffman Estates, Ill. and is termed Bell Works Chicagoland. Both the New Jersey and Chicago complexes host community functions and private gatherings. For instance, the ballroom at Bell Works New Jersey can be booked for galas and weddings, and a sprawling rooftop deck provides a scenic milieu for outdoor corporate clambakes and private throngs. The last few years have seen little more than bad news for the office sector. But the extra hours of work some office structures are logging supplies hope of brighter days ahead.
Nikkei Asia
30-05-2025
- Business
- Nikkei Asia
CP Group tycoon predicts limited impact of US tariffs on ASEAN
TOKYO -- Dhanin Chearavanont, advisory chairman of Thailand's CP Group, says that while ASEAN countries will not be immune to Trump's tariffs, the levies won't have "a big impact." In a keynote address to Nikkei's annual Future of Asia conference in Tokyo on Friday, Dhanin also said Chinese manufacturers will feel the U.S. tariffs.
Korea Herald
23-05-2025
- Business
- Korea Herald
CP Group and Global Infrastructure Partners Establish Strategic Partnership with True IDC To Accelerate Thailand's Digital Infrastructure Growth
BANGKOK, May 16, 2025 /PRNewswire/ -- Mr. Suphachai Chearavanont, CEO of Charoen Pokphand Group (CP Group) and Chairman of True Corporation Public Company Limited, announced a strategic partnership with Global Infrastructure Partners (GIP), a part of BlackRock and True IDC, Thailand's number one data center provider. The collaboration is designed to accelerate and elevate Thailand's digital infrastructure to world-class standards, supporting the rapid growth of AI and cloud computing and helping to drive Thailand to become ASEAN's leading digital economy hub. Mr. Suphachai Chearavanont, CEO of Charoen Pokphand Group (CP Group) and Chairman of True Corporation Public Company Limited said that the transition to the Giga Data Center Age presents a critical opportunity for Thailand. Countries with strong data center infrastructure will emerge as global digital economy hubs. For this reason, CP Group, through True IDC, Thailand's No.1 data center and cloud service provider, is establishing this major strategic partnership with GIP, the world's premier infrastructure investing platform. This partnership is designed to drive the expansion of Thailand's digital infrastructure and help support the growth of global technology businesses. "GIP's global expertise in infrastructure management, combined with True IDC's strengths in data centers and cloud services, network connectivity, and renewable energy solutions, will enhance True IDC's capabilities and drive its expansion across ASEAN," said the CP Group CEO. The executive further stated that the global economy is now entering the "Giga Data Center Age", where data is the "New Oil", making it the most valuable resource that requires data centers for processing. "Data centers will be the heart of the new economy" the CP Group CEO emphasized. Mr. Bayo Ogunlesi, Founding Partner, Chairman, and CEO of GIP, and Senior Managing Director at BlackRock, expressed that "The growth of data consumption and AI requires significant amounts of private capital to fund investments to help the world's leading data center developers and operators provide this essential infrastructure to their customers," said Bayo Ogunlesi. "We are very pleased to establish this strategic partnership with CP Group and True IDC to accelerate digital infrastructure capabilities across Thailand and, more broadly, Asia in order to serve growing demand." Mr. Thanasorn Jaidee, President of True IDC, affirmed that "True IDC has always been committed to driving Thailand to become the digital hub of ASEAN. This collaboration with GIP will accelerate the realization of that goal. Currently, the hyperscale business and AI technologies are growing at an exponential rate. This partnership will strengthen True IDC's business expansion and help maintain our position as Thailand's No.1 data center leader amid intense competition. We are confident that GIP, with its expertise in managing and investing in global infrastructure, will enhance True IDC's capability to fully expand its business across ASEAN. This collaboration is therefore a key strategy to support the growing digital ecosystem and digital transformation across the region." This partnership is expected to significantly accelerate True IDC's growth. Over the next three to five years, True IDC plans to exponentially grow investment in data center business, targeting the deployment of over US$ 1billion in capital. In addition, True IDC plans to increase clean energy implementation, invest in R&D for technological and sustainability innovations in data centers, enhance operational standards and corporate governance, and broaden its service footprint across ASEAN. True IDC, CP Group and GIP are committed to strengthening Thailand and ASEAN's leadership in digital infrastructure, laying the foundation for sustainable technological growth across all sectors. The partnership between True IDC and GIP-BlackRock is not merely a business expansion; it marks a pivotal step in transforming Thailand into the digital hub of ASEAN. As the world rapidly enters the era of AI and cloud, this collaboration unites Thailand's No.1 data center leader with a global infrastructure powerhouse to drive the nation's digital economy forward and attract major technology investments from around the world. This is a defining moment for Thailand's digital industry, laying a strong foundation for the country to enhance its global presence. True IDC and GIP are committed to building a stable, sustainable, and influential future in the global digital economy—because Thailand will no longer be just a "technology user," but will rise to become a true center of innovation and digital infrastructure in the region.
