Category Archives: FINANCE

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Thailand’s banks reported their first quarter performance with most of them advancing. In an infographic released by the Stock Exchange of Thailand, eight out of the ten analyzed banks have excelled while one has remained the same and another dropped drastically. The ten banks have released a combined net profit report for the first quarter of 2017. In it, they announced the total net profit of 55.71 billion baht. All in all, it was an 8% increase compared to the performance in the same time of last year. The top three in terms of net profit are Siam Commercial Bank… Read More »

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The Bank of Thailand has released data about the country’s physical bank branches. In the table entitled “Physical Branches in Firing Line”, the BoT showed how the various banks in Thailand have fared in terms of branching out. As seen on the table, there is a general decline in physical branches. Most are coming from Kasikornbank which lost 17 branches and Thanachart Bank which lost 16 branches. The biggest losers are the fourth and fifth largest bank in Thailand respectively. Meanwhile, both Krungthai Bank and TMB Bank were down by three branches. The Thai branch of Standard Chartered dropped by… Read More »

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The oldest local Thai lender, Siam Commercial Bank Plc has announced its plans to revamp its financial technology to boost its products and services. Siam Commercial Bank is reportedly modernizing its technology, specifically its digital payment platform, by partnering with tech giants Microsoft, International Business Machines (IBM), and Accenture. The century-old bank aims to create applications and brand them as a lifestyle apps that will suit all kinds of clients in their daily activities such as going to the cinema, eating out, and buying goods and services. The chief executive officer of Siam Commercial Bank, Arthid Nanthawithaya was quoted in… Read More »

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The Bank of Thailand (BoT) governor Veerathai Santiprabhob says that Thailand’s central bank has the tools and capabilities to keep the baht tamed. In a seminar held last February 23, the chief of the central bank spoke in front of an audience hosted by the Land and Houses Bank. He emphasized that BoT is capable of curbing capital flows if the need arises using various financial instruments. Because of this, he believes that Thai assets and the baht can be considered as safe havens as they are supported by foreign reserves across the globe. In an article of the Bangkok… Read More »

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Thailand launched the first e-payment system in Southeast Asia. A collaboration among the Finance Ministry, the Bank of Thailand (BoT) and commercial banks has resulted in the launch of the customer-to-customer (C2C) electronic payment system. The e-payment was launched last January 27 according to schedule. On March 1, the next step will be carried out namely the business-to-business platform (B2B). Finance Minister Apisak Tantivorawong confirmed the successful launch of the system following an initial delay. The C2C e-payments was supposed to be launched last October. However, because of technology difficulties, the release was postponed. The Thai Bank Association (TBA) incorporated… Read More »

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The Government Housing Bank (GH Bank) is loaning a total of 20 billion baht for pre-financing and mortgages of the elderly of Thailand. The chief of the bank confirmed the approaching deal. The president of GH Bank, Chatchai Sirilai, said that 50% of the total loan will be designated to pre-financing the residences of the elderly. He added that the bank is already in discussion with the National Housing Authority and the property developers. Mr Chatchai commented about the project saying, “Next year we will focus on supporting the development of homes for the elderly. GH Bank will provide loans… Read More »

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Taxes in Thailand are going on a roller coaster ride and we think you should know all about it. Here are three things that are happening to Thailand’s taxes right now. 1. Thais May Pay Taxes via Credit Card Soon Thailand is apparently ready to accept bank cards when it comes to paying taxes. The Revenue Department has signed a memorandum of understanding (MoU) with a private company. This memorandum will allow bills payment to be made through credit cards. The company has developed an online application entitled “easyBills” which will allow taxpayers to file their bills online and pay… Read More »

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Thailand has been ranked third among other Asean countries in terms of ease of doing business. The official ranking was researched and done by the World Bank’s flagship publication, the “Doing Business 2017.” The publication conducted a survey which included 190 countries across the globe. In the ranking of all countries, Thailand comes in at number 46 for the best destination to do business in. The top ten includes notable countries from East Asia and the Pacific Region namely New Zealand who bagged the first place while Singapore got second. 4th place goes to Hong Kong SAR, China while the… Read More »

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King Bhumibol Adulyadej is dead. The longest reigning monarch has ended his 70-year regime after succumbing to a multitude of ailments that he has been enduring for several months now. The king died peacefully at 3:52 p.m. in Siriraj Hospital according to the Royal Palace. Announcements were immediately made about the new rules to observe as the country enters a period of mourning. The Thai cabinet put in place a 30-day period of grieving where the whole nation is expected to hold off any kind joyous, celebratory, and jubilant activities. The friday that followed which was October 14 was declared… Read More »

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Thailand is a Southeast Asian country known for its rich culture, famous delicacies, breathtaking festivals, cheap goodies, and friendly citizens. It’s no wonder it’s one of the hottest tourist spots in Asia. If you ever plan on conquering this country, you have to know it’s money. The Baht The official currency of Thailand is the Thai Baht. It is equivalent to 100 satang. At the time of writing, it matches the dollar at an estimated 35 Thai Baht for every dollar. You can use a currency converter online to know its current exchange rate. Denominations Coins are denominated according to… Read More »