Thai banks face tough competition in digital world Although the Thai commercial banks achieved higher net profits in the first quarter of 2019, they expect a tough year ahead amid aggressive competition in the digital era. The Thai government’s plan to turn Thailand into a cashless society has prompted local banks to remodel their business…
Thailand’s Largest Commercial Bank and State Oil Company Trial Blockchain Payments Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website. Per the announcement, the project, which has been ongoing since mid-2018,…
Thailand’s bank pushes Thai agricultural products to Chinese market BANGKOK, 27 April 2019 (NNT) – The effort of the Small and Medium Enterprise Development Bank of Thailand (SME D Bank) to promote Thai processed agricultural products to markets in China succeeded further when a Chinese company decided recently to pilot the purchase of 16,000 tons…
Tax exemption to be clarified for annual interest less than 20,000 baht The banks will have to submit interest income information to the Revenue Department for consideration BANGKOK, 25 April 2019(NNT) – On the requirement for depositors with an interest income of less than 20,000 baht per annum, officials from the Revenue Department, the Thai…
World Bank Slashes Thailand’s 2019 GDP Growth to 3.8 Percent The World Bank projected Thailand’s economic growth rate at 3.8 per cent this year, down from 4.1 per cent in 2018, and 3.9 per cent next year. BANGKOK – A World Bank senior economist for Thailand has trimmed its projection for Thailand’s economic growth this year…
Thailand’s Leading Commercial Bank and State Oil Company effectively piloted Blockchain Payments Leading Commercial Bank of Thailand, Siam Commercial Bank (SCB) and State Oil Company PPT Exploration and Production Public Company Limited (PTTEP) Completed a successful test of blockchain use for cross-border business-to-business payments. The successful pilot has been declared by the bank on its website. According…
World Bank cuts Thailand’s growth rate projection to 3.8% Growth in developing East Asia and the Pacific (EAP) is projected to soften, while growth rate in Thailand is expected to be slightly lower in 2019 Growth in developing East Asia and the Pacific (EAP) is projected to soften to 6.0 percent in 2019 and 2020,…
Thai Banks to tax savings interest above 20,000 baht BANGKOK, 23 April 2019 (NNT) – The Thai Bankers Association has held a meeting to find a solution to the savings interest tax and to provide maximum convenience to bank customers who might be obliged to divulge their savings account activity to the Revenue Department so…
Bank of Thailand Governor Believes Economy Will Improve in Second Half of 2019 It has been projected that the country’s economy this year would grow 3.8 per cent, he said, adding that if the new government is formed in August or September then it could affect the government’s pending projects. BANGKOK – Bank of Thailand (BoT)…
Improved FY19 earnings seen for CIMB Thai Bank Upgrade to outperform with an unchanged target price (TP) of RM6.10. CIMB Thai Bank Pcl’s three months of financial year 2019 (3MFY19) earnings exceeded our expectations accounting for 41% of our full-year estimates, attributed to lower-than-expected impairment allowances. Asset quality improved in tandem with the lower impairments. We…