Latest news with #KrungthaiBank
Bangkok Post
5 days ago
- Business
- Bangkok Post
Thai banks start cutting interest rates
Thailand's top banks have started cutting lending rates, following the central bank's move on Wednesday to reduce the benchmark policy rate to a two-year low of 1.50% to support a weakening economy hit by US tariffs. Bangkok Bank, the country's largest lender by assets, led the move with a 25-basis-point cut to lending rates, matching the central bank's reduction. State-controlled Krungthai Bank and the Government Savings Bank also announced similar reductions. The reductions 'aim to help all customer groups quickly adapt to significant challenges arising from shifts in global production structures and supply chains, as well as intensifying competition in the near future', said Payong Srivanich, president of Krungthai Bank, who also heads the Thai Bankers Association. The central bank's Monetary Policy Committee voted unanimously on Wednesday to cut the benchmark rate to 1.50%, bringing the total reductions to 100 basis points since October. Thursday's moves mark the first time in the current easing cycle that Thai lenders have fully passed on a central bank rate cut, after previously passing through an average of just 43% of the past three reductions, according to BoT estimates. The Bank of Thailand has signalled its monetary policy will remain accommodative as it sees a slowdown in economic growth lasting into early 2026 due to the impact of a 19% US tariff on Thai goods, subdued domestic consumption and a decline in tourist arrivals. Incoming governor Vitai Ratanakorn, who will succeed Sethaput Suthiwartnarueput on Oct 1, lauded Bangkok Bank's move to lower lending costs. In a Facebook post, Mr Vitai said cheaper funds will help 'take care' of the business sector and the people. The former president of the Government Savings Bank is scheduled to chair his first rate meeting on Oct 8. The Pheu Thai-led government has long been urging banks to cut borrowing costs to help small businesses and households struggling to repay debt that soared during the pandemic. On Wednesday, Finance Minister Pichai Chunhavajira said the latest rate cut would help improve liquidity and support the Thai baht. Lower rates will also discourage banks from parking money with the central bank, he told reporters. But the lending rate cuts could further squeeze profit margins at major Thai banks, as net interest margins — already under pressure from weak loan growth — face additional strain, according to Sarah Jane Mahmud, a senior analyst at Bloomberg Intelligence. Bangkok Bank could be the most impacted, she said.
Bangkok Post
5 days ago
- Business
- Bangkok Post
Strengthening baht adds to woes of ailing travel sector
The strengthening baht is beginning to weigh on the fragile tourism sector, which is plagued by recurring security issues, leaving tourists feeling their visits aren't worth the cost. The private sector has called for efforts to restore confidence ahead of the high season. The Tourism and Sports Ministry reported this week foreign tourism receipts of 938 billion baht from 20 million visitors between Jan 1 and Aug 10, below the 2025 target of 1.77 trillion baht. Thanet Supornsahasrungsi, president of the Association of Chonburi Tourism Federation, said the baht rallying against the US dollar by 5-6% this year is a negative factor that already affected short-haul markets such as China, which now flocks to Japan due to the weak yen. He said even though Thailand secured a larger number of long-haul arrivals over the past seven months, if tourists perceive the country as unappealing in terms of value for money, they might pivot to other destinations. "We've consistently felt the impact from a weaker global economy, as tourists from many countries opted to cut overseas travel costs, seek countries where their currency appreciated, or chose to stay at home," said Mr Thanet. He said the government should respond more quickly to address problems, especially safety issues, which are at the core of the problem. Since two incidents occurred in Bangkok -- a shooting spree at Or Tor Kor market last month and Malaysian tourists being set on fire last week -- the government has done little to improve tourist confidence, said Mr Thanet. Given weak arrivals from China and South Korea, he said Pattaya now depends on weekends or long holidays to lift occupancy rates from local travellers. For instance, during the recent Mother's Day holiday, the average occupancy rate in Pattaya surged to 80-90%, but it drastically dropped to 30-40% during weekdays. "We might not immediately feel the pinch from the latest case involving Malaysian tourists, as this period coincides with the school break in China, where tourists already booked their trips and are still travelling as planned, likely resulting in 5% growth this month," said Mr Thanet. "We're more concerned about forward bookings if the government doesn't attempt to restore confidence." He said the co-payment scheme for domestic travel helped increase the local market to some extent, but small and medium-sized hoteliers have not reaped the benefits as much as large hotels due to delayed budget allocation. From the first month of implementation in July, many small hotels had to withdraw from the scheme as they didn't receive payments from the government as scheduled, causing them to bear the costs of servicing those guests in advance. As privileges for major destinations including Pattaya have been fully redeemed, tourism operators urged the government to switch to the more efficient Pao Tang app operated by Krungthai Bank (KTB), said Mr Thanet.
Bangkok Post
17-07-2025
- Business
- Bangkok Post
Domestic co-payment incentive comes under scrutiny
The government's domestic tourism stimulus campaign has come under heavy criticism in parliament, with the opposition blasting the scheme as ineffective due to frequent technical failures, low public engagement and high potential for fraud. At a House session yesterday, Somchart Techathavorncharoen, a People's Party MP for Phuket, grilled Tourism and Sports Minister, Sorawong Thienthong, over the Khon La Khrueng scheme's lacklustre performance. The scheme received 1.75 billion baht in funding from the central government's 157-billion-baht economic stimulus fund. It offers Thai citizens co-payments on bookings for domestic hotel stays and holiday packages in a bid to revive the flagging tourism sector. Mr Somchart noted that since the latest phase was rolled out, only 158,000 bookings have been made -- less than 10,000 per day. He questioned why the government opted to create a new app for the campaign, instead of utilising widely used platforms, such as Pao Tang and Tung Ngern. The new app is known to be plagued with glitches, and many users have complained about the complicated registration steps -- discouraging both users and hotel operators from signing up. He further questioned the transparency of the procurement process for the app, highlighting the absence of publicly-accessible information regarding the budget and developer. "Why didn't the government work with Krungthai Bank again?" Mr Somchart asked, citing the bank's past success in administering similar schemes. He also raised concerns about the app's vulnerabilities, especially after reports of fake receipts being used as proof of payment and users booking multiple rooms per night. In response, Mr Sorawong apologised and admitted the rollout was far from smooth. He said the latest figures showed 1.11 million people have successfully registered, about 140,000 of which have confirmed their bookings.
Malay Mail
14-07-2025
- Business
- Malay Mail
Gother transforms travel experience for next-gen travelers, aiming for Top 3 in Thailand's tourism market by 2027
BANGKOK, THAILAND - Media OutReach Newswire - 14 July 2025 -, a tourism service platform, operated by Search Engine Optimization, a joint venture between Beacon Venture Capital (venture arm of Kasikornbank) and Krungthai Ventures (venture arm of Krungthai Bank) is showing strong upward momentum following a 300% business growth in just seven months since launch in the past year. Aimed at upgrading its platform, Gother is targeting the new generation of travelers by offering a comprehensive travel booking experience. This includes accommodations, flights, car rentals, tour packages, and exciting activities that align with modern travel lifestyles. The platform offers seamless digital integration with mobile banking apps such as K PLUS, Krungthai NEXT, and Paotang, for easy payments and other services. This is expected to help solidify its ambition to become one of Thailand's top 3 travel platforms by stated that Gother is not just a platform for booking travel, but part of the travel lifestyle, designed to complement every journey, turning it into a special experience. The platform's mission is emphasized to be a truly Thai-centric service, tailored to the cultural nuances and preferences of local travelers. Since its official launch in 2024, Gother has attracted strong interest from next-gen tourists, achieving 4-time growth within a single year, and expecting to continue rising. To sustain this momentum, Gother will implement three core strategies in 2025: services are available through , the Gother application on iOS and Android, and integrated on leading mobile banking platforms including K PLUS, Krungthai NEXT, and Paotang. These platforms feature secure and convenient payment systems that allow users to complete bookings and payments in one is leveraging data analytics capabilities to better understand user behavior and provide more targeted services. A new version of the application with intelligent AI features that recommend travel experiences based on individual preferences will launch later this is growing its network of partners to include top-tier hotels, airlines, and tour operators domestically and globally. The goal is to offer a wider range of travel services, from flights and accommodations to tour programs, car rentals, and customized experiences for all travelers at competitive prices with attractive promotions and exclusive this strategy, Gother is targeting 10 billion baht in booking value by 2027 and eyeing a top-three position as Thailand's premier homegrown travel platform that truly understands the needs of modern Thai travelers. Backed by the support and capital of Beacon Venture Capital and Krungthai Ventures, Gother is confident in its ability to scale and achieve its ambition as a travel platform for #Gother The issuer is solely responsible for the content of this announcement. About Gother Gother is a comprehensive travel and lifestyle service platform developed in 2024 by Search Engine Optimization Co., Ltd., as a rebrand of the former TraveliGo platform (founded in 2015). Gother offers a full suite of travel services, including flight bookings, hotel reservations, car rentals, activities, and tour packages, available through and the Gother application. The platform is committed to redefining the travel experience by collaborating with various partners and adopting innovations to meet the evolving preferences of Thai travelers across all lifestyles.
Bangkok Post
12-07-2025
- Bangkok Post
Ex-monk caught up in sex scandal says he left temple nearly ‘empty-handed'
A former abbot implicated in the 'Sika Golf' sex scandal has handed over key financial documents to the acting abbot of his former temple in Saraburi, saying he left the monastery with 'almost nothing' to dispel suspicions that he might have fled with temple funds. In a Facebook post on Saturday, Thid Pradit (Thid is a title referring to someone who has just left the monkhood) shared photos of the handover of the documents to the acting abbot of Wat Phra Phutthachai. Thid Pradit, formerly known as Phra Thep Wachiratheeraporn, stressed the transparency of the transfer, stating that the move was intended to prevent 'insane' accusations that he left with temple money and assets. 'I am at peace now. I have officially handed over all important documents to the acting abbot of Wat Phra Phutthachai,' he wrote. 'Those items are bank account books, income and expenditure statements, the temple's land documents, vehicle registration documents and other key documents.' He later posted photos of a Krungthai Bank account book bearing his monk's name as the account owner. It showed a balance of 12,956.84 baht as of July 11. The former Phra Thep Wachiratheeraporn was disrobed for alleged affairs with a woman known as Sika Golf (Ms Golf). He recently admitted to romantic relationship. He told police he met the 35-year-old woman in 2019 via Facebook, when she initially approached him with signs of devotion. Their contact continued for about a year before developing into a romantic relationship. He even planned to marry her. However, he later discovered that she was also romantically involved with other senior monks. The sex scandal has sent shockwaves through the monastic community, following the seizure of over 80,000 images and videos from five mobile phones belonging to Ms Golf during a search of on her house in Nonthaburi on July 4. The images depicted intimate affairs between her and senior monks at well-known temples. So far, eight monks have been identified, and three have been found in violation of monastic codes, warranting disrobing. At least five of the implicated monks have already left the monkhood.
