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Business Times
18 hours ago
- Business
- Business Times
Thailand's virtual bank race heats up
[BANGKOK] Thailand's finance ministry is set to issue three virtual banking licenses by mid-June – a move that could jolt the country's lucrative but tightly held financial sector, long dominated by a few powerful incumbents. The digital permits aim to inject long-awaited competition into the banking landscape. 'The good thing is that, finally, the government is granting new bank licenses, because they haven't granted new licenses for many decades,' said Chonladet Khemarattana, president of the Thai Fintech Association. Five consortiums have submitted bids, but only three will succeed. The contenders include a 'who's who' of Thailand's corporate heavyweights, including three commercial banks, agroindustry-telecom-retail giant Charoen Pokphand (CP), energy-telecom conglomerate Gulf Energy, and national petroleum company PTT. While the new banks must be majority Thai-owned, at least three foreign virtual lenders – South Korea's Kakao, China's WeBank, and Hong Kong's WeLab – are partnering with the bidders. 'The objective of the virtual banks is to serve the underserved, and in Thailand the undeserved segments are personal loans and SME loans,' he said. 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 The new virtual banks – required to go live within a year of receiving their licenses – will be entering the Thai market at a challenging moment. Economic growth is losing steam, dragged down by weak consumer spending as traditional banks tighten lending for personal loans and SMEs to avoid a rise in non-performing loans. With up to 60 per cent lower costs than traditional banks – thanks to leaner operations, no physical branches, smaller payrolls and fewer legacy systems – virtual banks are expected to operate on narrower margins and take on greater risk in reaching underbanked customers. In tandem with the licensing process, the Bank of Thailand (BOT) is working on legislation to be passed later this year that will introduce 'open data' to the financial system. The new rules will allow customers to request that banks and securities firms share their personal financial data with other institutions, potentially expanding their credit access. 'Our priority is to put in place data sharing infrastructure, recognising its pivotal role in driving further innovations and efficiency within the financial system,' said Roong Poshyananda Mallikamas, the Thai central bank's deputy governor. 'Open data is a catalyst for financial inclusion. It will enable customers to better use their data to receive improved financial services,' she told a recent seminar. While the new rules will benefit fintechs and startups, virtual banks will also gain from this broader access to consumer data. Three of the consortiums bidding for virtual bank licenses are led by Thai banks – Bangkok Bank, Krung Thai and Siam Commercial Bank. Observers said that the partially-government-owned Krung Thai and monarchy-linked Siam Commercial, are likely to prove winners. Besides its royal connections, Siam Commercial has partnered with Kokao Bank, South Korea's leading virtual bank, and WeBank, part of China's Tencent Group. 'I chose to partner with the bank (Siam Commercial) because they have a long history in Thailand, and they have been very sensible in developing their IT system,' said Daniel Yun, the founder and CEO of Kakao Bank. KaKao has been the leading digital banking app in Korea since 2019, with total assets of US$43 billion at the end of 2024. 'If you set up a new bank that is 100 per cent digital, and using 100 per cent AI-driven data, then we will offer fantastic new services to our users, that is a different banking experience. This is one of our basic strategies to be successful in Thailand,' Yun told The Business Times. Another consortium deemed a likely winner of a virtual bank license is the one led by TrueMoney, Thailand's largest digital wallet app, that is joining forces with Ant, of the Alibaba Group. TrueMoney, a digital wallet with more than 30 million users, is an affiliate of the CP Group, that also owns True mobile telecom service (about 52 million subscribers), and operates the 7-Eleven retail chain (15,000 outlets throughout Thailand), giving them an immense network on which to build a financial system. The True Money app even offers interest bearing deposits on its app, through a partnership with Thailand's Kiatnakin Phatra Bank, which they may well discontinue if they get a virtual bank license, which would allow them to have deposits and make loans on their own. The third front-runner is the consortium led by Krung Thai Bank, which has partnered Gulf Energy – owner of AIS mobile, with 46 million subscribers – and PTT Oil and Retail, which operates the Amazon coffee chain in 2,225 PTT petrol stations nationwide. Among the groups striving to get a virtual bank license are some of the biggest cash cows in Thailand, which are likely to get fatter once they diversify into banking, observers said. 'The big will get bigger but at least the BOT is finally doing something,' said Chonladet, a reference to the 'open data' push that will benefit smaller fintech players. 'It's better than nothing.'
The Star
2 days ago
- Business
- The Star
Myanmar, Thai firm sign exploration deal for Mottama offshore block Min Ye Thu project
YANGON: On May 29, the Myanmar Oil and Gas Enterprise under the Ministry of Energy, and Gulf Petroleum Myanmar Co., Ltd., a Myanmar-based Thai-owned company, signed a Production Sharing Contract (PSC) to explore, drill, produce and exploit oil and gas in Mottama offshore block (M-10) (Min Ye Thu project) at the office of the Ministry of Energy, Nay Pyi Taw. The ceremony was attended by Union Minister, Deputy Minister, Director General of the Union Cabinet, Directors General and Managing Directors of Departments, Heads of Departments, and officials from Gulf Petroleum Myanmar Co., Ltd. Union Minister U Ko Ko Lwin said that the Ministry of Energy is committed to exploring, drilling, producing and exploiting oil and gas in order to meet the country's energy needs and increase national revenue. We are continuously working to increase production," he said. "Most countries in the world still rely on natural gas, which is a clean energy source." The demand for natural gas has increased significantly, he added. "Our country has sufficient natural gas reserves and needs to systematically extract and use them. The current large offshore projects are naturally decreasing in production and the completion of the projects is approaching." Therefore, Myanmar plans to explore, drill and produce oil and natural gas in blocks with good potential. The Mottama Offshore Block M-10 will provide benefits such as increased investment in oil and natural gas exploration, drilling and production, increased foreign exchange earnings, creation of local job opportunities, and meeting the domestic demand for oil and natural gas from one source, he predicted. He urged the respective parties to work hard to achieve the project target of producing first natural gas by 2028, and thanked all the related ministries, staff from Gulf Petroleum Myanmar Co., Ltd. and the Ministry of Energy for their cooperation in signing the contract. The state currently has four major offshore projects, namely Yadana, Yetagun, Zawtika, and Shwe, which are currently exploring, drilling, and producing oil and natural gas, and two more offshore projects that are currently exploring, drilling, and producing. There are a total of six major offshore projects, so the Mottama Offshore Block M-10 is the seventh major offshore project of the country and the first offshore project to be implemented under the State Administration Council. - Eleven Media/ANN
Time Out
23-05-2025
- Entertainment
- Time Out
Top 10 Thai beauty products at the drugstore
1. Sasi Sasi is the brainchild of Srichand, a beloved Thai beauty house established in 1948 and famed for an oil-absorbing powder that has pampered the vanity of generations. In 2006, a new Srichand chapter unfolded. From tradition bloomed Sasi, which has a more youthful, playful soul. The lighter touch reimagines the mother brand while honouring it. Where once powders came in compacts, Sasi now puts them in bottles. The famous powder is available in four types to suit every skin preference. Sasi also offers a wide range of other beauty products that range from lip tints and blushes to skincare essentials. 2. Nongchat Owned by renowned Thai makeup artist Chatchai Peangapichart, Nongchat offers a full range of high-quality cosmetics at affordable prices. One of its sub-brands, Browit, focuses on brow products – a key element in Thai makeup, where sleek, defined brows are a signature look. Their best-selling brow pencil features two functional ends, each designed for a different purpose, making it easy to achieve that clean, sculpted finish. Another standout is the brand's eyelash collection, which features a selection of styles designed to complement different eye shapes and personal preference. 3. La Glace Born from a love of cosmetics and beauty, La Glace has become a staple in many makeup bags in recent years. Their standout product, the black pH blush, is loved for its jelly balm texture, easy application and non-sticky finish that gives a naturally flushed look. It has gained massive popularity on TikTok for being both effective and affordable – especially its unexpected black blush, which delivers a natural finish. La Glace has a wide range of cosmetic products, everything from lipsticks and concealers to beauty applicators. With packaging that gives off a Barbie-inspired charm, the brand captures attention at first glance. 4. Cathy Doll One brand that's been making waves for a while now is Cathy Doll – after one of its products was spotted being used by American influencer Khloe Kardashian, (the secret's out: it was the lip filler in breezy peach). The brand has a variety of products ranging from skincare and makeup solutions to beauty essentials such as hand creams, hair tonics and beauty puffs. What's more, many of their items come in travel-friendly sizes – perfect for those who want to test things out before committing to the full-sized versions. 5. 4U2 This Thai-owned cosmetics brand has been around since 2002. Originally licensed from the U.S., it has since grown into one of Thailand's most popular go-to makeup marques and is now exported to 11 countries. Beloved for its affordability, colour palette and everyday wearability, 4U2 continues to stay on-trend, evolving to meet the tastes of modern shoppers. Their lipsticks have become a true trademark, offering a variety of shades and formulas to suit every mood and moment. 6. Lip it Now, let's talk about celebrity-owned beauty brands. Globally the makeup world has seen a wave of celebrity-backed lines go viral and Thailand is no exception. Lip it is a standout brand founded by a content creator from the popular YouTube channel Their mission was to create an approachable, everyday makeup line that's as fun and relatable as they are. The products focus on enhancing natural beauty and light texture, with standouts including a good morning colour lip mask – a convenient, pocket-sized essential for effortless touch-ups. 7. Mistine Opened in 1988, Mistine has grown from a much-loved Thai beauty favourite into a recognised player in China's cosmetics market. The brand's philosophy isn't about promising perfect results or following beauty rules – instead, it encourages the individual to discover and express their true self. This belief is reflected in its minimalist packaging, designed to suit customers of all ages and gender. One of the highlight products is a preservative-free non-greasy sunscreen that offers up to 12 hours of protection. The oil-free, coral-friendly formula makes it a responsible and practical choice for beach days or adventures in the sun. 8. 2P Original A favourite with students and young professionals, 2P Original is a Thai cosmetics brand that proves style doesn't have to come at a steep price. It first captured attention with its oh my matte lip product. While staying true to its identity, the brand keeps up with market trends by releasing eye-catching products with colourful, playful packaging. Their international presence grows year on year, with distribution channels now in China, Myanmar, Cambodia, Malaysia and Laos. The brand's latest standout is the oh my blush dot, a long-lasting liquid blush available in ten shades that have been formulated to endure the tropical sun. 9. Meilinda Manufactured across Germany, Italy, Korea and Taiwan to ensure quality at every step, Meilinda creates products designed for tropical climates – waterproof, long-lasting and made to withstand heat and humidity. They present a variety of makeup finishes, from matte to gloss, inviting customers to play and express their personal style. With its soft, minimal and feminine aesthetic, the brand has become an unobtrusive essential in Thai handbags. 10. Odbo Odbo adds a pop of pastel to the eye, embracing today's trendy cool-toned makeup style. With a wide range of shades across lip, eye and cheek products, the brand keeps things fresh without straying from its soft, natural aesthetic. Highlights include their eyeshadows, mascaras and blushes – all perfect for enhancing everyday beauty. It's a go-to choice for those who love the Korean-inspired makeup look. The brand also offers a mascara remover which is a total game-changer for washing off those hard-to-budge enhancements.
Times of Oman
21-04-2025
- Business
- Times of Oman
Chinese executive of firm constructing collapsed high-rise in Bangkok arrested
Bangkok: Authorities in Thailand have arrested a Chinese executive of the construction company responsible for building an office building in Bangkok that collapsed during the March 28 earthquake, killing dozens of people, according to local media reports. Thailand's Department of Special Investigation (DSI) took into custody Zhang Chuanling, a Chinese national, on Saturday. He is one of four people wanted on arrest warrants for allegedly acting as nominees for the Thai-owned subsidiary of a Chinese construction firm, the Bangkok Post reported. The firm was building the 30-storey State Audit Office headquarters in Chatuchak district of Bangkok, which collapsed after an earthquake of magnitude that struck central Myanmar on March 28. A search is ongoing for the other three suspects, who are all Thai nationals, the report in the Bangkok Post added. On Saturday, the Bangkok Metropolitan Administration said there were 103 victims from the collapse. Of them, nine were injured, 47 were confirmed dead, and 47 remain missing. As per a report in the Thai news outlet, The Nation, preliminary findings by of a joint investigation by the DSI and the Royal Thai Police. have revealed that three Thai nationals were used as proxy shareholders on behalf of foreign interests, violating Thailand's Foreign Business Act. "Financial records uncovered transactions exceeding 2 billion baht linked to loans involving Chinese executives. These financial arrangements paved the way for China Railway No.10 (Thailand) to secure a government contract via a joint venture, raising suspicions of illicit bidding practices," as per the report in The Nation. China Railway No.10 was part of a joint venture with an Italian-Thai firm to build the State Audit Office tower before its collapse. As per local media reports, officials are examining whether construction materials--specifically steel and cement--met industrial standards under the Industrial Product Standards Act. Investigators are reviewing design documents, project supervision records, and nine rounds of design modifications, some of which may involve forged signatures from engineers and supervisors.
New York Times
14-02-2025
- Sport
- New York Times
Project Reset: Why some Leicester City fans are calling for change on Saturday
Nearly nine years ago, Leicester City fans gathered at the Local Hero pub, just up the hill from King Power Stadium, to watch as title rivals Tottenham Hotspur failed to beat Chelsea, meaning their team achieved the incredible feat of becoming 5000-1 Premier League champions. It is the greatest feat in the club's history and in that moment, Leicester fans could not be prouder of their club, which had been transformed under the ownership of the Thai-owned King Power International group and Vichai Srivaddhanaprabha. Advertisement Less than a decade on and some Leicester fans will be gathering at the Local Hero once more, but this time the mood is very different. A group of fans, under the banner of Project Reset, have organised a protest march from the pub to the stadium ahead of the lunchtime clash with Arsenal on Saturday. They will be wearing or displaying the colour yellow as a visible protest and have called for other supporters to join them in a vocal protest on 14 minutes — a reference to when Leicester completed the signing of Portugal midfielder Adrian Silva 14 seconds after the deadline in August 2017 and couldn't register him until the January window in 2018. It is seen as an example of the sort of mistakes the club has made since the title success. Protesting fans have also been urged to gather in the middle of the East Stand after the game to be visible for the television cameras. The protestors are demanding transparency and answers as to why the club has gone from one of the most well-run in the Premier League, challenging the elite of English football, to a club that was relegated back to the Championship in 2023 and could be heading straight back there again at the end of this season to face an uncertain future. They want accountability for how the club's wage bill was swelled to the seventh highest in the Premier League but was still relegated amidst crippling profit and sustainability rules restrictions, compounded by mistakes and poor recruitment of a succession of players and managers. The situation has been aggravated by a January transfer window in which manager Ruud van Nistelrooy received only one new signing when results demonstrated he needed more. A summer net spend of £50million ($62.3m) under previous manager Steve Cooper, who was sacked after just 12 games, limited the support Van Nistelrooy could receive in the window, with many of the summer arrivals not chosen to start games under the Dutchman, although these recent events are seen by some supporters as the tip of the iceberg. Advertisement Except for the significant absence of late chairman Vichai Srivaddhanaprabha, who died in the helicopter crash outside King Power Stadium in October 2018, it is the same people who led the club to their astonishing success of 2016, but the fans who are protesting, and many who will choose not to march but share the same sentiments, have lost faith in the same management setup at the club. Everyone at board level has been placed under scrutiny by disgruntled supporters, but particularly director of football Jon Rudkin. A crowdfunding campaign has generated enough to hire a mobile digital billboard that will carry an image of Rudkin, calling for his sacking by the club's owner, chairman Khun 'Top' Aiyawatt Srivaddhanaprabha. The organisers of the protest have said they wish to remain anonymous because they say they fear repercussions from the club, but sent The Athletic a statement titled The Five Dysfunctions of a Failing Football Club, which detailed their points of grievance. The five failings in the eyes of Project Reset are: 'It has gone on too long,' says Will Casey, a student and season ticket holder who says he will be marching and protesting. 'We've given them the chance to come out and be transparent with us and it hasn't happened. Now is the time for change. 'I think they (the board) have run their course. I think we've got to be grateful for everything they've done for us, but I think you only have to look at the recent track record in the transfer market with contracts to know that I think their time's up.' At the heart of the depth of feeling for a reset appears to be the club's reluctance to engage with supporters and offer any mitigation for the recent seasons of decline. 'The unrest amongst the fans isn't because the team is struggling this season and the unrest isn't out of some sort of entitlement, it's been brewing for a few years with the same issues and frustrations repeating themselves over and over again without any sort of explanation or accountability,' says Jake Watson, who isn't one of the organisers of the non-violent protest but a season ticket holder and host of the Big Strong Leicester Boys podcast. Fans of other clubs and those opposed to the protest have accused the protesting Leicester fans of a sense of entitlement after their Premier League and FA Cup success and a lack of reality to their situation as a newly promoted club again, but Watson says that is false and doesn't recognise legitimate grievances. Advertisement 'The fanbase never expected this to continue,' he says. 'Everyone understood it was nigh on impossible to replicate these moments and we savoured them. 'However, over the last few seasons, the way in which this club operates has changed. Metaphorical own goals on and off the pitch time and time again. In any other club, the people responsible for those failings would have been replaced or asked to step aside. 'At Leicester City, it appears with each glaring mistake your position becomes more secure. 'The bulk of the frustration is aimed at Rudkin. He is a man who we all recognise is spread too thin within the King Power business, but he is also a man who has proven he is not up to the level required to be a director of football at a club this size. 'It would appear to us as fans that Leicester could plummet back down into League One and Rudkin would still be sat, emotionless, next to Khun Top overseeing the football operations. We implore Khun Top to bring someone else in to help with recruitment.' It is unclear how many fans will be marching to the stadium on Saturday, but the protest has been included in police planning for the game. 'The force is aware of a planned peaceful protest outside King Power Stadium on Saturday,' Leicestershire police said in a statement. 'This has been taken into consideration as part of the policing operation for this fixture.' There are fans who are not ready to protest outright yet but still share the same frustrations as those who will. While a minority of fans may even feel a change of ownership is ultimately required, there are a large proportion who do not. 'I absolutely support Top and do not want a change of ownership, just some fresh ideas and practices in the boardroom,' says Iain Wright, season ticket holder and contributor to BBC Radio Leicester and The Fosse Way website. Advertisement 'Of course, we're all grateful for everything Top and family have done, but since the advent of PSR, the rules have changed to prevent anyone else buying into the top six. It's no longer a battle of who's got the best benefactor, it's a battle of who's got the best strategy. This is where our board has struggled. 'The current board have allowed two of the biggest losses in UK sporting history (£92.5m in 2022 and £89.7m in 2023). 'The nub of the frustration is that the same people have continually failed, allowing the position we were in to evaporate completely without consequence. 'Plain and simply, it's time for a new director of football and other board members to inject fresh ideas and expertise to create a different strategy in line with what's needed in the modern game, to stabilise things and then push us forward.' But not all fans support the protest. Cliff Ginnetta, chairman of the official supporters' club, says the club's members are not involved. 'We don't know anything about it and are not interested in it,' he says. 'We are supporters, so we back the club no matter what. 'Mistakes have been made and we go to meetings with the club and point that out. That's how it works 'It has become quite toxic in the ground and away from home and I am not sure why people are getting wound up. We all knew this would be a difficult season. We were expecting a big points deduction and a battle for survival after winning the Championship last season, but people seem to have forgotten that. 'I have meetings with people and try to explain how it works, but they don't want to know and get carried away. I think they think they are running the club.' The Foxes Trust, which has a member on the Fans' Advisory Board, which regularly meets with the club, say they understand the reasons for the protest but have no official position on Saturday's plans. Advertisement 'The Foxes Trust understands the anger and disappointment of some fans, including some who are members,' said chairman Steve Moulds. 'A peaceful protest outside of the ground indicates that some fans care about the direction the club has been taking and want to publicly demonstrate this, but I would urge those who want to have a dialogue with the club to join the trust, help us grow in numbers, as we are having dialogue with the club at various levels.' What impact such protests will have on Van Nistelrooy's side this Saturday as they fight for Premier League survival is a point of debate amongst supporters who have varied views on the club's situation and the calls for a reset. 'I think this season especially, there needs to be a sense of togetherness, but I think the big thing about the protest is they're not aiming it at the players on the pitch,' says Casey. 'They're saying get behind the team, full support for the team, but say your piece about the people higher up as well.' Van Nistelrooy supports the fans' right to voice their opinion, but stressed how much their total backing for his players means as they face Arsenal. 'Thank God we live in a society where there's freedom of speech,' he said at his pre-match press conference. 'Everybody who feels that they should let their voice be heard in a good way is free to do that and we have to all be happy that we can do that. 'Looking back as a player, when you played in front of your home crowd and there is a connection with that crowd, and there is a tackle or a pass or a cross or in a difficult moment in a game where the support lifts you, I know from experience.' Many supporters do want to take their opportunity and exercise their right to make their feelings known as they feel their voice is being ignored as they call for change. Advertisement 'The club refuses to enter any meaningful dialogue or make steps to make us believe the direction this club is in is likely to change,' Watson adds. 'We want to see someone brought in to manage the football operations. Recruitment, contract and transfer negotiations at the club have been under-resourced and outdated. 'If we don't make a stand now and protest, then not only will this club be relegated this season, it will once again cause a financial catastrophe. 'What the protest looks like I am unsure of, but what I am sure of is that the club needs a change.' They may not get the change they want, but some Leicester fans certainly want their voice heard.
