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https://www.nationthailand.com/business/econ/40019651

The Securities and Exchange Commission (SEC) has said it is tightening controls on cryptocurrency companies to protect retail investors and bring Thailand’s crypto trading standards up to international levels.

In a statement on Thursday, SEC said some crypto trading advertisements did not include a warning on the currency’s high volatility. SEC said most promotions only highlighted positive information, with the warning printed in a font that is too small to read.

“These advertisements can lure people into investing without considering the risks and conditions, which could result in damages to the investors,” SEC said.

The companies have 30 days to comply with the new rules, which include:

• Advertisements cannot feature false, misleading or exaggerated claims. Firms can only advertise the number of customers who have actually opened an account and are using the services.

• Operators must provide SEC with details of advertising spending and the use of influencers and bloggers as per SEC’s terms, conditions and timeframe.

• Warnings should be clear and easy to read, while advertisements must feature balanced views providing information on both positive and negative factors.

• Crypto companies must limit their advertisements to official channels such as their website to prevent impulse buying. Other services, however, can still be advertised via other channels.

SEC has also barred cryptocurrency operators from having an “introducing broker agent” or IBA, a licensed agent who advises customers on investments in exchange for a fee. Operators of digital tokens, however, are allowed to have an IBA.

The commission has been cracking down since the crypto industry came under greater scrutiny. On Wednesday, it imposed a 1.92 million baht fine on digital asset trader Zipmex Thailand Co Ltd for suspending digital asset trading and stopping investors from depositing or withdrawing from the company’s crypto wallets in late July.

On Tuesday, Samret Wajanasathian, chief technology officer of crypto exchange company Bitkub, was fined 8.53 million baht for insider trading. He was also barred from holding an executive position for 12 months.

Last week, Siam Commercial Bank backed out of a 17.85 billion baht deal to buy the majority share of Bitkub, citing unresolved issues with the securities regulator.

Published : September 02, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019648

Most of Thai Airways International (THAI)’s creditors have accepted the revised rehabilitation plan, which the airline says will be a key step towards its recovery.

The national carrier reported to the Stock Exchange of Thailand on Thursday that creditors who hold 78.59 per cent of the total debt had accepted its plan in a meeting conducted online by the Official Receiver. The plan had been submitted to them on July 1.

The result will next be reviewed by the Central Bankruptcy Court in a hearing on September 14, THAI said.

Thanking the creditors for their confidence in the plan, THAI said this will help the airline lay its foundation for sustainable growth and profit-making abilities in the future.

Under the revised plan, THAI aims to borrow 12.5 billion baht over six years and another 12.5 billion baht in the shorter term, the airline’s chief of finance Chai Iamsiri said.

Previously, THAI expected to face a cash deficit of 50 billion baht and planned to match that by borrowing 25 billion baht from state agencies and the remainder from private institutions.

Chai said the airline had discussed the revised plan with stockholders and the Finance Ministry supported it.

He added that there were two ways of finding funds, one was seeking additional funding via debt-to-equity deals with current creditors or getting funds from stockholders and new investors, while the second was to find new lenders.

He said that if the airline manages to get enough funding from existing sources, it will not need to seek new ones.

Thanks to the recovery of the aviation industry and high booking rates, THAI said it is confident this rehabilitation plan will be successful and achieved within the deadline.

Published : September 02, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019644

The Bank of Thailand (BOT) is preparing a draft royal decree to supervise the leasing and hire-purchase market to tackle informal debt issues.

Suwannee Jatsadasak, BOT’s senior director, said the draft royal decree under the 2008 Financial Institution Business Act is being created to protect people, especially those buying cars or motorcycles under long-term leasing or hire-purchase deals.

She said the decree will focus on supervising non-banking facilities and dealers’ market conduct and macro-prudential regulations to ensure household debts in Thailand do not get out of hand.

She said that since the leasing and hire-purchase sector was rising by about 5.5 per cent per year, complaints against these businesses will likely increase.

“BOT is currently talking with the Consumer Protection Board about the option of supervising fees and interest rates applied in the leasing and hire purchase sectors,” she said.

Meanwhile, Thailand Motorcycle Hire Purchase Association president Mongkol Peanpitakkit complained many non-banking entities and dealers do not understand some details of the draft royal decree.

“They don’t understand some details, such as what they are expected to do with market conduct,” he said.

Mongkol, who is also managing director of T-Leasing, expects the leasing and hire-purchase of motorcycles to grow in the fourth quarter of this year, thanks to the recovery in the economy and production capacity.

He added that T-Leasing was maintaining its growth target of 25 per cent.

A source from the motorcycle leasing and hire-purchase sector said the decree will focus more on dealing with informal lenders as they have not been under official supervision yet.

The source also expects BOT to require that informal lenders register their business in the future.

Published : September 02, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019639

The baht opened at 36.78 to the US dollar on Friday, weakening from Thursday’s close of 36.71.

The currency is expected to move between 36.60 and 36.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

The currency is expected to move between 36.60 and 36.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is highly volatile and may weaken to test its resistance level at 36.85 or even 36.95 if the greenback continues to strengthen on the back of expectations that the US Federal Reserve will increase the interest rate and spike demand for safe assets.

The baht is also pressured by large currency transactions, such as the energy sector buying the dollar after the price of crude oil dropped or multinational corporations buying the Japanese yen after it weakened to 140 yen to the dollar.

The falling price of gold is also pressuring the baht, he said. He expects some investors to buy gold at its support level of $1,700 per ounce to sell at $1,750 to $1,770 per ounce.

He also suggested that monitoring foreign investors’ transactions would help indicate the baht’s trend, especially if they sell more Thai stocks and bonds.

Poon believes the Thai stock market correction and bond yield will rise, allowing foreign investors to buy more Thai assets, especially when the baht weakens to test its key resistance level.

The strategist advises investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Published : September 02, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019622

The Export–Import Bank of Thailand (Exim Bank) has started offering personal loans of up to 2 million baht to new entrepreneurs to help boost Thai exports.

Exim Bank president Rak Vorrakitpokatorn said on Thursday that small-time business operators often face a lack of funding or liquidity for starting a new business or expanding their existing ones.

“As their business has yet to start or has just started, they have a lot of risk factors, which make it difficult for them to get loans,” Rak said.

He added that Exim Bank is joining forces with Thai Credit Guarantee Corporation in extending loans to borrowers seeking personal loans under this project.

To be eligible for the project, prospective applicants must be an original equipment manufacturer or original brand manufacturer that is export-oriented.

They can borrow up to 2 million baht, with a starting annual interest rate of 7.75 per cent. Applications for loans can be submitted until June 30 next year.

The Exim Bank president described this new product as a “game changer for Thailand” intended to help increase the number of Thai exporters to boost economic and industrial growth.

“Exim Bank works with other elements in unlocking business restrictions while creating new opportunities for communities and businesses. The goal is to create more strong Thai economic warriors in the world market,” he said.

Published : September 01, 2022

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https://www.nationthailand.com/business/econ/40019618

The Securities and Exchange Commission (SEC) on Wednesday imposed a total fine of 1.92 million baht on digital asset trader Zipmex Thailand Co Ltd.


The fines were levied for committing two offences: suspending digital asset trading in violation of SEC’s trading rules, and prohibiting customers from depositing and withdrawing from the company’s Trade Wallet and Z Wallet.

The SEC stated that from July 20-28, 2022, Zipmex, an operator of a digital asset trading hub and a digital asset broker, had suspended trading of digital assets on its platform, both in part and in whole, without following the criteria and conditions stipulated in the SEC’s trading rules. The offence resulted in a fine of 540,000 baht.

The SEC added that during July 20 to August 25, 2022, Zipmax also suspended deposit and withdrawal of customers’ assets in the company’s Trade Wallet and Z Wallet, in violation of professional ethics and failing to provide a quality service. This offence resulted in a fine of 1,380,000 baht.

Meanwhile, Zipmex Thailand said on its Facebook on Thursday: “The company prioritises following the regulations and maintaining professional ethics in all aspects of business operation. We are ready to discuss with the SEC regarding the fine order, and will evaluate the punishments closely with our legal advisers. We understand the duty and responsibility of the SEC in digital asset monitoring to ensure that all investors are protected.”

On July 20, Zipmex Thailand suspended trading on its platform to disable ZipUp+ from the platform.

Zipmex Thailand CEO Akalarp Yimwilai later issued a Facebook Live announcement that ZipUp+ was a product of Zipmex Global, a key partner of Zipmex Thailand. He said Zipmex Global had deposited coins in ZipUp+ with two crypto lenders, Babel Finance and Celsius, who suffered a liquidity crunch and could not return the digital assets. Celsius has gone bankrupt.

Zipmex Thailand said it would sue Babel Finance for the return of its customers’ digital assets.

Published : September 01, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019612

High oil prices have prompted more people to turn to public transportation and electric vehicles, while the rising prices of goods have reduced use of luxury goods, a survey has found.

The survey was carried out by the Trade Policy and Strategy Office (TPSO) among 8,363 respondents from all districts around the country. The results were announced on Thursday by Ronnarong Phoolpipat, TPSO’s director-general.

Ronnarong said the survey found that most people have responded to rising oil prices by using private cars less frequently, or by opting for cheaper petrol varieties.

With the prices of goods rising, most people have reduced their use of luxury goods while some have cut down on travel expenses and eating in restaurants, Ronnarong said.

He said the survey found that the people in the income group of 10,000 to 100,000 baht per month tended to use more public transportation or changed travel routes to avoid traffic congestion.

Ronnarong said the vulnerable groups, such as people with income lesser than 10,000 baht a month, students or people without permanent jobs, were the biggest users of public transportation.

Ronnarong said there is a clear case for the government to improve public transportation to minimise impact on the vulnerable groups.

Ronnarong said the top three changes in consumer behaviours were reduction in the use of luxury goods (29.87 per cent), reduction in travel (16.92 per cent), and less eating in restaurants (16.24 per cent).

The survey found that the people with income between 40,000 and 50,000 baht a month and state officials were the group that had not reduced their savings. Only 0.44 per cent of people with monthly income of 40,000 to 50,000 baht had reduced their savings and only 0.88 per cent of state officials had done so.

Ronnarong said the survey found that the people with income more than 100,000 baht a month was the biggest group to reduce the frequency of their travels.

When asked what they would do if the high oil prices persisted longer, 54.1 per cent said they would find extra jobs while 15.86 per cent said they would buy EVs and 11.76 per cent said they would move to live closer to their offices, Ronnarong added.

The TPSO suggested that the government build more EV-charging stations to encourage people to buy more EVs, which could help stimulate the economy.

The TPSO also suggested that the government launch measures to stimulate tourism so that people with high income would travel more frequently, Ronnarong added.

Published : September 01, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019610

The conference of CEOs from the Asia Pacific Economic Cooperation (Apec) will be organised strictly under the concept of “Green Meeting” with the goal of highlighting Thailand’s potential and commitment to tackling environmental and sustainability issues, the organisers said on Thursday.

The chairman of the Apec CEO Summit 2022, Poj Aramwattananont, held a press conference on Thursday to inform about the progress in hosting the event.

The environment is one of the most urgent global issues, and it would be a great opportunity to show world leaders how serious Thailand is in responding to that problem, he said.

The executive director of the CEO summit, Kasemsit Pathomsak, added that the organising committee had put a lot of thought into sustainability in designing the summit’s content and format, and had decided to organise the event as a “green meeting”.

The events will be environmentally friendly, with materials and resources reused and recycled to maximise benefits while minimising the environmental impact, he said.

“The ‘green meeting’ concept will be reflected in every aspect of the summit, from the choice of venue, documentation, device arrangements, and catering to the calculation of carbon footprint, which will increase awareness about energy saving and waste reduction,” Kasemsit explained.

Participants will be guided throughout the meeting by a mobile application that ensures smart hospitality.

Poj said that the organising committee had decided to change the venue from True ICON Hall at ICONSiam to The Plaza Athenee Hotel to facilitate convenience of movement between the main Apec Summit venue at Queen Sirikit National Convention Center and the Apec CEO Summit venue.

Besides, the committee intends to collaborate with young entrepreneurs nationwide so that they will have the experience to host the Apec Summit or other world conferences in Thailand in the future.

“This outreach is crucial as the younger generation will play a key role in driving the country’s economy in the future. Preparations for the summit right now are 70 per cent ready,” Poj said.

He expected the summit to be a stage for leaders to share their vision and join forces in driving global trade and economic growth. It is also a perfect opportunity to search for solutions to current issues and to the various business challenges faced by the Asia-Pacific region and the world.

“This year’s summit will be the first opportunity for prominent economists and business leaders to meet in person. More than 10 leaders from Apec member economies will give keynote speeches on topics that are of high public interest,” said Poj.

He added that the programme would also include panel discussions among thought leaders and distinguished speakers on issues that will help chart the direction of the world’s economy.

He insisted that the summit is a fantastic opportunity for Thailand to host the extraordinary trade and investment convention. The summit will provide an opportunity for Thailand’s private sector to showcase its global potential, whether in food security, investment, tourism, or finance.

Meanwhile, the committee has announced official collaboration with PwC, who will serve as the exclusive “Knowledge Partner” for the Apec Business Advisory Council summit 2022.

The company intends to spark conversations among delegates at the event that provide valuable insights into conducting business, economic activities, and investment before delivering all ideas of business leaders to the Apec Summit stage.

PwC Thailand CEO Chanchai Chaiprasit said that as the “Knowledge Partner” of this year’s Apec CEO Summit, the firm will look closely at how businesses can prepare to overcome these challenges in order to build trust among stakeholders and grow sustainably.

The current world is at the crossroads of chaos, with many serious issues occurring at the same time; therefore, all parties must have an intimate conversation to find a proper solution that is at least a proper aspect for all, Poj said.

The Apec CEO Summit is scheduled to be held from November 16-18, 2022, concurrently with the Apec Summit 2022.

Published : September 01, 2022

By : Nongluck Ajanapanya

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https://www.nationthailand.com/business/econ/40019603

More than half of business operators believe the Thai economy will grow less than 3.3 per cent this year, the Thai-Chinese Chamber of Commerce said.

President Narongsak Putthapornmongkol said on Wednesday that the chamber conducted a survey of 305 members from August 16 to 18 about their trust in Thailand’s economic direction in the fourth quarter.

Some 40 per cent felt the economy in the last quarter would be better than the previous one, 30.8 per cent said it would grow at the same rate and 26 per cent thought it would slow down.

The respondents were of the opinion that tourism, online, health services, agriculture, logistics, and processed agricultural products would drive the economy in quarter four.

They also felt the businesses that need to improve urgently are tourism, agriculture, energy and infrastructure, real estate and construction, and manufacturing.

Those surveyed see the tourism industry as a key opportunity for the Thai economy to recover quickly “if obstacles are overcome quickly”.

As for news that the economy would grow only up to 3.3 per cent this year, 56.7 per cent thought there was little chance of that happening, while 39.7 per cent said there was a high chance such growth could be achieved. The rest said it was impossible.

The respondents viewed recession, pressure from inflation, political stability and high household debt as the main obstacles to a recovery.

Some 33 per cent thought the world economy would see a slight recess, 25 per cent said it would significantly be affected, and a minority of 12.5 per cent felt that a crisis was brewing. Only 19.8 per cent of respondents believed the global economy would recover.

Meanwhile, 65 per cent of respondents thought Thailand’s policy interest rate would increase once again before the end of the year and pose a key obstacle to smooth economic growth.

Narongsak said 41.6 per cent felt a conflict between superpowers would hit the Thai economy, while 20.7 and 9.2 per cent thought it would affect Thailand seriously and very seriously, respectively.

Precisely 54.4 per cent still trust in exports to China in the current situation as Thailand is not a part of any conflict, while 31.5 per cent were highly confident China was a reliable export market for Thailand.

Around 80 per cent believe the number of Chinese tourists, if any, will be lower than expected in the fourth quarter.

Regarding Thai-Chinese economic ties, 40.7 per cent of respondents felt trade between the two countries in the last quarter would be better than in the previous quarter, 25.2 per cent said it would grow steadily and 31.5 per cent were of the view that it might slow down.

As for exports, 43.6 per cent of those surveyed expect China to import more Thai products.

According to the survey, 42 per cent of respondents thought Chinese investment in Thailand would increase, while 30.8 said it would remain the same as the third quarter.

Regarding the baht, 34 per cent expected the currency to strengthen in the fourth quarter, while 36 per cent said it would stay at the level between 35.59 and 36.90 to the US dollar.

Published : September 01, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019593

The baht opened at 36.65 to the US dollar on Thursday, weakening from Wednesday’s close of 36.47.

The currency is expected to move between 36.50 and 36.75 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht could continue to weaken as it had swept past its resistance level of 36.50 to the dollar, so there is a risk it would reach a new resistance level of 36.75.

Poon noted that the baht was pressured because of a strengthening dollar and the gold price heading downward.

However, the baht’s weakening might slow down if foreign investors continue to opt for Thai stocks, as an economic recovery is likely after the Bank of Thailand signalled it may increase the interest rate gradually, he said.

The strategist advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Published : September 01, 2022

By : THE NATION