“We are meeting and testing all of our systems to serve the demand to use the system in this period where there is a change in the year. We believe that the system will not have the problem seen last year,” he said.

He added that the number of people living in Pathum Thani province has seen strong growth, and the Ministry must now develop the transportation system in this area to speed the traffic flow between Bangkok and this area.

1. Banks will get smarter in the deposits war

The good times are over. In our current rising rate environment, any bank that can’t grow (or at least sustain) its deposits base will face shrinking net interest margins and a competitive disadvantage in their consumer lending businesses. Indeed, we are already starting to see signs of distress among community and regional banks that lack the advertising budgets and sophisticated digital capabilities of the big national banks.

In response to this competitive pressure, top 100 banks will invest in an area that has been neglected for too long — deposit pricing strategy. Sophisticated analytics tools, like optimisation, and the ability to rapidly deploy the models developed by those tools will give banks the ability to deliver smarter, more granular pricing, enabling them to compete effectively in this increasingly frenetic environment.

2. Banks will address the problem of silos

Digital transformers need to realise they have a silos problem.

A majority of banks are undergoing digital transformation, ranging in scope from simple channel technology upgrades to massive enterprise re-platforming initiatives. The goal is to create modern, compelling customer journeys that will differentiate the organisation from its competitors. In 2019, it will become increasingly clear that these transformation projects require more than just new technology – they also require significant organisational changes.

Siloed business units and technology stacks for credit risk, marketing, fraud and compliance work extraordinarily well for maintaining the status quo, but poorly when it comes to large-scale transformation.

Banks will increasingly recognise this and work to ameliorate the negative effects of silos as they shift from product-centric to customer-centric business strategies.

3. Emerging Payment Solutions Will Grow Up

Emerging payment solutions — mobile wallets and P2P payment networks most notably — are slowly but steadily displacing legacy payment options like cash and credit cards and cementing themselves in the day-to-day lives of consumers (particularly Millennials and Gen Zers). Big strides are already being made in Asia Pacific with mobile payment usage climbing 30 per cent in 2018, a trend that will only accelerate in the coming year.

However, the faster these new payments move, the more attention they will attract from criminals. Emerging payment solutions will become more mature in 2019 as payments executives focus on educating their customers and adapting their fraud controls to compensate for this growing threat.

Written by TIM VANTASSEL, vice president and general manager for risk of FICO.

The Thai Rice Exporters Association estimates exports will come in at 10 million tonnes in 2019, shrinking from the forecast 11 million tonnes for this year,

The association disclosed the forecast after a meeting of the Rice Policy and Management Committee that was chaired by Prime Minister Prayut Chan-o-cha yesterday.

Association president Charoen Laothammatas said those at the meeting acknowledged that the global and Thai rice environments in 2018 and 2019 were different. Thailand, as of early December, had posted exports that had so far this year amounted to 10.2 million tonnes.

Shipments of the grain in December are expected to reach 900,000 tonnes, ensuring that the target of 11 million tonnes for the year will be reached.

The lowered estimate of 10 million tonnes for next reflects the high competition among producers, particularly from India, where its government subsidises 5 per cent of export prices. The Indian rice price has also become attractive as a result of the Indian rupee’s 10-15 per cent depreciation. Adding to the pressures, major rice-importing countries such as the Philippines, Indonesia and China plan to import less next year.

Charoen said that China bought 700,000 tonnes of rice from Thailand, under a government to government agreement for a purchase of 1 million tonnes. Thailand began exports to the Philippines under a contract for the supply of 75,000 tonnes.

Commerce Ministry permanent secretary Boonyarit Kalayanamit said global rice production would drop by 3.93 million tonnes to 491.14 million tonnes in the 2018-19 production year, due mainly to drought and floods in China. Less-than-estimated rainfall in India and the Philippines’ damaged rice production from a typhoon would also contribute to the reduced global volume. In contrast, global rice consumption is forecast to rise by 6.74 million tonnes to 489.56 million tonnes due to a likely rise in consumption in a number of big countries, such as China, India and Nigeria.

For the year to December 11, India was the standout exporter with 11.37 million tonnes, followed by Thailand with 10.35 million tonnes and Vietnam, 6.06 million tonnes. Deputy Prime Minister Chatchai Sarikulya said that the Rice Policy and Management Committee agreed on a Bt1.74-billion insurance project for wet season rice growing, covering 30 million rai, in the 2019 production year.

The project will provide insurance against seven types of natural disasters, ranging from flood, drought, storm and cold weather to hail, fire, forest elephants, pests and disease. The project will apply for all regions, excluding the South, from the start of the production season to June 30 next year. In the South, it will apply from the start of the production season to December 15.

Of the total insurance premium of Bt85 per rai, farmers will pay Btt34 per rai and the government will subsidise them with Bt51 per rai. The Bank |for Agriculture and Agricultural Cooperatives (BAAC) will subsidise Bt34 per rai for its farmer borrowers who grow wet season rice in the 2019 production year.

The committee also approved a time extension to six rice sale projects that had been running from 2008-14, in line with a government policy. The remaining pledged rice – about 1.9 million tonnes – will be sold from this month to September next year.

1. Banks will get smarter in the deposits war

The good times are over. In our current rising rate environment, any bank that can’t grow (or at least sustain) its deposits base will face shrinking net interest margins and a competitive disadvantage in their consumer lending businesses. Indeed, we are already starting to see signs of distress among community and regional banks that lack the advertising budgets and sophisticated digital capabilities of the big national banks.

In response to this competitive pressure, top 100 banks will invest in an area that has been neglected for too long — deposit pricing strategy. Sophisticated analytics tools, like optimisation, and the ability to rapidly deploy the models developed by those tools will give banks the ability to deliver smarter, more granular pricing, enabling them to compete effectively in this increasingly frenetic environment.

2. Banks will address the problem of silos

Digital transformers need to realise they have a silos problem.

A majority of banks are undergoing digital transformation, ranging in scope from simple channel technology upgrades to massive enterprise re-platforming initiatives. The goal is to create modern, compelling customer journeys that will differentiate the organisation from its competitors. In 2019, it will become increasingly clear that these transformation projects require more than just new technology – they also require significant organisational changes.

Siloed business units and technology stacks for credit risk, marketing, fraud and compliance work extraordinarily well for maintaining the status quo, but poorly when it comes to large-scale transformation.

Banks will increasingly recognise this and work to ameliorate the negative effects of silos as they shift from product-centric to customer-centric business strategies.

3. Emerging Payment Solutions Will Grow Up

Emerging payment solutions — mobile wallets and P2P payment networks most notably — are slowly but steadily displacing legacy payment options like cash and credit cards and cementing themselves in the day-to-day lives of consumers (particularly Millennials and Gen Zers). Big strides are already being made in Asia Pacific with mobile payment usage climbing 30 per cent in 2018, a trend that will only accelerate in the coming year.

However, the faster these new payments move, the more attention they will attract from criminals. Emerging payment solutions will become more mature in 2019 as payments executives focus on educating their customers and adapting their fraud controls to compensate for this growing threat.

Written by TIM VANTASSEL, vice president and general manager for risk of FICO.

About 84.2 per cent of respondents said they were not ready to undertake digital transformation.

The Faculty of Economics, Thammasat University conducted a survey of 643 SMEs nation-wide on issues related to their business performance and the country’s overall economic conditions. The survey was conducted December 15-25.

On overall economic performance, respondents expected the national economy to grow by around 3.79 per cent.

They were asked about their performance in 2018 compared to what they expected at the year’s start. Their top three areas of disappointment were: investments lower than expected (52 per cent), liquidity (38 per cent) and revenue (37 per cent).

Better than expected areas of performance were: liquidity (21 per cent), profit (20 per cent), and revenue and employment (19 per cent).

The respondents were asked about their expected performance in 2019 compared to 2018. The three areas where they expected lower performance were: investment (56.0 per cent), liquidity )37.0 per cent) and revenue (33.0 per cent). Areas of anticipated better performance were: revenue (25 per cent), profit (20 per cent) and liquidity (19.0 per cent).

The three most important factors that would affect their business were the post-election political environment, the domestic economy and the world economy. However, such factors as a lack of qualified personnel as well as intense competition were also noted as important factors.

When asked about their business adjustments for 2019, 64.4 per cent said they would increase their online marketing activity; 41.1 per cent would restructure their business to become more technology oriented; 38.2 per cent would explore international market; 32.2 per cent pointed to cost reduction; 25.8 per cent would put more focus on branding; 24.1 per cent would redesigned their business models; 18.7 per cent would launched new products; 18.4 per cent pointed to staff development; 14.5 per cent would use more machinery and automation; 13.6 per cent would develop their packaging and 12.6 per cent did not have any plans.

When asked about the key challenge they faced when trying to implement digital transformation, 84.2 per cent noted the lack of clear targets for the benefit to be gained from digital transformation; 82.1 per cent were unable to choose the right technology to suit their business; and 77.3 per cent were unable to identify the benefits to be enjoyed from such transformation.