The Ministry of Social Development and Human Security hosted the Second Meeting of the APEC Policy Partnership on Women and the Economy (PPWE 2) on August 16 and 18, 2022 and the Public – Private Dialogue on Women and the Economy (PPDWE) on August 17, 2022.
The meetings were chaired by Ms Renee Graham, Chief Executive, Social Wellbeing Agency of New Zealand, while Mrs Jintana Chanbamrung served as Thailand’s Head of Delegation for the meeting.
During the meeting and public-private dialogue, member economies shared experience across different functions and sectors on enhancing women’s economic empowerment through BCG and women full participation in Business. Members also discussed the preparation of the upcoming APEC Women and the Economy Forum (WEF), the High-Level Policy Dialogue on Women and the Economy (HLPDWE), which will be held in a hybrid format on September 7, 2022. The WEF Statement 2022 was prepared for members’ consideration during the meeting of the APEC Women and the Economy Forum (WEF).
BRAND is giving away 10,000 “BLOOD HERO” Limited Edition T-Shirts to younger generation blood donors until August 26, 2022
“BRAND’S Young Blood” project and National Blood Center, The Thai Red Cross Society, would like to encourage young volunteers between the ages of 17 and 22 to donate blood from today until 26 August 2022 and receive a BLOOD HERO t-shirt limited to 10,000 as a souvenir, in order to help to ensure sufficient inventory of quality blood supply for emergency needs during the on-going pandemic including assisting patients who require blood for operations or treatments as well as to assure that there is a strong, adequate supply of blood for every hospital across the country.
For questions or inquiries regarding blood donation as well as the national blood bank, please contact Blood Donors’ Registration and Public Relations Department at 02-255-4567 or 02-263-9600 ext. 1743 or 1752. T-shirt distribution and collection points:
Bangkok and vicinity area: Information counter at National Blood Center, The Thai Red Cross Society as well as all seven blood donation centres (Fixed Stations) in Bangkok
Upcountry: All 12 branches of blood donation centres under The Thai Red Cross Society
Funding Societies, Southeast Asia’s largest Small and Medium-Sized Enterprises (SME) digital financing platform, announced a US$50 million (THB1.785 billion) credit facility signing with HSBC Singapore to continue expanding the firm’s reach to serving underserved SMEs in the region.
It was amongst the first fintech to be awarded the debt crowdfunding license by Thailand’s Securities and Exchange Commission.
This represents a huge opportunity for Thailand’s nascent SME market, and digital finance players like Funding Societies can help accelerate the growth of many businesses and bring revenue back to pre-pandemic levels.
SMEs make up 97% of all enterprises in Southeast Asia bringing 40% of GDP value across the region. In 2018, a report by the Asian Development Bank Institute highlighted that Thai SMEs’ contribution to the local economy accounted for 45% of the total GDP (or seven trillion Thai baht), which was larger than the economic contribution from large-sized enterprises.
However, that figure dropped to 32% in the second quarter of 2020 before recovering to 34.5% in the fourth quarter, last year due to the pandemic. With the local economy expected to recover this year, led by business activities resuming, access to financing remains more crucial than ever.
Co-founder and Group CEO of Funding Societies | Modalku, Kelvin Teo, said, “We’re honoured to receive such a sizeable facility from a global bank such as HSBC. This marks a critical milestone for us and is a testament to our credit track record through Covid-19. HSBC’s foresight, global capabilities and scalable approach further equip us to better satisfy the underserved SME segments in the region, especially given Thailand’s potential presenting a huge financing opportunity for small businesses in the country.”
Commercial lending in the Asia Pacific is projected to grow at a CAGR of 16.5%, generating a revenue of more than US$7 trillion (THB249 trillion) by 2028 – which makes up about 25% of the global market size of US$27.4 trillion (THB978 trillion).
The digital experience for SMEs is still underserved and is not at the same pace of digital transformation as with retail lending. Funding Societies has a track record of loan disbursement of over more than US$2.6 billion (THB92.7 billion) through more than 5.1 million transactions across the region.
Through this new credit facility, FinTech lenders will be able to channel the funds via its range of tailored financing solutions across SME segments in all five of its markets.
The signing enables HSBC to extend its global capabilities by tapping into the underserved segments across the region.
Furthermore, HSBC will act as the structuring bank, lender, facility and security agent in providing a flexible, scalable and pan-regional financing solution to support Funding Societies’ business expansion in the region.
Regina Lee, Head of Commercial Banking, HSBC Singapore, said, “As a leading SME digital financing platform, Funding Societies is playing an important role in contributing to Southeast Asia’s new economic growth by driving broader financial inclusion and supporting homegrown companies which are the building blocks of these economies. We are thrilled to support Funding Societies as they expand their reach to serving underserved SMEs in the region.”
This announcement comes at the heels of Funding Societies’ most recent acquisition of regional digital payments platform CardUp (subject to regulatory approvals), as part of a series of efforts to diversify its services beyond lending.
The digital financing platform also achieved several strategic milestones including its Series C+ equity raise of US$144 million (THB5.141 billion) in February, its recent investment into Bank Index in Indonesia, and market entry into Vietnam – its fifth market.
Dusit Thani Public Company Limited (DUSIT) and PTT Oil and Retail Business Public Company Limited (OR) aim to leverage their respective strengths and expertise to create a new growth engine for the Thai economy and deliver sustainable value across the entire supply chain.
Dusit Thani Public Company Limited (DUSIT), one of Thailand’s leading hotel and property development companies, and PTT Oil and Retail Business Public Company Limited (OR) by Modulus Venture, a wholly owned subsidiary of OR, a leading oil and retail company, have inked an agreement for OR to acquire a 25% stake in DUSIT’s food business subsidiary, Dusit Foods, as part of a joint vision to deliver a new growth engine that contributes to Thailand’s economic rise by fostering the development of the food industry.
To achieve this, DUSIT aims to combine its strengths in upstream, midstream, and downstream food businesses with OR’s expertise in operating leading retail distribution channels – including almost 2,500 PTT Stations and over 4,000 Café Amazon outlets – to reach multiple lifestyle segments, help local food businesses expand domestically and internationally, and deliver sustainable value across the entire supply chain, both inside and outside of Thailand.
The investment agreement was officially signed at a special ceremony held recently at Baan Dusit Thani in Bangkok, where Suphajee Suthumpun, Group CEO, DUSIT; La-ead Kovavisaruch, Chief Investment Officer, DUSIT; Jiraphon Kawswat, President and CEO, OR; and Somyot Kongprawet, Senior Executive Vice President, Lifestyle Business, OR, were all on hand to mark the occasion.
“We are delighted and honoured to join hands with OR for this exciting, synergistic alliance that will leverage OR’s robust retail platform and retail expertise and our own extensive knowledge in upstream, midstream, and downstream food businesses to meet the needs of multiple lifestyle segments in Thailand and abroad,” said Suthumpun.
“At the same time, our companies both share the same clear vision to deliver a new growth engine that fosters the growth of the food industry in Thailand and ultimately contributes to the country’s economic development. This includes working together with OR to create a new food platform that gives local businesses opportunities for domestic and international expansion, including extending their growth and revenue-generating prospects by working with OR as well as other thriving non-oil retail entities that OR has invested in previously, namely Café Amazon and the Ohkajhu health food brand. This shared vision makes our alliance even more powerful,” she added
Suthumpun explained that, as part of its vision ‘to bring Asia to the world,’ Dusit Foods itself prioritises investing in food businesses that place importance on natural, organic, and good-for-health processes while also supporting local communities.
“As part of our company’s three-pronged strategy for balance, expansion, and diversification, we have invested in food businesses that are not only related to our core hotel business but which also have high growth potential and cover the total supply chain. We expect all these food businesses to flourish under our alliance with OR, plus further opportunities to expand domestically and internationally.”
Dusit Foods’ investment portfolio currently includes Epicure Catering Co., Ltd., a leading provider of food and beverage services to the international school industry with a market share of over 70% in Thailand; The Caterers Joint Stock Company Limited, or ‘The Caterers,’ a leader in school catering and off-site receptions in Vietnam; and KAUAI, a popular healthy fast-casual restaurant chain from South Africa, which Dusit Foods brought to the Thai market and plans to expand across Asia.
Most recently, Dusit Foods concluded an agreement to acquire a 55% stake in Bonjour Bakery Asia Co., Ltd., which operates a state-of-the-art baking factory producing French-style pastry products in the Eastern Seaboard Industrial Estate, Rayong Province, and its associated bakery franchise business, comprising more than 50 branches across Thailand and one in China.
Speaking on behalf of OR at the signing ceremony, Kawswat said that OR’s past, present, and future are fully embodied in its new vision, ‘Empowering All Toward Inclusive Growth.’ This vision includes identifying opportunities for inclusive growth and focusing on collaborations that strengthen businesses and help them to fulfil their potential. Kawswat added that OR’s ultimate goal is to reach inclusive growth and success in all dimensions amidst the uncertain global economic environment.
“Our alliance with DUSIT through Dusit Foods will enhance the potential of OR’s lifestyle business, especially the food segment, which will benefit the outlets owned by OR and those we have co-invested in,” said Kawswat. “One of OR’s missions is to create an alternative food business model that facilitates convenience and comprehensively meets all the lifestyle preferences of multigenerational consumers. Following our focus on Outside-In growth, which includes seeking investment opportunities with partners in new markets, this new model will also allow us to flourish with other Thai brands, locally and internationally.”
Kawswat said that DUSIT’s business strategy aligns with OR’s goal for economic prosperity aims to drive growth, offer career opportunities, and distribute wealth to partners and MSMEs by working directly with them.
“In expanding its business internationally, Dusit Foods aims to introduce ‘Thainess’ to the global arena, bringing benefits to both upstream and downstream food supply chains, as well as local communities, and we see huge potential for growth in this area,” said Kawswat. “OR is now ready for businesses of all types and sizes to enter the OR ecosystem, and we’re primed to transform into an Inclusive Growth Platform that combines business models and innovation to address problems faced by people, society, and the environment to have a positive, meaningful impact overall.”
Finance Minister Arkhom Termpittayapaisith on Monday instructed the Securities and Exchange Commission to closely monitor cryptocurrency mining firms for stock manipulation.
Arkhom spoke after the Economic Crime Suppression Division launched an investigation into suspected stock manipulation by 10 cryptocurrency firms listed on the Stock Exchange of Thailand (SET). The investigation comes amid a crypto selloff that has left investors with large losses and sent many firms crashing.
Arkhom said he had not received a report from the SEC about the 10 crypto mining firms.
“Police can seek cooperation from the SEC on this and I believe it will not cause a wider impact because the SEC has been strictly enforcing its policy to supervise listed firms,” Arkhom said.
On Sunday, Economic Crime Suppression Division Pol Maj Gen Puttidej Boonkraprue said his division was investigating at least 10 listed crypto mining firms for alleged share manipulation.
Puttidej said his division sought help from the SEC after it noticed that the 10 listed firms were disseminating information with intention of pumping up their share prices.
The 10 firms have yet to put their crypto mining plans into action, he said.
He added that about 25 SET-listed firms had announced crypto investment plans and most of them planned to mine cryptocurrency.
Announcements by some firms that they were buying crypto mining equipment had sent their share prices soaring but none of the firms had actually invested in digital assets so far, Puttidej said.
The Nation Group, Metaverse Thailand and Erectrus have joined up together to launch Meta News Station, which promises to turn news reports into a three-dimensional virtual presentation.
The launch announced at the Thailand Metaverse Expo 2022 on Sunday caught the attention of not just the general public, but also IT and NFT experts.
Speaking to the press were the Nation Group’s deputy CEO Adisak Limparungpatanakij, co-founder of Metaverse Thailand Parin Sathianpagilanagorn, who is also managing director of Multi Technology Expert, and Erectrus CEO Chewin Sirisak.
“News media should take advantage of all new opportunities available in the metaverse,” Parin explained, adding that Metaverse Thailand will provide news consumers a platform to enter the virtual world through their avatars.
The company had previously worked with the Tourism Authority of Thailand to launch “Amazing Thailand Metaverse: Amazing Durian” to present virtual durian orchards.
Erectrus will provide technological support by identifying the locations where the reports are coming from, while the Nation Group’s role will be to ensure the news reports are credible.
Parin explained that the Meta News Station will allow the audience to be virtually present and exchange opinions with the reporter in real-time.
The station will also serve as a channel for ordinary people, including the disabled, to become trained as citizen reporters.
“This will offer a great new work opportunity for all,” Parin said.
Real-time credible news
Chewin said the term “news” in the virtual world means consumers can virtually transport themselves to any corner of the country where the report is coming from.
He added that the technology provided by Erectrus will allow local people to report from their own communities and open a two-way communication link between reporters and the audience.
Adisak, meanwhile, said the key problem nowadays is fake news being shared via social media and the only way to overcome this will be to identify every reporter on the Meta News Station. He said that identifying the reporter makes them responsible for ensuring the report is correct, verified and credible.
He explained that the Meta News Station will also hand the authority over to local reporters, allowing them to report their stories in a complete and straightforward manner instead of getting the content edited, selected or changed by editors.
He said sometimes when the copy is being edited it can get distorted and sometimes the focus of the editorial section may not correspond to the desire of consumers.
Also present at the press conference was Pongsakorn Udombua, CTO of Vallaris Maps Platform, who said geolocation technology will make it easier to manage and identify locations for virtual news presentations.
Those interested can register for the Meta News Station at metaversethailand.io.
Charoen Pokphan Group (CP Group) has advised Thai businesses to prepare for China to reopen in the latter part of this year.
CP Group senior vice president Thanakorn Seriburi said he expects China to reopen soon, following two years of tight restrictions under Beijing’s zero-Covid policy.
He said Thailand’s exporters should be ready for the reopening of Chinese markets as the country’s purchasing power will increase sharply. He added that tensions with Taiwan would not affect the economy.
“China’s economy will expand despite Covid-19 impacts,” he said, noting that China’s GDP grew 0.4 per cent in the second quarter.
He added that Beijing is targeting 5 per cent economic growth this year despite the private sector saying it would be satisfied with 4 per cent.
Thanakorn said Chinese economic expansion is being driven by infrastructure projects including high-speed rail, motorways and airports.
“Infrastructure development is aiding China’s distribution of agricultural products, reducing logistics costs and facilitating travel.”
He added that Beijing is focused on three areas of economic development: keeping city residents in place to expand the urban service sector, large-scale agriculture, and investment in high technology.
Finance Minister Arkhom Termpittayapaisith has instructed state firms to speed up investments to shore up the country’s economy and told 17 loss-making state enterprises to find measures to improve their financial situations.
Arkhom was speaking at a meeting of executives of 52 state enterprises.
He said state enterprises had used only 60 per cent of their 350-billion-baht investment budget by the end of July, falling short of their 95 per cent target.
He added that the state firms’ combined assets of 14.7 trillion baht were large compared to Thailand’s GDP of 17.6 trillion baht.
“As a result, state enterprises play a crucial role in driving the country’s economy,” Arkhom said. “State firms must speed up investment budget spending, especially on mega projects that are crucial to the country’s development.”
Meanwhile, 17 state firms that had been accumulating losses for years must increase efforts to halt the slide.
Arkhom also assigned the following four policies to state firms:
– Improve performance by adopting new technologies.
– Protect the environment. PTT Plc, the Provincial Electricity Authority, Electricity Generating Authority of Thailand and the Metropolitan Electricity Authority must also minimise the impact of rising fuel prices on the public They must also support the transition from combustion engine vehicles to electric vehicles.
– Protect public health and the elderly while helping people to access funds.
– Guard food security. Arkhom said food-related state firms must develop new, alternative foods.
The baht opened at 35.80 to the US dollar on Monday, weakening from Friday’s close of 35.74.
The Thai currency will likely move between 35.70 and 35.90 against the greenback during the day and between 35.30 and 36 during the week, Krungthai market strategist Poon Panichpibool predicted.
He said the baht is likely to fluctuate and weaken to test its resistance level at 35.90 as the dollar strengthens and the gold price heads downward.
Moreover, foreign investors may sell off Thai stocks or wait for their price to drop before buying them, so the baht is lacking supporting factors. He also mentioned that some exporters are selling the dollar, while some investors believe the baht will strengthen.
Meanwhile, the dollar may rise further if the market believes the US Federal Reserve will increase the interest rate to a fairly high level. He added that a slowdown in Europe is also supporting the dollar through the pressure on the euro.
The strategist has advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Technologies in the metaverse era will help some businesses to grow exponentially, said Pipat Wattanamongkolsiri, CEO of digital solution provider 9 Cat Digital.
Pipat was speaking at the “Metaverse Expo Thailand” in Bangkok on Sunday. The event was organised by The Nation.
The tech chief zeroed in on the benefits of blockchain, explaining that it would overcome various pain points for people thanks to its transparency, decentralised network and speed. The digital ledger technology is already spreading through diverse industries, including logistics, agriculture and healthcare.
“Many people are now asking how to maximise the uses and benefits of blockchain in their business,” he said.
However, he said that given the fast pace of technological development, it was no surprise to see many businesses making mistakes or overlooking new tech’s potential.
“In the next era, combining business and the metaverse will help companies to grow to a global level,” he said, adding that companies should seek partnerships to expand in the metaverse.
Marketing was another important key to boosting business growth in the metaverse era, said Pipat. And the good news for businesses was that marketing in the so-called Web 3.0 would become easier than in Web 2.0 if businesses equipped themselves with the new digital skills and tools of the metaverse, he explained.
The three-day “Metaverse Expo Thailand” wrapped up on Sunday.
Parin explained that the Meta News Station will allow the audience to be virtually present and exchange opinions with the reporter in real-time.
SootinClaimon.Com 