Commercial banks in Thailand have shut down 801 branches over the past year, with Bangkok Bank recording the most closures.
As of the end of March, the number of commercial bank branches in Thailand stood at 5,553, down from 6,354 in the same period last year, according to the central bank.
Bank of Thailand’s statistics also shows that the top five commercial banks that closed the highest number of branches over the past year as of the end of March are:
1. Bangkok Bank: Closed 114 (1,014 in operation)
2. Siam Commercial Bank (SCB): Closed 110 (739 in operation)
3. TMBThanachart Bank (ttb): Closed 46 (622 in operation)
4. Bank of Ayutthaya (BAY): Closed 31 (635 in operation)
4. Land and House Bank: Closed 31 (77 in operation)
5. Kasikorn Bank: Closed 26 (836 in operation)
During the first quarter of this year alone, Bangkok Bank closed 45 branches, followed by SCB (15), ttb (14), Krung Thai Bank (8) and BAY (7).
Observers believe commercial banks are closing their branches because most customers prefer mobile banking and very few use over-the-counter services. Also, banks now prefer to set up branches in shopping malls instead of independent ones.
On April 4, International College, Panyapiwat Institute of Management (PIM) and Bitkub Capital Group Holding signed a Memorandum of Understanding (MOU) to promote the academic collaborations and further business and digital asset education to prepare learners for becoming international entrepreneurs in the future.
On April 4, International College, Panyapiwat Institute of Management (PIM) and Bitkub Capital Group Holding signed a Memorandum of Understanding (MOU) to promote the academic collaborations and further business and digital asset education to prepare learners for becoming international entrepreneurs in the future.
The MOU signing ceremony took place at CP ALL Academy Building on Chaengwattana Road and was attended by Associate Prof. Dr. Somrote Komolavanij, Vice President for Academic Affairs and Research at PIM and Sakolkorn Sakavee, co-founder & chairman of Bitkub Capital Group Holdings.
Bitkub Lab Co., Ltd., also known as “Bitkub Academy”, which is the learning hub of digital asset and blockchain technology, will collaborate with International College and International College International Startup Academy (IC I-SA) in promoting the advancement of business and digital asset knowledges and expertise through the curriculum development, conducting researches and human resource trainings for both partners, designing business case studies, hosting academic activities and startup and business competitions, and offering internship opportunities with companies under the Bitkub Capital Group Holding to International College students. These mutual collaborations will enhance learner’s competencies to be ready in penetrating the international startup ecosystem.
International College, Panyapiwat Institute of Management (PIM) is building “Future Inno-preneur”
International College, Panyapiwat Institute of Management (PIM) is building “Future Inno-preneur”
– an entrepreneur with innovative mindset to serve the business transformation in the digital era by facilitating students with a world-class startup centre, “International College International Startup Academy (IC I-SA).”
Under the rapid transformation in the digital era, we have been facing with all kinds of disruption; the education system is among the sector undergone radical transformation. The pandemic as well as new technological inventions are the major catalyst forcing paradigm shift of traditional pedagogy and learning environment. The main challenge is whether how Thai educational system continuing to thrive under the innovative environment.
The International College, Panyapiwat Institute of Management (PIM), is an education institution not only offering theoretical knowledge but also a place where students acquiring practical knowledge through real business practices. Students gain various skills such as digital literacy, innovation & creativity, knowledge start-up and entrepreneurial mind-set that excel them to gain competitive human capital under the new digital era. Thus, the international college has recently re-designed the two curriculums: the bachelor of modern trade business management and the international MBA aiming to build innovative entrepreneur for the future enhancing international business, building academic and business network, and researches for sustainable global citizenship community.
Presently, the International College opens two programs:
1. B.B.A. in Modern Trade Business Management (iMTM)
2. M.B.A. in International Business (iMBA)
Assistant Professor Veerisa Chotiyaputta, DBA, Deputy Dean of International College, has revealed the vison to build business entrepreneur that corresponded to the world trend that the International College is building bachelor and master programs to response to the need of the fast-changing world. They will be equipped with diverse skills requirement in the 21st century, integrating academic theory with practicality through the “Work-based Education” of PIM. We will groom students under the concept of “Towards the future Inno-preneur” which combines the two intellections; innovators and future entrepreneur.
Under the “Inno-preneur”, some important skills are taught and trained throughout each curriculum such as digital literacy, soft skills for future leaders (social & emotional intelligence and becoming cutting-edge entrepreneur). Upon successful graduation, students will walk out of the program with own business “prototype” and business model readily to start his/her dream business.
To foster and enhance learning environment, the International College hosts business series called “Biz&Beyond” (https://www.youtube.com/c/BizBeyond). The program provides expert opinion and insights under topic of interest and other trendy issues in the business and beyond. The series shares publicly via the YouTube channel.
“In addition, the International College also collaborates with many universities, institutions and businesses within and outside the country. This is to help increase internalisation and the opportunity to gain real business practice such as Bitkup Academy and overseas start-up partners. Executives, practitioners and other expert partners are regularly invited to share real cases in order to boost complex problem solving skill on different topics such as “retailing”, “emerging technologies”, or “green business/economy”. We also have “international venture capitalists” to provide advice on students’ business model and seek funding opportunity,” said Veerisa.
In September 2021, the international college launched a new unit named the “International College International Startup Academy” or IC I-SA to be students’ international start-up hub for idea pitching focusing on overseas businesses. IC I-SA is a learning development centre to springboard 21st century skills of international start-up entrepreneur. The centre will sharpen diverse digital skills and entrepreneurial mindset by boosting a sense of social innovation and globalization with focus on the development of retail expertise and change leadership. IC I-SA will as well become the main hub for building innovation by training and giving workshops from experts and specialists with great expertise that provide new knowledge and future model. Furthermore, there will be annual international hackathon event held by the IC I-SA and strategic partners to showcase different business innovation and attracting Thai and foreign venture capitalists from all around the world.
In December 2021, IC I-SA organized a competition to showcase the business idea – the first international virtual hackathon under the theme “From Covid to Climate: Joining the Race to Net Zero Emissions” co-hosted with partners from New Energy Nexus, Seneca College Canada and Solution Creation Co. Ltd., under PTT Global Chemical Public Company Limited.
The event was organised for the students to brainstorm their business ideas, designing sustainability, aiming to reduce the emission of greenhouse gases. The event received great response from many students from both PIM, partnering schools and international universities.
“IC I-SA is also a meeting and marketplace to network with the international college’s alumni who are well equipped and trained as mentors in start-up field. They (alumni) will be able to help provide different guidance and polish ideas as a step closer to students’ dream businesses,” added Veerisa. “The vision and mission of the International College of Panyapiwat Institute of Management are to create future leaders and entrepreneurs, excel creativity and new knowledge thus enhancing new dimensions of 21st century education and internationalisation.”
Ten major Thai commercial banks have reported a combined net profit of over 53 billion baht in the first quarter of 2022, up 14.4 per cent from the same period last year.
The increase was attributed to higher interest revenue earned from new loans and lower coverage ratio for non-performing loans.
Those 10 banks reported net profit totalling THB53.3 billion in the first quarter, up by THB6.7 billion from the same period last year.
CIMB Thai’s net profit amounted to THB1.1 billion, a 211 per cent jump from the first quarter of last year. That was the largest gain in terms of percentage points among the 10 major banks.
Krungthai Bank came second with its net profit increasing 57.4 per cent, followed by Kiatnakin Phatra Bank with a gain of 40.5 per cent, TMB Thanachart (14.8 per cent), Bank of Ayudhya (14 per cent), Kasikornbank (5.4 per cent), Bangkok Bank (2.8 per cent), Tisco Bank (1.8 per cent), and Siam Commercial Bank (1 per cent) as its net profit increased to THB10.2 billion.
However, LH Financial Group, which runs LH Bank, reported an 8.7 per cent decline in net profit, gaining THB511 million in the first quarter, compared to THB560 million in the same period last year.
The Stock Exchange of Thailand (SET) Index is expected to drop between 1,675 and 1,680 points on Friday after the US Federal Reserve signalled it would raise the interest rate to 0.5 per cent in May to curb inflation, Krungsri Securities said.
It added that this announcement has pushed the US 10-year bond yield to surge to nearly 3 per cent, resulting in negative sentiment in the index.
“However, mass buy-ups of energy shares in line with rising oil and coal prices, as well as stocks that gained specific positive sentiment, will help boost the index,” Krungsri Securities said.
It recommends the purchase of the following as an investment strategy:
• PTTEP, TOP, IVL, SPRC, BCP and BANPU will benefit from rising prices of oil, coal and gross refining margin.
• PSL and TTA will benefit from the rising freight rate.
• BDMS, BH, INTUCH, ADVANC, BTS and BEM can tolerate market volatility.
The SET Index closed at 1,690.55 on Thursday, up 10.20 points or 0.61 per cent, thanks to a rise in foreign stock markets and speculation in small-cap shares of companies whose first-quarter net profit is expected to rise, such as agriculture, food and finance, Krungsri Securities added.
Transactions totalled 71.08 billion baht with an index high of 1,693.14 and a low of 1,682.65.
The baht opened at 33.90 to the US dollar on Friday, the highest in four months, strengthening from Thursday’s close of 33.85.
Krungthai Bank market strategist Poon Panichpibool predicted that the currency will move between 33.80 and 34 during the day.
He added that the baht may further strengthen to 34 as it is being pressured by a weakening dollar and dividend payments. However, he said, it may not cross the resistance level because exporters are waiting to sell the dollar.
Poon also advised investors to monitor foreign investors, as there is a chance that the baht will test the key resistance level of 34 if foreign investors sell a large number of stocks and bonds.
He added that there is a possibility the market will close at a high-risk level, though foreign investors are still trading in Thai assets.
However, he said, investors should use hedging tools to deal with high volatility in the currency market.
CP Merchandising, a subsidiary of CP Foods, has won two awards at the Asian Export Awards 2021.
Anat Julintron, the managing director of CP Merchandising, said that the company had received two major awards, “The Product Exporter of the Year – Food”, for its sustainable packaging for CP Flamin Chicken tenders, and “The Export Initiative of the Year – Food”, for its plant-based innovative brand Meat Zero.
The annual awards programme was organised by Manufacturing Asia which recognises top exporters in the region.
“These prestigious awards bolster the confidence of our customers and partners in the company’s products. CP Merchandising, as an exporter of high-quality food products, places importance on safety standards as well as social and environmental responsibility throughout the supply chain,” Anat said.
“The new packaging for our chicken tenders is not only reducing paper waste by 44 per cent, but is also a good solution for our wholesalers and consumers. The new display carton is more convenient to tear off and is also distinctive on the shelf,” he added.
Last year, the company exported more than 200,000 cartons. He said with this new sustainable packaging, CP Merchandising has saved over 170 trees.
He said Meat Zero is an innovative plant-based product line. “With Plant-Tec technology, Meat Zero looks, cooks, and tastes like meat but is made from plants, making it a healthy option with high protein and zero cholesterol,” he said.
CP Merchandising launched Meat Zero in Thailand in May 2021 and it is currently the No.1 plant-based brand in Thailand, he said.
The company is currently listing its Meat Zero products in key retailers, online channels and foodservice channels starting with Hong Kong in July 2021 and Singapore in October 2021. It is now rolling out its expansion plan, exporting to the rest of Southeast Asia, Japan, China and South Korea within this year and US, UK and EU markets later on to make it world’s top three alternative meat brand in three years, he said.
The Standard, Huruvalhi Maldives is inviting guests to plunge into an aquatic world of wonder this summer, with the opportunity to “unwind in paradise” and experience a once-in-a-lifetime encounter with majestic manta rays.
The Standard, Huruvalhi Maldives is inviting guests to plunge into an aquatic world of wonder this summer, with the opportunity to “unwind in paradise” and experience a once-in-a-lifetime encounter with majestic manta rays.
Every summer, these magnificent creatures flock to Hanifaru Bay, a Unesco World Biosphere Reserve and marine protected area located just a short 35-minute boat ride across the sparkling sea from The Standard, Huruvalhi Maldives.
To celebrate the start of manta ray season in the Maldives, The Standard’s “Go Deep Blue” campaign will give guests the opportunity to get up close and personal with the area’s mesmerising marine life.
Under a “Manta Magic” special offer, visitors can stay in one of the resort’s private pool villas, either perched over the water or nestled on the pristine sandy beach, and enjoy up to 30 per cent off for stays from May 1 to November 30.
“The Standard, Huruvalhi Maldives is a strong advocate of sustainable tourism and strictly adheres to the Manta Trust’s guidelines on responsible and respectful encounters,” the hotel said in a press release.
The resort’s water sports team will provide guests with information on how they can enjoy this unique activity in an ethical and eco-sensitive manner, the hotel added.
The manta ray excursion is priced at US$250 (THB8,450) per person, with a minimum of two people per trip.
Thrill seekers can also feel the spray of the ocean waves at the resort’s turquoise lagoon with a variety of complimentary ocean sports and activities, including unlimited snorkelling equipment hire and 30 minutes of kayak or paddle-board rental daily, free access to the tennis court, gym and other sports facilities, plus scheduled yoga and wellness classes.
Additionally, scuba divers can plunge deeper into the pristine marine ecosystem with offshore excursions to dive sites and PADI diving courses, both available at an extra charge.
“Hanifaru Bay is a breathtaking destination at any time of the year, but it really comes alive in the summer months when the majestic manta rays flock to its serene shores,” Standard International executive chairman Amar Lalvani said.
“These gentle giants are wonderfully graceful and the chance to swim with them in their natural habitat is truly inspiring. We look forward to celebrating ‘Manta Magic’ in the Maldives this summer and creating unforgettable adventures for our lifestyle-focused clientele,” Lalvani added.
The government still has room to borrow another THB1.3 trillion before it reaches the 70 per cent ceiling of public debt as a ratio of gross domestic product, a source from the Finance Ministry said.
Public Debt Management Office (PDMO) director Patricia Mongkhonvanit said on Thursday that there was still room for the Finance Ministry to borrow more loans, but the government will have to issue a special law to permit the borrowing.
She said all the borrowings must comply with existing laws and must clearly state the reasons, the urgency and objectives.
The PDMO director did not elaborate on the amount of money the government could borrow, but the source explained that the 70 per cent ceiling could allow the government to borrow another THB1.3 trillion.
The Finance Ministry source was speaking after Prime Minister Prayut Chan-o-cha said on Tuesday that he had asked the Finance Ministry to seek more loans for providing more subsidy packages, especially a new phase of the co-payment scheme, to the public.
The source said only THB70 billion are left of the loans borrowed under the THB500-billion borrowing decree. If the government wants to spend more than THB70 billion, the government would have to issue another decree to allow the borrowing.
If no new decree is issued, the government may divert the budget from the central fund or use advance payments, the source said. The government is allowed by the Budgetary Procedures Act BE 2561 (2018) to use advance payments with a ceiling of THB50 billion.
According to the source, the THB500-billion loans have been allocated in three categories:
— THB110 billion for medical and public health purposes
— THB220 billion for providing remedies to people affected by Covid-19
— THB170 billion for economic and social recoveries.
The source added that the Finance Ministry has not yet confirmed whether it would launch the fifth phase of the Khon La Krueng (half-half) co-payment scheme.
If the ministry goes ahead with the new phase of the scheme, it would need about THB39 billion if the grant of THB1,500 per person is approved to 26 million citizens, the source added.
Meanwhile, Fiscal Policy Office director Pornchai Thiraveja, who is also the spokesman of the Finance Ministry, said the fourth phase of the Khon La Krueng scheme will end in 10 days so those who have not used up the subsidy should hurry up.
He said the grant of THB1,200 has been given to 26.38 million citizens under the fourth phase. So far, 12.69 million people have used up the subsidy and 120,000 people have not spent any of the grant, the spokesman added.
As of April 19, a total of THB60 billion has been spent under the fourth phase of the Khon La Krueng scheme by 26.26 million subsidy receivers.
He said 1.35 million shops have joined the programme.
The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,670 and 1,690 points on Thursday after the US Federal Reserve signalled it would raise the interest rate gradually to prevent an impact on US economic recovery, Krungsri Securities said.
However, it predicted that the ongoing Russia-Ukraine war, as well as mass sell-offs of shares in line with signs of overbought stocks, would pressure the index.
It recommends purchase of the following companies’ shares:
• AOT, AAV, BA, Mint, Centel, ERW, CPN, CRC, HMPro, CPAll, Makro, Amata and WHA, which would benefit from countries reopening.
• Top, SPRC, BCP and IVL, which would gain from the rising gross refining margin.
• BDMS, BH, Intuch, Advanc, BTS and BEM, which can tolerate market volatility.
The SET Index closed at 1,680.35 on Wednesday, up 4.73 points or 0.28 per cent, thanks to mass buy-ups of bank shares on hopes that their first-quarter net profit would rise, Krungsri Securities added.
Transactions totalled 69.12 billion baht with an index high of 1,685.90 and a low of 1,675.58.