The Bank of Thailand has distributed new THB20 banknotes made of polymer aimed at preventing forgery, the BOT announced.
The BOT has started using the new polymer THB20 banknotes since Thursday and the public can exchange the notes at all bank branches around the country.
The BOT said the THB20 banknotes already in circulation can still be used.
The central bank said the new THB20 banknotes have the number 20 embossed for the blind to easily feel and recognise the note’s value.
It said the new notes are precisely printed with anti-forgery technology to make it hard for anyone to make fake notes.
The central bank said the people can feel the note and tilt it to check if it is a counterfeit.
For example, users can feel the glossy surface of the polymer note.
And when they hold the note up to look at the transparent lotus stupa pattern on the right side of the King Rama X portrait, they can see through it. The number “20” is embossed in the middle of the stupa pattern.
When users tilt a note, they can see the King Rama X official logo on the left side shining in reddish yellow.
In another spot, when users tilt the note to look on the side of the note with King Rama X’s portrait, they can notice the shiny “20” figure hidden in a green pattern at the centre bottom.
Users can spot “20 baht” in Thai and English inside the grey narrow bar across the banknote on the right side of the King’s portrait.
The focus of the latest edition of the Big Issue 2022 online forum was the Russia-Ukraine war and how it has sparked a global economic crisis with Thailand being hit by the ripple effect.
Held by Thansettakij and Bangkokbiznews on Wednesday, the forum featured experts in the economic, business and investment fields such as former commerce minister Dr Thanong Bidaya, and former finance ministers Korn Chakitavanij and Dr Uttama Savanayana.
The forum, “Dealing with War and the Economic Crisis”, also featured Thai Business Council chairman Sanan Angubolkul, Board of Trade chief Kriengkrai Thiennukul, Thai-Russian Business Council chair Payong Srivanich, who is also vice-chair of the Federation of Thai Industries, and president of the Thai Bankers’ Association Paiboon Nalinthrangkun. The meeting was compered by editors Bakban Boonlert and Weerasak Pongaksorn.
During the discussion, the participants expressed their opinions on how the Thai economy, already struggling from the Covid-19 pandemic, has been dealt another blow – the energy crisis sparked by the war. This latest crisis has left Thailand dealing with the highest inflation in 13 years.
The government’s measures to mitigate the effects, such as its co-paying Khon La Krueng subsidy and Rao Tiew Duay Kan tourism packages, have done little to make up for the loss of income over the past two years. The experts reckoned people’s income would drop further due to the prolonged war. The three ministers, meanwhile, proposed the use of the Loan Act, though each offered a different suggestion on how it can be used.
Former commerce minister Thanong advised Thailand to start working on boosting its competitive advantage by seeking new investment in special economic zones or potential start-ups. The aim, Thanong said, should be to create jobs for low-income earners, and for this, the government needs to come up with a clear, long-term strategy.
Former finance minister Korn agreed, saying the government should lay out a clear-cut strategy for implementing the Loan Act. He also urged the government to focus on healing and rehabilitating small- and medium-enterprises so they can conduct business in the “new normal”.
Uttama, meanwhile, pointed out that economic problems would remain even after the Russia-Ukraine war ends. For Thailand to survive the crisis, he said, the government should have a short- and long-term plan for the implementation of the Loan Act. He added that the authorities should also ensure that the Loan Act is used based on the plan, so money is not wasted. As for seeking investments in special economic zones such as the Eastern Economic Corridor, he said, the government should ensure investors have confidence in the national strategy and progress of the EEC.
The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,670 and 1,690 points on Friday even though the US stock indices had risen on strong job growth data and window dressing in the latter part of this month, Krungsri Securities said.
However, the drop in oil price due to expectations that Europe will not sanction Russian oil, as well as the ongoing Russia-Ukraine conflict, would pressure the index, it said.
It recommends the purchase of the following as an investment strategy:
• KCE, HANA and SVI would benefit from the rising price of technology shares.
• GPSC, BGRIM, SCGP and EPG would benefit from falling oil price.
• BDMS, BH, INTUCH, ADVANC, BTS and BEM which are defensive stocks.
The SET Index closed at 1,680.89 on Thursday, up 2.94 points or 0.13 per cent. Transactions totalled Bt66.56 billion with an index high of 1,685.12 and a low of 1,675.19.
The finance minister and the Bank of Thailand (BOT) on Thursday reiterated that cryptocurrencies cannot be used as a means of payment because it could affect the stability of the baht.
Finance Minister Arkhom Termpittayapaisith’s response came a day after the Securities Exchange Commission announced its new regulation to ban the use of digital assets and cryptocurrencies to pay for goods and services.
Arkhom said cryptocurrencies cannot be used as a means of payment because Thailand already has its currency system and several countries do not accept cryptocurrencies as a means of payment.
“It concerns the stability of the existing currencies. It may affect Thailand’s and the world’s currencies,” Arkhom said.
The minister said the SEC had earlier monitored the use of cryptocurrencies for money laundering. He said a firm has been closed for transferring cryptocurrencies of its clients out of the country before the SEC detected the practice.
“This is an important matter and several countries are also preventing the use of cryptocurrencies for money laundering. We’re supervising cryptocurrencies not because we don’t want the trade to happen but because we want to see security and stability of the system,” Arkhom added.
Rung Mallikamas, an assistant governor at the BOT’s Financial Institution Policies Division, said only the Thai currency system should be used as a means of payment in the country because Thailand already has a stable currency.
She added that the central bank did not want to see the use of cryptocurrencies to stimulate unnecessary spendings.
TikTok aims to make its brand more credible while providing increased knowledge to its users through a variety of content as livestreaming grows rapidly, the video platform said in a press release, adding that the entertainment trend will continue to be strong among Thais this year.
The platform, which has more than 1 billion users and has become popular for its fun-loving videos, said it also has plans to support creators with economic opportunities through its “TikTok Creator Next” and “TikTok Creator Marketplace”, as well as a host of solutions and tools to support impactful storytelling and strong engagement with consumers.
“Consumer behaviour is changing radically as people shift more towards mobile devices as the key tool to access information, communicate, shop and consume entertainment content,” Surayot Aimlaor, TikTok’s head of Consumer Marketing, Thailand, said.
“More than 40 per cent of consumers have changed their media consumption behaviour from traditional to online, fast-tracked by the pandemic that increased people’s search for fun and entertainment as a relief from everyday restrictions,” he said.
“Figures show that 85 per cent of Thais use mobile devices to enjoy entertaining media and among them 99 per cent watch online videos.”
TikTok said these are the trends to watch for in 2022:
• Edutainment – a new generation of creators will emerge on TikTok, bringing with them diverse skill sets, creating easy-to-understand content that is entertaining and will inspire people’s learning and self-discovery.
• Creative entertainment – more and more people will evolve from passive users into active creators, resulting in increased quality content for everyone on the platform to view or collaborate with other users through “duet” and “stitch” features.
• Authentic & positive entertainment – with the idea to provide a safe space for aesthetic expression and individuality.
• Live entertainment – livestreaming content will grow rapidly and boost engagement between audiences and creators, thanks to “Live Match”, “Multi-Guest” and other features on TikTok Live.
• Cultural entertainment – with diverse cultures infused into the content, users will be able to appreciate diversity and shape a more contemporary culture.
Meanwhile, Siriprapa Weerachaising, TikTok’s Campaign and Content Operation chief for Thailand, highlighted what’s next for 2022:
• Edutainment & new trending content – Entertainment content is expected to continue its strong momentum in 2022 by blending incidental entertainment value with other areas of interest, resulting in the likes of edutainment, “foodtainment”, and “petstainment”.
• Rewards creativity – content creation has become a top career among young people, with TikTok standing out as the platform for user generated content where anyone can achieve a million views. TikTok brings creators and users closer together.
• TikTok “Creator Next” – to support new creators and to emphasise their role in creating great content, TikTok Creator Next was launched earlier this year. Creators can unlock new and existing tools to redeem rewards for their creativity and passion. Creators with 1,000-100,000 followers can use “virtual gifts” and collect “diamonds” by going Live. Creators with more than 10,000 followers can gain access to “TikTok Creator Marketplace” that offers opportunities to work with brands.
TikTok witnessed 85 per cent year-on-year growth with 800 million videos created and a total of more than one trillion video views in Southeast Asia and Thailand (of June 2021), the platform said in its press release.
The growth of online communities has led to online media spending, which is expected to reach 27 billion baht in 2022, the platform added.
S&P Global Ratings on Wednesday downgraded ST Engineering, given the company’s “growth appetite to keep its debt level elevated for at least the next two to three years”.
The lowering of the issuer credit rating follows the revision of the company’s stand-alone credit profile (SACP) to BBB+ from AA-, S&P Global Ratings said in press release.
“Our issuer credit rating of AA+ for ST Engineering incorporates a six-notch uplift from the company’s SACP of BBB+. This continues to reflect our view of an extremely high likelihood of extraordinary support to ST Engineering from the government of Singapore through Temasek Holdings,” the agency said.
“Following the TransCore transaction, S&P Global Ratings’ view of ST Engineering’s stand-alone creditworthiness has been significantly weakened by a notable increase in the company’s leverage tolerance.
“Although the acquisition of TransCore will immediately be cash flow accretive, the S$3.6 billion [THB88.96 billion] debt-funded acquisition will almost triple ST Engineering’s debt to S$5.3 billion in 2022 from $2.1 billion as of December 31, 2021. We forecast ST Engineering’s debt-to-EBITDA ratio will increase to about 4.0x in 2022, improving by about 3.0x-3.5x thereafter,” the agency said.
The addition of TransCore to ST Engineering’s portfolio will provide a new product offering in the smart mobility segment and provide some geographical diversification for ST Engineering.
“Nevertheless, we believe the benefits from potential business synergies will take some time to materialise. Compared with rated aerospace and defence peers, ST Engineering’s size and product offering constrain the company’s creditworthiness,” S&P Global Ratings added.
Thai Chamber of Commerce (TCC) chairman Sanan Angubolkul urged the government to declare Covid-19 as endemic faster in a bid to draw more tourists to Thailand.
He made the remark during a seminar organised by Thansettakij and Krungthep Turakij on Wednesday.
Sanan said the chamber expected the price of crude oil this year to move to between US$100 and $120 per barrel as the conflict between Russia and Ukraine will not end easily, resulting in a rise in product prices, especially animal feed and fertilisers.
“Low-income people would be affected by rising energy prices even though the government launched ten measures to relieve the cost of living,” he said.
“Meanwhile, according to the Tourism Authority of Thailand [TAT], the number of Russian tourists visiting Thailand this year is expected to be around 500,000-700,000 due to the conflict.”
Sanan said the TCC is cooperating with TAT to attract around 200,000 tourists from Saudi Arabia to Thailand this year. He added that the agencies aimed to draw tourists from India as well.
Sanan went on to say that Vietnam – where daily Covid-19 cases had risen to 200,000 cases – is now focusing on attracting tourists, investors, traders and businessmen.
He added that Vietnam would soon announce a Covid-19 transition from pandemic to endemic to facilitate travel.
“Hence, we urge the government to announce the Covid-19 transition to endemic earlier than July, otherwise Thailand will be at a disadvantage,” he warned.
Sanan also provided four guidelines to boost the country’s economy:
> Restart: develop an ecosystem to support the business sector
> Reimagine: rethink to boost business value
> Recover: “recovering” the tourist sector, and
> Reform: adjust to move with the changes, such as digital transformation.
“The country is suffering in various ways, such as tourism, high household debt and inequality in access to loans, so the government should help several business operators access funds more easily,” Sanan pointed out.
“Meanwhile, the government should amend outdated laws and transform itself into an e-government to work with the private sector more closely,” he added.
“Ajinomoto”, as the official main sponsor of the 31st Southeast Asian Games (“SEA Games”) to be held in Vietnam
“Ajinomoto”, as the official main sponsor of the 31st Southeast Asian Games (“SEA Games”) to be held in Vietnam, is supporting better nutrition for athletes by unlocking the power of amino acids and utilising umami expertise through various activities and products of its six subsidiaries in Southeast Asian countries.
In Thailand, the company has been supporting Thai national badminton players under “Thailand Victory Project” by providing a nutritious balanced meal programme called “Kachimeshi”, or winning meal, together with sharing knowledge of nutrition and benefits of amino acids.
“The preparation and exercise period is a very important stage when athletes have to gain full nutrition balance and proper practice to avoid injuries that may occur before and during competition,” Ajinomoto explained.
Ajinomoto Group is a global manufacturer of high-quality food and amino acid-based products. The group has been contributing to food, health and nutrition through wide-ranging application of amino acid technologies.
“The group has been entering the sports area by promoting the benefits of amino acids and well-balanced diets to top-level Japanese athletes and has expanded the project to athletes and sportspersons in the Asean region, as we aim to become a solution-providing group of companies for food and health issues,” Ajinomoto said.
“This move also aims to resolve food and health issues and contributes to creating a healthy living society for people worldwide, which reflects our core business operation — ‘Ajinomoto Group Creating Shared Value’,” the company added.
Leading blockchain company Bitkub Blockchain Technology and visual platform Metaverse Thailand have agreed to sign a memorandum of understanding to develop a visual world platform while enhancing the country’s metaverse platform.
Leading blockchain company Bitkub Blockchain Technology and visual platform Metaverse Thailand have agreed to sign a memorandum of understanding to develop a visual world platform while enhancing the country’s metaverse platform.
The purpose of this cooperation is to build new infrastructure and develop Bitkub Chain and Meta Chain together while strengthening the ability of both chains.
Users can own land in a visual world that is related to the physical map of Thailand. Initially, they can own business areas in Bangkok and use these lands to continue conducting business in the visual world.
The metaverse platform will use Web 3.0 technology, in which users can own decentralised wallets. This new dimension of technology will enhance users’ experiences and they can take ownership of every asset and business in the visual world.
Users can also utilise Meta tokens and Kub coins as a medium of exchange in the visual world. For example, they can exchange Bitkub NFTs, go in for decentralised finance and game financials, visit the Meta NFT marketplace, take part in marketing or virtual business and drop in at online stores. Additionally, they can make an exchange for other tokens on Bitkub Chain and via Meta.
“The cooperation between Bitkub Chain and Metaverse Thailand is another step in expanding the ecosystem from Bitkub Chain to Metaverse, in which we can connect to other projects via state-of-the-art technology,” said Bitkub Blockchain Technology CEO Passakorn Pannok.
“After Metaverse Thailand becomes our partner, 900,000 Bitkub Next users will have a chance to access Metaverse Thailand, while Metaverse Thailand users can also access Bitkub Chain’s ecosystem,” Passakorn added.
“This collaboration will accelerate technological development while dramatically increasing mutual benefit and productivity for both parties,” said Opas Chedpunt, co-founder of Metaverse Thailand and CEO of M Vision.
“Moreover, it will strengthen the metaverse ecosystem and inspire Thailand’s blockchain industry,” Opas added.
The prolonged Covid-19 situation is having a tremendous impact on the aviation industry and heavily affecting several related businesses such aviation refuelling.
The prolonged Covid-19 situation is having a tremendous impact on the aviation industry and heavily affecting several related businesses such aviation refuelling.
ML Nathasit Diskul, president of Bangkok Aviation Fuel Services (BAFS), a leading aircraft refuelling service provider with nearly 40 years of experience, said in a company press release that the crisis had forced the global airline industry to plunge to its worst pace in a century.
The International Air Transport Association predicts aviation-related businesses are expected to surpass their pre-Covid levels in 2024, with approximately 4 billion passengers per year worldwide. This number is expected to gradually double to 8 billion passengers a year by 2040.
The figures also indicate that aviation ground services equipment would need to increase to meet growing demand. This is in line with the BAFS’s commitment to sustainable operations, through the development and adoption of advanced technology, which will enhance the efficiency of aviation fuel services with global standards, the company said.
“BAFS Group’s main revenue comes from aviation refuelling,” Nathasit said. “We have a fleet of around 80 hydrant dispensers and refuellers, considered one of the largest in Asean, stationed at Don Mueang International Airport and Suvarnabhumi International Airport. We plan to increase the proportion of our revenue from the company’s core business to 50 per cent and the remainder of the revenue, which comes mainly from our subsidiaries in the utilities and renewable energy businesses.
“For our utility business, we have the largest fuel pipeline network in Asean. Our delivery capacity is approximately 9 billion litres per year. Within the next five years, our renewable energy business is expected to expand and is likely to become our significant source of revenue,” he said.
This led to the establishment of a subsidiary named BAFS Intech Company Limited in 2018, with BAFS and Uniwave Company Limited holding 90 per cent and 10 per cent of the total shares, respectively, “bringing together the strengths of BAFS and Uniwave to create favourable synergy”.
BAFS Intech managing director Aniruth Boonyatirana said the firm’s core business involves the assembly of an electrically powered aviation refuelling vehicle, also known as an EV hydrant dispenser, and refueller, together with maintenance services. In addition to manufacturing aviation refuelling vehicles to be delivered to BAFS, the company also supplies similar products to other Thai customers as well as clients in foreign countries such as Laos and Myanmar.
BAFS Intech recently joined forces with Spain’s Iturri, the world’s leading manufacturer of aircraft refuelling vehicles, to accelerate its battery electric vehicle (BEV) production in the hydrant dispensers.
To promote environmentally friendly and 100-per-cent electrically powered innovations, the vehicles can ensure net-zero carbon dioxide emissions while being able to reach a maximum running distance of 170 kilometres and refuel an average of eight fights on a single full charge. The strategic collaboration is expected to develop a new range of innovative products designed appropriately and exclusively for users in the Asia-Pacific region.
The collaboration also unveils Iturri’s intention to keep developing new solutions for zero-emission vehicles, particularly to comply with new rules and regulations established by the International Civil Aviation Organisation for the reduction of carbon dioxide, carbon footprint and noise at airports.
Iturri managing director Amadeo Douton Rodriguez and aviation manager Luis Ramon Parias Vazquez reaffirmed that the collaboration with BAFS Intech is regarded as the “best business partnership” in the Asean market for aviation and refuelling industries. The agreements will mutually be developed with the support of Iturri’s research and development department, with the piloting of power supplies, electric refuelling machines and smart solutions for hydrogen-powered vehicles, thanks to BAFS Group’s “long-standing experience and expertise in aviation refuelling and its accurate and successful business management strategies”.
Iturri has also set its sights on driving its export volume to 70 per cent of overseas production by 2025, as part of an attempt to achieve a targeted turnover of €500 million (THB18.4 billion), which will double the current value.
“The impact of the Covid-19 pandemic makes people in various businesses realise that no one can stand alone,” Nathasit pointed out.
“BAFS has therefore underscored the importance of business collaboration with various companies in Thailand and in several other countries.
“The plan to manufacture a BEV had been previously considered as we have been fully committed to operating our business based on the principle of social and environmental sustainability,” he said.
“One of BAFS’s proudest achievements was having received certification for being a carbon-neutral company since 2019. As a leading aviation refuelling service provider, we always ask ourselves what can we do more for the environment and move toward true sustainability. Consequently, ‘net-zero’ has become our ultimate goal, to be achieved before 2050,” Nathasit said.
BAFS realises how important it is to reinvent itself to get over the challenges in today’s business and thrive through the Covid crisis, the company added in the press release.
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