U City Public Company Limited (U City) shares in strong demand
U City, whose main business is the hospitality business with 51 hotels and 8,978 keys, is poised to benefit from what Airbnb CEO, Brian Chesky regards as ‘the Travel rebound of the Century’ as countries open their borders, and people are desperate to travel after more than a year of restrictions.
UCity Public Company Limited (U City) capital increase was strongly received with a total subscription for 22.5 bn shares. The results of the capital increase procedure, which ran from May 12 until May 21, were released by the Company on May 25. In total, shareholders injected about THB 15.7 bn into the Company, affirming a huge signal of support as it emerges out from a difficult COVID 19 pandemic period.
U City, whose main business is the hospitality business with 51 hotels and 8,978 keys, is poised to benefit from what Airbnb CEO, Brian Chesky regards as ‘the Travel rebound of the Century’ as countries open their borders, and people are desperate to travel after more than a year of restrictions.
U City Public Company Limited (U City) shares in strong demand
Some of the proceeds of THB 15.7bn will be used to repay debt, further boosting profitability. These proceeds are in addition to the potential THB 4.4bn from sales of noncore assets that the Company is progressing, which is expected to reduce the net/debt ratio to around 0.1 times.
Acting Chief Executive Officer and Chief Financial Officer Soraya Satiangoset commented “U City’s financial footing is now very secure following the capital increase and sale of lower profit operating lease hotels and other noncore assets. The remaining high quality hotel portfolio is set to benefit from pent up travel demand. The EU vaccine progress will exceed 50% of the population by June, with herd immunity within this Summer. Countries are already relaxing the travel restrictions”
U City has underperformed its hospitality sector peers and now has a Price to Book Value of only 0.38x, the lowest in the property sector. U City’s largest shareholder is BTS Group, one of the major shareholders of U-Tapao International Airport and Eastern Airport City Development Project, set to be one of the largest real estate developments on Thailand’s eastern seaboard.
New EASY INVEST service from SCBS Offshore trading will be available this June
New EASY INVEST service from SCBS Thailand’s first one-stop app for investment, FX, and fund transfers for every investment style. Under a “smooth offshore trading with friendly commission fees” concept.
The EASY INVEST app has been developed by SCB Securities (SCBS) as an open architecture investment platform for every digital era investment style. Users only need to open an account and they can then invest in domestic and international stocks, bonds, and mutual funds. For 2021, the EASY INVEST app aims to be the top investment app in users’ minds, featuring the most comprehensive range of investment products in the market, and a user experience matching their digital lifestyles. In June, offshore trading will be available on the EASY INVEST app. Under a “smooth offshore trading with friendly commission fees” concept the EASY INVEST app will be the first investment app in Thailand allowing users to conveniently make fund transfers and exchange currencies with no fees for offshore trading and no need for document submission, while enjoying the lowest trading commission fees in the market. With this one-stop investment solution, SCBS is moving toward its goal of becoming the “Most Admired Investment Broker,” and experiencing 10-times growth in the number of offshore trading users within 2021.
SCBS Chief Executive Officer Kampol Jantavibool said that thanks to digital platforms, corporate and retail investors have more opportunities for new convenient investment alternatives at lower fees. Offshore trading will be available on the EASY INVEST app in June, as an upgraded investment service under a “smooth offshore trading with friendly commission fees” concept. One highlight of the service is convenient trading via the first investment app in Thailand allowing users to conveniently make fund transfers and exchange currencies with no offshore trading fees and no need to submit documents. Offshore trading on the EASY INVEST app offers the lowest trading commission fees of USD 0.08/share and a minimum fee of USD 4.99/transaction for US stock markets, and 0.20%/share and a minimum fee of HKD 100/transaction for Hong Kong stock markets.
New EASY INVEST service from SCBS Offshore trading will be available this JuneSCBS is developing savings and wealth management technology catering to every investor’s investment style to help them reach their goals under a “SCBS is everything for investors” concept. Aiming for 10-times growth in the number of offshore trading users within 2021, SCBS is confident in offering this new offshore trading service on the EASY INVEST app as an alternative for every investor so that they can diversify their portfolios. There are more investment services in the SCBS pipeline, which will be available on the EASY INVEST app this year in order to give investors more convenient access to more investment choices at lower cost.
SCBS Deputy Managing Director and Chief Technology Officer Chalermwut Chomanan said that the offshore trading service on the EASY INVEST app is breaking the limitations of complicated investment processes. Previously, investors were required to submit account opening documents, pay exchange fees and high trading commissions and other hidden costs during the process, leading them to think that global stocks like Google, Apple, Microsoft, or Alibaba were only for investors with big investment capital, so they opted for investment through international mutual funds instead. Soon, small investors can invest in US stock markets via the EASY INVEST app in a one-stop approach – opening an account, exchanging currencies, and trading at the lowest cost in Thailand.
New EASY INVEST service from SCBS Offshore trading will be available this June
SCBS Deputy Managing Director in charge of Data Analytics and Digital Business Group Chattrin Laksanabunsong said that an increasing number of investors are interested in global stocks, as evidenced by investment in international mutual funds via the EASY INVEST app growing a record 133% since early 2021, the market’s highest, while the current number of investors holding international mutual funds has grown by almost 150% compared to early 2021. These figures indicate SCBS clients’ keen interest in offshore trading, so SCBS is introducing this service on the EASY INVEST app to lower costs compared to foreign investment fund (FIF) commission fees.
Interested investors can open an investment account with SCBS by downloading the EASY INVEST app and filling out the required data. Investment accounts opened on business days are approved within 15 minutes. Upon investment account approval, users will receive an e-mail notification and they can start offshore trading on the EASY INVEST app right away. Investors may also contact their SCBS investment advisors for the service or for inquiries by sending an e-mail to scbsonline@scb.co.th or a message to the SCB Securities Facebook page.
Nation Thailand is looking to hire two translators who have the ability to analyse and understand details of news content. They are expected to be able to create attractive content and have excellent writing skills in the English language.
Experience: 0 to 3 years in news media
Job description: • Study given material and research terminology • Convert text and audio recordings from Thai to English • Write English subtitles for video and online presentations • Follow up with team members and clients to ensure the translation meets their needs
*Those who have no experience in news or translation will be provided with training.
Interested candidates can email their resume, expected salary and recent photo to busdsk@nationgroup.com.
Iconsiam launches restaurant delivery service with True Food
Iconsiam has joined hands with True Food to launch an at-home dining campaign with the complex’s many restaurants.
“Wondrous dining: True Food X Iconsiam” allows customers to order food deliveries via the TrueID mobile application.
Users with True Points can earn discounts of up to THB240 on their order and THB90 on their delivery cost (one point per baht).
“The campaign enables people to eat delicious food despite working from home because of Covid-19,” Iconsiam director Supot Chaiwatsirikul explained.
The service is also designed to support restaurant operators, other food businesses and delivery drivers.
It offers users a choice of menus from over 50 restaurants and cafés in Iconsiam.
Iconsiam launches restaurant delivery service with True Food
They include Old Street Bak Kut The, Tapas by Nan Charcoal Grill, Bankara Ramen, Brix Dessert Bar, Yenly Yours, Karun Thai Tea, Kamui Hokkaido Dining, Tsukiji Takewaka and Kissyan. Orders over THB500 will receive a THB100 delivery discount until June 30.
Iconsiam launches restaurant delivery service with True Food
“Masita” Unveils The New Product “Cold Ramen Hachiban Flavour”
Masita continues its collaboration strategy with the latest partnership with Hachiban Ramen, Thailands most famous Japanese ramen chain, creating “Cold Ramen Flavor,” which is Hachibans signature dish.
“Masita” continues its collaboration strategy with the latest invention, “Cold Ramen Flavour” in partnership with “Hachiban Ramen,” one of Thailand’s most renowned ramen chains. The new addition is aimed to excite the seaweed snack market, which the brand currently reign with a 39% market share, and give more options to consumers with premium seaweed 100%-sourced from South Korea and no MSG.
Mr. Titiporn Thammapimookkul, Chief Marketing Officer of Boonrawd Trading Co., Ltd., reveals that one of Masita’s marketing strategy for the past couple of years, which were wildly successful, was to form a partnership marketing or collaboration with famous restaurant chains such as Bar B Q Plaza, BonChon Chicken, Sukishi and Tudari. The partnerships had helped the brand differentiate itself from competitors, put the brand in a strong position, and significantly boost sales and revenue.
Past successes had led to Masita’s latest partnership with Hachiban Ramen, Thailand’s most famous Japanese ramen chain, creating “Cold Ramen Flavor,” which is Hachiban’s signature dish. Consumers will be able to taste the flavor and aroma which replicates the experience of dining in Hachiban’s no.1 dish, dipping ramen noodles in the cold Saru sauce served with Wasabi, onion, radish, spring onion, with Masita’s sesame oil and crispy seaweed served cold just like old times.
Masita is the first brand to differentiate itself from competitors with partnership marketing. Every past brand that has collaborated with Masita is renowned food chains that consumers know and love. The strength of Masita and its partners has brought new and quality products to all consumers, being the only brand in the seaweed snack market that all SKUs have 0% MSG but packed with tasty flavor in seaweed 100% sourced from Korea. The commitment has made Masita , No.1 brand of roasted seaweed product in their portfolio with constant growth and relevance to health-conscious consumers.
The company is dedicating its marketing communication efforts on all platforms, especially online, to increase awareness and build product relevance among the young generation to first jobber consumers. The collaboration with Hachiban will introduce Masita to Hachiban fans and will lead to new product trials and long-term consumption in the long run.
The “Cold Ramen” Masita seaweed snack weighs 15 grams per pack and is priced at 39 Baht. The product is available in every 7-Eleven branch, Hachiban Ramen restaurants in Bangkok, Nonthaburi, Samut Prakan, and Pathum Thani from today until August 2021 or until sold out.
The seaweed snack market currently values 2.1 billion Baht. Although the overall market value has shrunken due to COVID-19, Masita is still growing with an 18.3% market share in 2020. While the more specific baked seaweed snack market value decreased by 19.2% but Masita still sees a 6% growth with over 31.5% market share.
AIA DELIVERS VERY STRONG GROWTH VALUE OF NEW BUSINESS UP 19% IN THE FIRST QUARTER
AIA Group Limited (the “Company”; stock code: 1299) announces delivers very strong new business growth value of new business up 19 per cent in the first quarter ended 31 March 2021
AIA Group Limited (the “Company”; stock code: 1299) today announces key new business indicators for the first quarter ended 31 March 2021.
KEY FINANCIAL SUMMARY
Growth rates are shown on a constant exchange rate basis.
• Value of new business (VONB) of US$1,052 million, up 19 per cent
• Annualised new premiums (ANP) grew 10 per cent to US$1,703 million
• VONB margin up 4.5 pps to 61.6 per cent
• Total weighted premium income (TWPI) up 6 per cent to US$9,663 million
AIA DELIVERS VERY STRONG GROWTH VALUE OF NEW BUSINESS UP 19% IN THE FIRST QUARTER
Lee Yuan Siong, AIA’s Group Chief Executive and President, said:
“AIA has exceeded pre-pandemic levels of new business for each of our segments other than Hong Kong, where travel restrictions continue to affect sales to Mainland Chinese visitors. Outside Hong Kong, VONB for all segments in the first quarter of 2021 was higher than the first quarter of 2019. Compared with the first quarter of 2020, we have delivered 19 per cent overall VONB growth for the Group, including excellent growth in Mainland China, Thailand and Malaysia and double-digit growth from our domestic customer segment in Hong Kong.
“The momentum that returned to our businesses, as movement restrictions eased in 2020, has continued into 2021. VONB growth is broad-based across the Group, and has been driven by excellent performance from our Premier Agency and increased demand for our protection products.
“We are making excellent progress with our strategic priorities, further extending our competitive advantages as we harness the opportunities available to AIA across Asia. In particular, I am delighted that we have launched our new provincial branch in Sichuan as we continue to leverage our unique opportunity in Mainland China.
“The Group’s financial position has remained very strong through the recent exceptional volatility, giving peace of mind to our millions of customers. The pandemic has increased awareness of health and wellness and we have seen very strong growth in protection VONB compared to the first quarter of 2020 as we help more people across Asia live Healthier, Longer, Better Lives.”
SUMMARY FOR THE FIRST QUARTER
AIA’s wholly-owned operation in Mainland China remained the largest contributor to the Group’s
VONB and achieved excellent growth compared with the first quarter of 2020. VONB margin was
consistent with the prior year despite the deduction of 5 per cent withholding tax since July 2020.
Following approval from the China Banking and Insurance Regulatory Commission in March, our
new branch in Sichuan has now successfully launched operations.
AIA Hong Kong achieved double-digit VONB growth from the domestic customer segment, while travel restrictions continue to limit sales from Mainland Chinese visitors. In our Macau branch, Mainland Chinese visitor sales contributed around one-third of ANP in the first quarter, supported by the resumption of the Individual Visit Scheme.
In March, we announced a 15-year exclusive bancassurance partnership with The Bank of East Asia, Limited (BEA) covering Hong Kong and Mainland China. In Hong Kong, this partnership further broadens our extensive distribution capabilities, providing exclusive access to BEA’s 1.2 million predominantly domestic customers. AIA also gains exclusive access to BEA’s fast-growing, affluent customer base in Mainland China where the bank is a top three foreign bank.
AIA Thailand achieved excellent VONB growth, driven by both agency and partnership channels, and was the second-largest contributor to the Group’s VONB in the first quarter of 2021. VONB margin increased significantly resulting from our successful shift in product mix towards protection and unit-linked businesses. This success can be attributed to the leadership of
Mr. Kris Chantanotoke, Chief Executive Officer of AIA Thailand, whose goals and objectives are clear in order to achieve success in the first quarter with strong performance growth, which reflects AIA Thailand’s overall unity and emphasizes the company’s position as Thailand’s No. 1 life insurance company.
In Singapore, we delivered positive VONB growth, with double-digit growth from our agency, partially offset by a decline in partnership channels as offshore new business sales remain limited given ongoing border controls.
AIA Malaysia continued its strong momentum from the second half of 2020 and delivered the highest VONB growth among our reportable segments, supported by both our agency and our bancassurance partnership with Public Bank Berhad.
VONB from Other Markets reduced, reflecting the effect of ongoing movement controls in the Philippines and the significant one-off contribution to VONB in Australia in the first quarter of 2020, as previously disclosed. Excluding these two markets, VONB from Other Markets increased compared with the first quarter of 2020.
Overall, VONB margin improved to 61.6 per cent, up from 56.6 per cent in the first quarter of 2020, mainly driven by geographical mix shift and higher government bond yields, partially offset by the deduction of withholding tax for AIA China. The VONB margin is stated net of acquisition expense overruns, and the long-term investment return assumptions remain unchanged from those shown in our Annual Report 2020. Margin reported on a present value of new business premium (PVNBP) basis was stable compared with the first quarter of 2020 at 10 per cent. ANP of US$1,703 million increased by 10 per cent compared with the first quarter of 2020. TWPI increased by 6 per cent to US$9,663 million, reflecting further growth of our in-force portfolio and continued strong persistency.
OUTLOOK
The long-term prospects for AIA’s businesses are exceptional given our substantial competitive advantages and the powerful structural growth drivers for life and health insurance in Asia. Rising incomes, low levels of private insurance penetration and limited social welfare coverage continue to drive demand for AIA’s insurance products across our markets.
Global economic growth gained traction in the first quarter of 2021 as unprecedented fiscal and monetary support helped reduce the burden of the pandemic shock. While the outlook remains dependent on government and central bank policies, effectiveness of containment measures and the acceleration of vaccination programmes, we remain cautiously optimistic as the economic recovery extends from manufacturing-led sectors to consumption and services.
We are confident that the execution of our strategic priorities will build on our strong track record of growth and generate long-term sustainable value for shareholders.
FOREIGN EXCHANGE VOLATILITY
AIA receives the vast majority of its premiums in local currencies and we closely match our local assets and liabilities to minimise the economic effects of foreign exchange movements. When reporting the Group’s consolidated figures, there is a currency translation effect as we report in US dollars. We have provided growth rates and commentaries on CER unless otherwise stated, since this provides a clearer picture of the underlying performance of the businesses.
Nearly half of Thai consumers plan to avoid using cash after pandemic ends: study
A study on consumer payment attitudes by Visa showed nearly half of all Thai consumers (45 per cent) were likely to avoid using cash after the Covid-19 pandemic ends.
The study also delves into which activities Thai consumers are looking forward to spending on when recovery is underway.
The top three activities are: travelling within Thailand (35 per cent), travelling abroad to Covid-safe destinations (29 per cent) and taking small get-away trips in their own city (19 per cent).
Suripong Tantiyanon, country manager, Visa Thailand, said: “The pandemic has had a massive impact on how people live, work and shop both in Thailand and globally.
As we have crossed the one-year mark since the pandemic hit, we are taking a look at how events in the past are shaping our future. We are privileged to be able to conduct this study and share findings that we believe will help everyone prepare for back-to-business scenarios.”
According to the study, other behaviours that are likely to become a new normal post-Covid are wearing a mask (62 per cent) and avoiding crowds (43 per cent).
The situation has also prompted many Thai consumers to explore different shopping channels.
The most popular channels used for the first time during Covid are shopping on apps and websites (65 per cent), using direct delivery at home after ordering by phone from local shops (47 per cent), and shopping on social media channels (44 per cent).
Thai consumers were forced to rethink spending priorities. According to the respondents, spending categories that experienced the largest reduction were international trips (63 per cent), going to cinemas or events (60 per cent), buying luxury items like bags, watches and jewellery (60 per cent), fine-dining (58 per cent), well-being treatment (57 per cent) and buying new clothes (54 per cent).
Looking ahead, in addition to domestic, international and small get-away trips, Thai consumers are preparing to resume spending on gadgets (16 per cent), groceries and personal care items (15 per cent), and going out to enjoy fine-dining and out-of-home entertainment (10 per cent).
Less than 1 in 10 plans to upgrade home appliances (9 per cent) and spend on fashion and clothing (8 per cent).
Some e-commerce categories raking it in amid Covid-19 outbreak
Digital Vouchers saw a whopping 1,237 per cent growth year on year in Thailand amid changing shopping trends in the aftermath of the pandemic, a study by aCommerce highlights.
BrandIQ Flash Insights report by aCommerce, an end-to-end e-commerce platform and solutions provider in Southeast Asia, reveals the 100 fastest-growing e-commerce categories after the Covid-19 outbreak.
The company says it launched BrandIQ in 2018 to help brands understand online shopper trends and apply data analytics to increase e-commerce sales.
BrandIQ is the first software as a solution that assists retailers and brands in consolidating product and channel information and getting granular views on sellers’ activities, brands’ share of shelf, share of categories, and market share comparison, aCommerce said. Flash Insights provides a quick overview of trends that are growing in the Thai e-commerce landscape.
Because of the restrictions and Covid-19 preventive measures, Thai people have been avoiding visiting offline stores. They stay home and order goods from stores and retailers to fulfil their needs. This “new normal” way of living persuaded brands to start investing in online marketplaces to drive store visits.
BrandIQ’s Flash Insights report confirms that in addition to driving sales, voucher programmes present a solution for brands to optimise their inventory amid the Covid-19 crisis, the company said.
Another trend that surged during the pandemic was cooking at home. As the coronavirus pandemic continues to cause disruptions, many Thais have settled into a routine that involves a lot more home cooking, increasing the demand for refrigerators and cookware. Online groceries also surged with dairy and chilled products growing 2,637 per cent, dry and packaged goods by 389 per cent and breakfast cereals and spreads by 271 per cent, the report showed. This shift in behaviour is not only because consumers working from home no longer stop by for breakfast or coffee on their commute, but also because they feel unsafe going to restaurants.
Some e-commerce categories raking it in amid Covid-19 outbreak
Last year’s report revealed a surge in food supplements and furniture categories, and with many people in the country still working from home this year, the trend has continued, the company said.
The pandemic highlighted the need for comfortable and productive spaces during quarantine whilst creating a growing demand for supplements as consumers prioritised wellness and health, the company said.
The report also shows a significant increase in demand for arts and crafts for kids. This category includes activities and products which enable kids to learn while they are at home studying.
BrandIQ explains the overall increase across these categories due to the restrictions on out-of-home activities on the one hand, and retailers’ need to sell their products on the other. As a result, businesses had to adjust their strategies, and the changes in consumer behaviour have accelerated the speed with which companies have to undergo a digital and ecommerce transformation.
“Granular data and analytics of your e-commerce business is important for brands, but getting access to real-time data on your competitors’ sales, promotions, and orders is a game-changer,” said Paul Srivorakul, Group CEO of aCommerce.
“Providing brands with end-to-end data is important in optimising their e-commerce business and automating processes that help save costs and grow sales. For example when a particular brand or product starts selling well, our system immediately alerts marketing to increase advertising spending, then triggers customer service to increase support, then contacts the supplier to place a larger order and alerts logistics to prepare for increase in orders,” he added.
aCommerce has added regional platforms such as Shopee and Lazada, including local marketplaces such as Tokopedia in Indonesia, Qoo10 in Singapore, and soon Sendo and Tiki in Vietnam.
Bitcoin Cash (BCH) brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable transactions.
Since digital payments and cryptocurrencies have taken over the investment market. Bitcoin Cash is gaining popularity in Thailand, as people are looking forward to reaping good opportunities and benefits.
Bitcoin and Bitcoin Cash: What Is the Difference?
Bitcoin and Bitcoin Cash are both holders of value, while Bitcoin has been the holder of the most value up until now, Bitcoin Cash is gaining users and value fast.
Bitcoin Cash was started by bitcoin miners and developers equally concerned with the future of the cryptocurrency and its ability to scale effectively. BCH has its own blockchain and specifications, including one very important distinction from Bitcoin which is thus able to process transactions more quickly than the Bitcoin network, meaning that wait times are shorter and transaction processing fees tend to be lower.
To conclude: BCH was designed as an enhanced Bitcoin version with high scalability, reduced cost, and faster transaction speed. Bitcoin Cash thus supported cryptocurrency as a means of payment rather than just a mere store value with low fees and reliable transactions.
How to buy Bitcoin Cash?
Before purchasing Bitcoin Cash, you’ll need a Bitcoin Cash wallet to store it in, the Bitcoin.com Wallet allows you to safely store and spend your Bitcoin and Bitcoin Cash, along with other crypto assets.
From the Bitcoin.com Wallet
Open the Bitcoin.com wallet app on your device (Available via App Store and Google Play)
Tap the green “Buy” button to buy Bitcoin Cash (BCH)
Follow on-screen instructions to deposit coins to your preferred wallet
You will be prompted to verify your identity
Once complete, your purchase will proceed
After your first purchase which includes identification verification, future purchases are even faster!
How to cash out BCH?
Way to convert Bitcoin Cash to Cash in Thailand is by using Bitkub, a licensed cryptocurrency exchange in Thailand that offers services to individuals who intend to buy and sell cryptocurrencies.
Lists of merchants accepting Bitcoin Cash in Thailand
Food and beverage
Blue Boar (Sukhumvit)
Fatty’s Bar and Dinner (Rama9)
The Missing Burro (Thonglhor)
The New Yorker Cafe (Sukhumvit)
Others
Hollywood Waxing and Massage (Sukhumvit)
Kosy Massage and Cut (Sukhumvit)
Kreatah DJ Skool (Thonglhor)
Check out more merchants here (Bangkok Bitcoin Cash)
Bitcoin Cash Meetups
If you are interested in bringing more economic freedom to the world, in new technologies or just curious about Bitcoin, you are most welcome to the Thailand Bitcoin Cash Meetups which will be held in Bangkok, Phuket, Chiangmai and Phangan Island.
In Bangkok will be held on every Thursday, weekly meetups at different venues where they accept BCH as payments. On the last Thursday of each month, there will be a technical meetup called Developer’s Night/Project Night, connecting with enthusiasts, programmers and professionals.
**Due to the current situation regarding COVID-19, the events might be postponed. Please check here for news regarding a date and time for the upcoming meetups.
Over 80% Thai businesses struggling due to pandemic: PwC report
More than 80 per cent of Thai organisations surveyed by PwC recently said they were hit adversely by the Covid-19 pandemic, while the report indicated that successful crisis recovery hinges on improving resiliency.
The Thailand part of PwC’s “Global Crisis Survey 2021” – a global survey of 2,814 business leaders in 73 countries – explores how the 52 Thai respondents faced the pandemic, what they learned and how they’re preparing for the future.
Phansak Sethsathira, a risk consulting partner for PwC Thailand, said 84 per cent of Thai respondents said their businesses had suffered badly. Some reported that the operation and supply chain was the most affected area of their business as transport restrictions had brought imports to a halt and disrupted production. The next most affected areas were workforce and financial liquidity.
Like their global counterparts, the Thai respondents adjusted their work processes and operations in response to the pandemic. This has included implementing new technologies, deferring investment to manage liquidity, improving remote working capabilities and changing the way they communicate with key stakeholders.
These changes have created new challenges for Thai business leaders.
“Insufficient monitoring of new or updated remote-working systems widens the opportunities for malicious actors to take advantage of system weaknesses,” warned Phansak.
“These actors can pose as a trusted colleague or organisation and trick victims into transferring sensitive data. With remote-working policies likely to be in place for some time, the risk of data breaches and stolen information has never been higher. If they can steal the right information, the actors can commit fraud, damage information systems, hurt reputations and other malicious – and costly – acts,” he said.
A crisis-response team is key
Survey results show that most Thai respondents had a business continuity plan (BCP) in place before Covid-19. However, only 31 per cent had a designated crisis-response team.
Phansak said the effectiveness of a BCP is at risk without a crisis-response team overseeing the overall execution.
“Having a well-designated crisis-response team is key to mobilising things quickly and recovering sooner. In times of crisis, one single crisis response weakness or mistake can cause wider consumer and stakeholder distrust,” Phansak said.
Another focus of the survey was to learn whether companies are determining long-term threats and Covid-19’s impact on corporate strategy. Most Thai respondents reported that they haven’t assessed this, nor have they conducted an “after action” or lessons learned review.
“A post-crisis review allows you to improve your response plan and manage the next crisis better,” Phansak said.
Organisations concerned about future crises should ask what is needed to better prepare for the next disruption. Phansak highlighted the need for a crisis management strategy for organisational resilience – the ability to adapt and develop the processes needed to effectively respond to a crisis and emerge stronger.
U City Public Company Limited (U City) shares in strong demand
New EASY INVEST service from SCBS Offshore trading will be available this JuneSCBS is developing savings and wealth management technology catering to every investor’s investment style to help them reach their goals under a “SCBS is everything for investors” concept. Aiming for 10-times growth in the number of offshore trading users within 2021, SCBS is confident in offering this new offshore trading service on the EASY INVEST app as an alternative for every investor so that they can diversify their portfolios. There are more investment services in the SCBS pipeline, which will be available on the EASY INVEST app this year in order to give investors more convenient access to more investment choices at lower cost.
New EASY INVEST service from SCBS Offshore trading will be available this June
Iconsiam launches restaurant delivery service with True Food
Iconsiam launches restaurant delivery service with True Food
AIA DELIVERS VERY STRONG GROWTH VALUE OF NEW BUSINESS UP 19% IN THE FIRST QUARTER
Some e-commerce categories raking it in amid Covid-19 outbreak
SootinClaimon.Com 