KBank wins ‘best home loan product’ award from the Asian Banker
Jan 19. 2021Chalarat Phinitbenchaphol (left), Chaiyot Tunpisut (right)
By The Nation
Asia’s leading financial magazine, The Asian Banker, recently held its “Southeast Asia Awards Virtual Ceremony 2020”, in which it recognised Kasikornbank for the “Best Home Loan Product”.
KBank was lauded for its new income verification standards for businessowners, freelancers and refinancing customers. KBank’s new verification system cuts the income appraisal process and document preparation time, making it easier for people affected by the Covid-19 fallout to get access to funds.
The virtual award was accepted by Chalarat Phinitbenchaphol, KBank’s executive vice president, and Chaiyot Tunpisut, first senior vice president.
Millcon Steel positive of growth despite Covid fallout
Jan 19. 2021Prawit Horrungruang
By The Nation
Millcon Steel Group, Thailand’s top steel manufacturer, is confident about its performance this year as it stands to gain from high-speed railway projects and the rising global trend in steel prices.
The company’s chief executive officer Prawit Horrungruang said the company’s focus will be to produce high-quality products and reduce its debt by as much as Bt3.8 billion.
He added that Millcon’s projected revenue should rise this year despite the Covid-19 fallout because the government is expected to launch start building the high-speed rail project, which will boost the demand for high-quality steel products.
“The demand for steel products this year is expected to reach 3.5 million tonnes, and global prices are also rising because the pandemic has delayed construction projects and disrupted ore production.
“This has caused an increase in raw materials. Imports and exports were affected and logistics also disrupted last year. These factors will push up the price of steel products this year.
“The Millcon Group is focused on the production of high-quality products which deliver a fat margin, therefore we expect our performance will continue to be positive,” he said.
The Millcon Group has an edge over other manufacturers, as it has a comprehensive integrated operation including steel-rolling mills, furnaces and steel-scrap recycling facilities. Most local steel manufacturers only have steel-rolling factories.
“The company is also strong financially and we plan to reduce debts by Bt3.8 billion this year,” Pravit added.
Alibaba offers to help Thai entrepreneurs digital dreams come true
Jan 18. 2021
By The Nation
Young owners of digital start-ups as well as traditional businesses seeking digital transformation in these challenging times can apply for the third Alibaba Netpreneur Training Programme for Thailand.
The programme is jointly organised by Alibaba Business School, the Digital Economy Promotion Agency (Depa), National Innovation Agency (NIA) and international venture capital firm Gobi Partners.
The deadline for applications is January 31.
The programme, which was previously only offline, has now been developed as a combination of both online and offline training modules for young entrepreneurs as well as businesses with digital aspirations.
Alibaba Business School aims to expand the reach of the program through an online version, which will kick off on March 2 and last for six weeks. The cost of the course will be fully covered by Alibaba Business School.
It will provide first-hand exposure to e-commerce and digital innovations, access to business leaders across Alibaba and China, as well as an opportunity to connect with like-minded, leading entrepreneurs in participants’ own region, through exercises, interactive lectures and dynamic discussions.
During the training, participants will learn about China’s digital economic transformation, Alibaba’s own successes and mistakes as well as the work that went into creating a company culture and management practices as they grew from a fledgling start-up into a full e-commerce ecosystem.
During the online training course, participants will receive assignments on a weekly basis and a capstone project at the end. Based on the outcome of the online participation and the assignments/project completions, top performers of this class will be invited to attend the offline immersion at Alibaba Group’s headquarters in Hangzhou, China once travel restrictions due to the pandemic are lifted.
CP Foods and partners supply food for Myanmar migrant workers
Jan 15. 2021
By The Nation
Charoen Pokphand Foods PCL (CP Foods) has joined hands with True Corporation and Osotspa to provide nourishing food and other necessities to 1,200 families of Myanmar migrant workers under quarantine in Samut Sakhon province.
The relief supplies are being distributed through the Myanmar Embassy in Bangkok as a part of the “CPF Food from the Heart Against Covid-19” project.
Myanmar Ambassador Myo Myint Than thanked the Thai public and private sectors for supporting the migrant workers and their families who are affected by the virus outbreak. It is the grateful of Myanmar people.
CP Foods said it had supplied nourishing quality products including 36,000 fresh eggs, 1,200 bags of Royal Umbrella rice, 1,200 bottles of vegetable oil, 3,600 cups of CP Veg It Up soup and 14,400 bottles of drinking water to the migrant workers.
14,400 bottles
The “CPF Food from the Heart Against Covid-19” project has been up and running since early 2020 to alleviate the hardships facing Thai and migrant people, said CP Foods CEO Prasit Boondoungprasert.
Suphakit Vuntanadit, group chief commercial officer at True Corporation, said the company donated 2,000 SIMs with unlimited internet for 30 days and 2,000 fabric face masks. The internet SIM card will allow migrants to access online entertainment and keep them in touch with their families and friends during the quarantine, he said
Sze Tian Poh, chief international business officer at Osotspa, said that it had donated 10,000 bottles of its M150 and Lipo energy drinks, plus 3,600 bottles of C-Vitt to strengthen the immune system.
Since March 2020, “CPF Food from the Heart against COVID-19” has delivered foods to 200 public hospitals nationwide and further delivered foods to 20,000 families of doctors and nurses. Also, the company supports 5 hospitals in remote areas of Tak Province to prevent outbreaks at the Thai-Myanmar border.
CP Foods has also partnered with the Labour Protection Network (LPN) to provide over 30,000 packs of CP Foods products and 10,000 fresh eggs to help migrant workers in the Mahachai shrimp market.
Unicef distributes Covid-19 prevention gear to migrant communities in risky provinces
Jan 15. 2021
By The Nation
Unicef along with USAid and other NGO partners are distributing critical supplies and training communities on Covid-19 protection in high-risk areas in Thailand to help curb infections and mitigate the impact on vulnerable people, including migrants.
This project aims to reach up to 30,000 migrant workers.
“We know that early intervention is key to avoiding the spread of the virus,” said Severine Leonardi, Unicef deputy representative for Thailand. “This supply and informational support for migrants aims to ensure their health and safety and equip them with knowledge for Covid-19 prevention as a community in the long term. The fight against Covid-19 must leave no one behind, no matter their status.”
Unicef is delivering critical supplies, including Covid-19 booklets and 10,000 soaps and hand sanitisers, to the Migrant Workers Rights Network, Foundation for Rural Youth and Proud Association for distribution to migrant workers in Samut Sakhon province and affected areas nearby. Supplies including 1,800 isolation gowns, 650 face shields, 400 boxes of disposable face masks, 380 boxes of gloves and 100 gallons of disinfectant are also distributed to staff, migrant health volunteers and translators who are supporting public health officers in tracing and follow-up with Covid-19 cases in the affected communities.
In addition to supply distribution, UNICEF and USAID are supporting NGO Raks Thai Foundation to train migrant community leaders and members to screen for Covid-19, share related messages and engage others in establishing Covid-19 prevention measures in 40 communities in high-risk areas, including the Samut Sakhon, Samut Prakarn, Rayong and Chantaburi provinces.
UNICEF is also expanding support to migrant learning centres and communities in Mae Sot district of Tak province through online learning support, teacher outreach and internet provision for teachers.
KBank credit-card holders get a chance at free insurance for Covid-19
Jan 14. 2021
By The Nation
KBank is offering its 100,000 of its credit cardholders a chance to get free Covid-19 insurance for 90 days from January 21 to April 20.
The coverage will provide a maximum benefit of Bt100,000 in case of death and an income compensation of Bt1,000 per day for up to 15 days if the insured has to be hospitalised.
The credit card holders can sign up for the free Covid-19 insurance policy by activating the notification service in Line KBank Live via the “Free COVID-19 Insurance” menu option. Registration is open from until January 18.
KBank will announce who is eligible for the policy by its Line KBank Live account on January 21.
Experts to explore global economic landscape at 14th Asian Financial Forum
Jan 14. 2021
By The Nation
The 14th Asian Financial Forum (AFF) will be held online event on January 18 and 19, under the theme “Reshaping the World Economic Landscape”, and will cover more than 50 sessions from 8.30am to 10pm Hong Kong time.
The aim is to examine the current economic landscape and explore global business opportunities with more than 160 influential policymakers, financial experts, investors, business leaders and economists.
Guests at various sessions will share insights on a wide range of topics including the global economic outlook, socially responsible and impact investment, the asset and wealth management industry in post-Covid era, climate-change risks and opportunities for the insurance industry.
Mary Huen, chairperson of the AFF 2021 steering committee and CEO of Standard Chartered bank in Hong Kong, said: “Covid has brought unprecedented changes to the world economy, though the development of vaccines will help address some of the uncertainties. The global economy is being reshaped even as economic and trade activities begin to get back to normal. Corporates need to aggressively embrace the new normal and turbocharge the implementation of transformation, including technology upgrades, to create new opportunities for the financial industry.”
Dr Patrick Lau, HKTDC deputy executive director, said: “We endured a challenging year in 2020, which makes it all the more important for AFF participants to come together to examine the latest market developments and explore innovative solutions and investment opportunities from around the world. This year’s forum focuses on topics such as sustainable development, impact investment, fintech, 5G, philanthropy, family offices, entrepreneurship and venture capital, and will examine how businesses can turn crisis into opportunity under the new normal.”
First plenary session
The pandemic has hit the global economy hard, and even as the vaccination programme gathers speed the economy is still expected to recover at a slow pace. Whether the global economy will continue on its regular cycle or whether there will be a fundamental change brought about by the pandemic is a topic of interest to many, along with the impact of issues such as trade disputes, climate change and technology development.
The plenary session will explore the topic “Reshaping the World Economic Landscape”, with senior officials examining how the financial services sector can contribute to the recovery of the global economy and what opportunities await in the new economic landscape.
In the face of the global pandemic, many governments employed unconventional financial policies to roll out large-scale fiscal stimulus packages. The discussion will focus on the effectiveness of fiscal and monetary policies in supporting growth, and implications of the increasing use of financial technology from the perspective of regulators.
Broad spectrum of financial issues
As in previous years, the four panel discussions will be a key focus of the AFF. In the session titled “Global Economic Outlook”, business leaders from the banking and financial sectors will assess the transformation brought about by the current environment of low interest rates, increased compliance requirements and digital innovation, together with a raft of challenges resulting from the pandemic. The panellists will share their thoughts on the outlook for the global banking industry, while considering how banks should respond to regulatory changes and advances in technology.
As socially responsible investment and impact investment gain stronger ground, the pandemic has highlighted the importance of incorporating environmental, social and governance (ESG) considerations into investment decisions, creating long-term value for corporations and generating higher returns for investors. The discussion on “Responsible and Impact Investment” will review the long-term prospects for sustainable investing.
The asset and wealth management industry has inevitably been impacted by Covid-19, but while there are challenges to business operations, the pandemic has also given rise to new solutions and practices and the emergence of new perspectives and investment opportunities. The session titled the “Asset and Wealth Management Industry in the Post-COVID Era” will explore the implications of Covid-19 on the asset and wealth management industry, key industry trends in Asia and globally, and how market players can best position themselves in this fast-changing environment.
Climate change is one of the major emerging risks in the decades ahead and is expected to reshape the structure of the economy in the future, bringing both risks and opportunities to the real economy and the financial sector. The insurance industry is expected to play a key role in facilitating people and businesses to address climate change risks and move towards a sustainable future. In a discussion titled “Climate Change Risks and Opportunities for Insurance”, insurance leaders and experts will look at how the industry is responding to climate change and how to capture opportunities for insurance in the transition to a sustainable economy.
Assessing economic prospects
The impact of the pandemic and evolving international geopolitical issues have combined to create uncertainty in the global economy. Over the two days of AFF, influential global financial policymakers and business leaders will take part in more than 50 panel sessions to explore strategies that can help address the current financial situation.
Central bank digital currencies (CBDCs) are gaining traction in global markets. As a premier international financial centre and the world’s largest offshore renminbi hub, Hong Kong is well positioned to facilitate the exploration and expansion of CBDCs at the cross-boundary level. In a discussion themed “The Evolving Central Bank Digital Currency Landscape”, panellists will share insights on potential use cases for CBDCs and how Hong Kong’s burgeoning fintech ecosystem can get better equipped for the opportunities that lie ahead.
This year’s forum will also feature a number of “Fireside Chat” sessions featuring experts from various fields, who will share insights on topics such as technology development trends, venture capital, investing in the “she economy”, financing the circular economy, and the state of blockchain, providing practical advice on how to start a successful business.
This year’s AFF will also kick off the “Dialogues for Tomorrow” series to assess the impact of Covid-19 on sectors such as banking, insurance, fintech, energy, healthcare, food and agriculture and big tech, allowing industry players to get a better understanding of the current situation and ways in which they can enhance their competitiveness.
Showcase for innovations and investment opportunities
The Fintech Showcase, FintechHK Startup Salon, InnoVenture Salon and Global Investment Zone will return in a virtual format for the 2021 AFF. The AFF Deal Flow Matchmaking Session will arrange one-on-one meetings between more than 670 investors, project owners and start-ups to bring together capital and investment projects from around the world on a virtual platform. More than 700 meetings will be arranged, covering investment projects including the Internet of Things, digital technology, healthtech, fintech, education, environment and energy, food and agriculture, infrastructure and real estate.
The InnoVenture Salon will continue to empower start-up enterprises by building connections with international investors and potential business partners, joining hands with Hong Kong financial regulators to solve start-up problems.
It will also present the inaugural “AFF Accelerate”, an open innovation challenge jointly organised by the HKTDC, 500 Startups and FWD Group, inviting start-up entrepreneurs to devise insurance technology solutions for the insurance industry, bringing innovative ideas into the commercial world.
Four TFG factories become completely solar powered
Jan 13. 2021
By The Nation
Floating solar farm distributor TF Tech has kicked off the commercial operation of its floating solar systems in four factories owned by Thaifoods Group (TFG), providing a total of 13.78 megawatts, Energy Absolute (EA) deputy chief executive officer Amorn Sapthaweekul said.
EA’s subsidiary, EA Renewable, owns a 40 per cent stake in TF Tech, an associate of TFG.
The four TFG factories in the project include two feed plants, one each in Suphanburi and Prachinburi, and one chicken slaughterhouse in Prachinburi. The solar systems began operating in these three sites in November last year.
The fourth site is a chicken slaughterhouse in Kanchanaburi, where the solar system began operating in December.
JLL, a global real-estate consultancy, has appointed Michael Glancy as country head for Thailand, replacing Suphin Mechuchep, who will become chairperson for operations in Thailand.
The company has also appointed Chris Archibold as country head for Singapore.
These changes, effective from January, come as part of the company’s plan to strengthen its capabilities and align with its growth ambitions in the region. All three executives will report to Chris Fossick, who is CEO of Southeast Asia operations.
In Thailand, Glancy will oversee the company’s business growth. Having worked at JLL Hong Kong since 2019, he relocated to Bangkok in February 2020 and has been leading the transaction business since. He will partner closely with regional and local business lines to generate new leads and opportunities.
Meanwhile, as chair of operations in Thailand, Suphin has successfully managed and expanded the company over the past 17 years. An experienced real-estate veteran, she will continue driving key business priorities and nurture the strong client networks she has built over her career spanning more than three decades.
Archibold has worked with JLL in Singapore for 17 years and spearheaded the office-leasing business before taking over as head of leasing for Singapore in 2018.
In his new role, he will drive Singapore’s sales strategy and business development by connecting local and regional business functions as well as leading markets advisory.
Thais come out tops in the region in health and wellness study
Jan 12. 2021
By THE NATION
A survey across six Asia-Pacific markets revealed that Thais are amongst the best in the region for adopting eight key ingredients to live healthier, longer and better lives.
AIA Group Limited has released the findings from a ground-breaking research initiative, “Healthier Together”, revealing the eight key ingredients that go into living “Healthier, Longer, Better Lives”.
The study was conducted by global data insights company Kantar Group and involved in-depth interviews with more than 80 experts from a broad spectrum of professional disciplines in Thailand and across Asia-Pacific.
The study findings were then validated through a survey of 6,000 consumers in the region, including 1,500 people in Thailand.
When comparing the markets in terms of how well they are performing in living “Healthier, Longer, Better Lives”, Thailand topped the rankings with 35 per cent rating themselves as adopting almost all of the eight identified ingredients and 61 per cent saying they were achieving four or more, the highest of all six countries in the survey.
In terms of relative importance of each of the eight ingredients, Thailand was the only market to indicate that ‘”being self-motivated” was the most critical ingredient, although “having an optimistic outlook”, which rated the most powerful driver in all other markets, came a close second.
“Make time to recharge” is the easiest first step for people to take, while “be active and engaged” was also seen as important and yet this was the behaviour which Thais most need to improve on.
Stuart A Spencer, AIA Group chief marketing officer, said: “The AIA purpose is to help people live healthier, longer, better lives. It’s therefore critical to gain a deep understanding of what people can actually do to achieve this, and how we can help them, beyond the obvious steps of exercising, eating healthily and getting sufficient sleep, particularly in the context of Covid-19.”
Spencer added: “This is really exciting because the findings of this unique piece of research now deliver to us a clear pathway. …It identifies real actions people can take to improve their physical and mental well-being, and real clarity, which has never been more important to us all than it is right now.”
The complete findings of the AIA Healthier Together study and survey can be viewed at: www.aia.com/healthiertogether.
Chalarat Phinitbenchaphol (left), Chaiyot Tunpisut (right)
Prawit Horrungruang
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