TrueMoney wallet launches Start Invest app for savers
Nov 23. 2020
By The Nation
TrueMoney, Thailand’s leading e-wallet platform, has partnered with Ascend Wealth to launch “Start Invest”, a service that allows users to open a mutual fund account and start trading.
The move will give more than 15 million users of the TrueMoney Wallet app, most of whom have never invested, opportunities to invest for the first time.
The company expects the move to bring 600,000 new accounts, boosting investments in 2021.
Initially, Start Invest offers more than 600 mutual funds from 10 leading asset management firms in Thailand. More funds will be added in the future.
GSB launches ‘Samui Model’ to support locals hit hard by Covid-19 crisis
Nov 23. 2020
By The Nation
Government Savings Bank (GSB) has launched its “Samui Model” project, bringing together more than 500 people from its management team, credit committee and GSB staff to the Koh Samui area of Surat Thani province to provide immediate assistance.
The project is focusing on approvals for urgent loans in special cases after Koh Samui’s tourism economy collapsed because of the virus situation.
GSB would also provide funds and sustenance supplies to people in need, the bank said.
Vocational training would be offered to the underprivileged, GSB said.
Free booth space also would be given to Samui local merchants and street food vendors, expecting to encourage money circulation of at least Bt1 billion to support the economy, and help the people of Samui face this difficult time, GSB said.
All activities will be held on December 8-9 at Central Festival Samui Shopping Centre in Koh Samui district.
GSB director Vithai Rattanakorn said that even though the Covid-19 outbreak in Thailand had been contained, the international community was still facing a crisis and the disease was still out of control. Being discreet in accepting foreign tourists is the only way to prevent a second wave of the pandemic in the country, Vithai said.
The lack of foreign tourists has severely impacted the Thai economy, especially areas that rely mainly on tourism, such as Koh Samui which is now desolate. Tourism-related businesses have closed, operators have suffered losses and unemployed workers have moved back to their hometowns. Local people lack incomes to support their families.
To alleviate the suffering of the people of Samui, GSB’s “Samui Model” project was conceived by the executives and employees of the bank, both from the centre and region 16. More than 500 people spent more than two months to look into the problems and help the villagers, the bank said. The project was conceived as an urgent measure for villagers to receive immediate assistance.
He added that on December 8-9, the credit committee from GSB’s headquarters, along with executives and employees, would be in the Koh Samui area to consider and approve special credit for entrepreneurs and the public so that loans could be disbursed, including consultation on debt management for existing credit customers of the bank, and providing assistance to resolve immediate problems, such as providing scholarships to children whose parents have suffered, providing capital for self-sufficient income generation either through funding or providing equipment for chicken farms, fertilizer and plant seeds, offering vocational training and livestock supply such as eggs and dried fish from locals etc.
The event will additionally open a street food and local products space, inviting shoppers to come and sell their products without charging rents for booths. Participants can win many prizes, such as store discounts, movie tickets, or supercentre discount cards. The highlight of the event is loan applicants or customers at the event who pay through the MyMo app will receive Ai Kai piggy bank of Wat Chedi Temple as a souvenir.
GSB said it has also arranged many other fun activities.
The “GSB Samui Model” is an ambitious project launched to create a positive impact in line with our stance as a social bank, GSB said.
The event will be held on December 8-9, at Central Festival Samui Shopping Centre, in Koh Samui district.
Dusit gets ready to offer ‘more meaningful’ stays in wake of Covid-19
Nov 23. 2020Suphajee Suthumpun, group CEO for Dusit International
By The Nation
Dusit International, one of Thailand’s leading hotel and property development companies, has announced that it plans to counter the impact of Covid-19 by introducing three strategic pillars – collaboration, integration and contribution.
Under this strategy, Dusit has partnered with Local Alike, an online social enterprise dedicated to the sustainable development of Thai rural communities through responsible tourism to offer a range of tours for young families seeking a more meaningful experience during their stay.
Experiences offered under the Dusit Local Explorer scheme will have participants immerse themselves in the lives, culture and cuisine of indigenous communities around Thailand, such as the Tai Lue hill tribe in Chiang Mai and lobster-farming communities in Phuket.
To develop the partnership further, Dusit plans to provide hospitality and service training for various communities so they can enhance their skills and learn how to sustainably welcome visitors.
Volunteers will come from Dusit Hotels & Resorts as well as Dusit Hospitality Education.
Dusit will also support Local Alike’s other initiatives, including Local Aroi, which aims to develop local cuisines to fine dining standards through the creation of special set menus that celebrate stories, techniques, and sustainable ingredients behind renowned local dishes; and Local Alot, which supports the sustainable production of handcrafted goods.
“Consumer behaviour has changed dramatically during Covid-19 and it’s essential that we change our strategy and pivot our operations to meet their needs as much as possible,” said Suphajee Suthumpun, group CEO for Dusit International.
The Dusit Local Explorer programme is now available at Dusit properties in Bangkok, Chiang Mai, Hua Hin, Khao Yai, Krabi, Pattaya, and Phuket.
To cater to the luxury segment, Dusit has also teamed up with bespoke tour providers in Chiang Mai, Hua Hin, Pattaya and Phuket to provide exclusive end-to-end excursions packaged as the Ultimate Dusit Experience.
Birdy supports Thai athletes through “Thai Team – Win Over Thais’ Heart” campaign
Nov 21. 2020
By THE NATION
“Birdy”, the ready-to-drink canned coffee, led by Wonnarate Sukheelak, Manager of Processed Foods Business and Beverage Business at Ajinomoto (Thailand) Co., Ltd., joined “Thai Team – Win Over Thais’ Heart” campaign to support Thai athletes who will participate in the Olympic and Paralympic Games 2020 in Tokyo.
The event was honored by Phiphat Ratchakitprakarn, Minister of Tourism and Sports and Kongsak Yodmanee, Governor of Sports Authority of Thailand, including Thai athletes and Girl Group BNK 48 who recently joined the press conference at SAT Building.
The campaign, ‘Thai Team – Win Over Thais’ Heart’, is being held by Sports Authority of Thailand, Ministry of Tourism and Sports and private sectors to encourage Thai athletes and invite Thais to participate in the event “Flag of Nation: Virtual Run for 1 Million Kilometres” with an aim to provide financial aids to Thai athletes.
Ajinomoto (Thailand) Co., Ltd. has been supporting Thai athlete teams continually since the Olympic Games 2016 in Brazil, the SEA Games and ASEAN Para Games 2017 in Malaysia, and the upcoming Olympic Games and Paralympic Games 2020 which is going to be held in Tokyo, Japan.
GSB to offer auto-title loans via Sawad’s Fast Money
Nov 20. 2020
By THE NATION
The Government Savings Bank (GSB) will next year begin offering auto-title loans at low interest of 18 per cent under a joint investment with Srisawad Corporation (Sawad), said bank president Vitai Ratanakorn.
The service will be offered through GSB’s joint investment in Fast Money, the auto-title lending arm of Sawad.
“GSB will jointly invest Bt1.5 billion with Sawad, purchasing up to 49 per cent of its shares. This will help bring down the company’s current interest rate for auto-title loans from 24 per cent to 18 per cent,” he said.
GSB began seeking a joint investor in the auto-title loan business in July, in line with the bank’s strategic expansion plan. Eight companies in the non-banking sector reportedly submitted proposals and Sawad’s Fast Money eventually won the contract.
“Sawad has more than 40 years of experience in the auto-title loan business with a nationwide network of branches and an online platform for money transactions,” said Thida Kaewbootta, investor relations officer at Srisawad Corp.
“The joint investment will benefit Sawad’s business operations by expanding its customer base, while also promoting the government’s policy of financial institutes maximising access to loans for the public.”
“In the early phase of the service, which will be available in early 2021, we will target individual customers by providing loans through over 5,000 branches of Sawad and 1,060 branches of GSB,” she added.
Royal Umbrella rice introduces recyclable bag that reduces global warming
Nov 19. 2020
By The Nation
The Royal Umbrella rice brand owned by Charoen Pokphand Group (CP Group) is focusing on sustainability by introducing recyclable packaging. The bag is the fruit of work by materials science expert Dow Thailand Group and Prepack, Thailand’s leading flexible packaging producer under SCGP. It uses Dow’s sustainable packaging solution “Innate” to produce a strong but fully-recyclable rice bag that reduces CO2 emission by reducing plastic resin used and lowering energy in production. The new recyclable rice bag will be launched in Q1 of 2021 in response to consumer’s demand for environmental-friendliness and to address the CP Group’s sustainability goal to halt all use of non-recyclable packaging by 2025.
CP Foods promises to protect workers’ rights, maintain high standards at ILO training event
Nov 19. 2020
By THE NATION
Charoen Pokphand Foods (CPF) has pledged to ensure decent work in the poultry industry and bring Thailand’s chicken processing supply chain up to international standards.
This pledge was given at the launch of the “Train the Trainer” course for poultry supply chains organised by the International Labour Organisation (ILO), Employers’ Confederation of Thailand and Thai Broiler Processing Exporters Association.
At the launching ceremony in a Bangkok hotel, Siripong Arunrattana, CPF’s chief operating officer for livestock business, accepted ILO’s MNE Declaration (Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy) from Graeme Buckley, ILO’s director for Thailand, Cambodia and Laos.
Presiding over the launch, Vice Labour Minister Surachai Chaitrakulthong said the government and Labour Ministry have enhanced focus on labour protection and human rights. The Thai Broiler Processing Exporters Association and three leading companies – CPF, Betagro and Cargill – demonstrate that they have realised the importance of labour laws, the creation of decent work conditions and international standards.
Pimonrat Reephattanavijitkul, CPF’s executive vice president for human resources, said CPF has adhered to human rights principles and ensured that all workers are treated fairly and equitably, regardless of their nationality and title. CPF’s practices were also granted the Labour Ministry’s TLS 8001 standard.
Meanwhile, farmers at contracted farms have been encouraged to adopt Good Labour Practices since 2016 and are subject to annual assessment by CPF.
Once the training is complete, CPF’s trainers will employ the knowledge and international labour practices to ensure that CPF’s labour practices comply with international standards in a sustainable way.
Pimonrat added that CPF’s trainers will share their knowledge with relevant employees at four processing plants – three chicken processing plants in Nakhon Ratchasima, Saraburi and Minburi and a poultry processing plant in Bangkok’s Bang Na district.
The knowledge will be further extended to CPF’s animal farms and farmers to ensure that their labour treatments in CPF’s supply chain meet human rights principles.
Thai Airways operated five repatriation flights to fly home hundreds of Thai citizens from November 8 to 13, said Sqn-Leader Aniruth Sangrit, acting executive vice president of the Operations Department at Thai International Public Co Ltd (THAI), and head of the THAI Operations Control Centre.
The flights were operated under cooperation between THAI and the Foreign Affairs Ministry, the Royal Thai embassies in London, Copenhagen, Seoul and Beijing, the Royal Thai Consulate in Shanghai and the Thailand Trade and Economic office in Taipei.
Flight TG917 brought home 171 Thais in the UK from London on November 9.
Flight TG951 carried 120 Thais in Nordic countries from Copenhagen to Bangkok on November 9.
Flight TG659 flew home 87 Thais from Seoul on November 12.
Flight TG8109 brought 16 Thais in China back from Shanghai on November 12.
Flight TG633 carried 215 Thais from Taipei on November 13.
The airline also delivered cargo on round-trip flights.
“THAI is always prepared to operate special flights to fly Thais home with strict security and hygiene standards as well as Covid-19 preventive measures,” the airline said in a press statement.
Nov 18. 2020Kittiya Srisanit, head of Krungsri Auto Group, far right, at the launch event.
By The Nation
Bank of Ayudhya’s auto-finance arm Krungsri Auto on Wednesday launched the “GO Application by Krungsri Auto” app to meet financial and lifestyle needs of car users.
The platform offers a range of services including loan application, payment by instalment, insurance and useful information and privileges for car users.
Krungsri Auto is targeting 1 million downloads by the end of 2021.
The new app “offers services and information that answer car drivers’ lifestyle needs with real-time fuel price updates and wide-ranging privileges, such as discounts and premiums from partnered brands”, said Kittiya Srisanit, head of Krungsri Auto Group.
It also provides instant access to three of Krungsri Auto’s digital products: credit appraisal for new and used cars, motorcycles and big bike financing via Krungsri Auto PromptStart; auto refinancing via Car4Cash; and Krungsri’s online motor insurance services.
The GO App is available for download on Android and iOS.
FinVest smartphone app will soon make it easier to invest in local, foreign mutual funds
Nov 17. 2020Kit Wong, left, CEO of Lu International (Singapore), Chonladet Khemarattana, centre, CEO and co-founder of Robowealth Mutual Fund Brokerage Securities, and Patchara Samalapa, right, KBank president.
By The Nation
KASIKORNBANK (KBank), Lu International and Robowealth Mutual Fund Brokerage Securities have jointly launched FinVest – a digital investment platform that allows users to buy both Thai and global funds.
Investors simply download the app, open an account and buy mutual funds from leading asset management companies within Thailand and elsewhere. This will enhance their investment options with the opportunity to earn attractive returns.
By early next year, customers should be able to invest in foreign mutual funds, and KBank is targeting 120,000 accounts with an investment value of more than Bt14 billion.
Patchara Samalapa, KBank’s president, said: “In 2020, Thailand’s total outstanding capital market value is worth around Bt44 trillion. Of this, investment in mutual funds totals Bt4.8 trillion, or around 10 per cent.
“Of late, the younger generation has shown increasing interest in mutual funds, preferring to conduct transactions via digital channels and seeking products related to Thai and foreign equity instruments,” he said.
FinVest marks a cooperation towards digital technology development between KBank, which has digital banking expertise; Lu International – a Singapore-based company under Lufax Holding, which is an associate of Ping An Group – a large Chinese company with a team of world-class experts well-versed in investment technology; and Robowealth Mutual Fund Brokerage Securities, an expert in wealth tech.
Kit Wong, CEO of Lu International (Singapore), said: “Lu International has strengths in investment management and a world-class technology development team. The company believes that Thailand will become an important market, with the fastest growth in investment and economy of any Southeast Asian country.”
Chonladet Khemarattana, CEO and co-founder of Robowealth Mutual Fund Brokerage Securities, said: “Though Thailand is fast becoming an aging society, most of its population still lacks any investment plan to save up enough for their retirement.
“Of Thailand’s 70 million people, fewer than 5 per cent have invested either directly in the stock market or through a mutual fund. As people are generally concerned about risks and view investment to be difficult and time consuming, the FinVest platform provides investors with an alternative option for accessing an efficient investment channel.”
Once the FinVest account is activated via smartphone, investors have the option of linking their accounts to either Bangkok Bank, Krung Thai Bank, KBank or Siam Commercial Bank.
Interested persons can invest in various mutual funds offered by 15 leading asset management companies in Thailand – accounting for 90 per cent of the entire domestic industry – and many more across the globe, directly via FinVest.
Suphajee Suthumpun, group CEO for Dusit International 
Kittiya Srisanit, head of Krungsri Auto Group, far right, at the launch event. 
Kit Wong, left, CEO of Lu International (Singapore), Chonladet Khemarattana, centre, CEO and co-founder of Robowealth Mutual Fund Brokerage Securities, and Patchara Samalapa, right, KBank president. 
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