The European Union (EU) is inviting investors, especially government agencies, to invest in Next Generation EU (NGEU) programme to help the recovery of EU economies in the post-Covid-19 era.
EU Commissioner for Budget and Administration Johannes Hahn explained that this programme aims to raise 800 billion euros by offering bonds to investors until 2026.
He added that the EU had managed to raise 130 billion euros under the programme so far, but Asian investors who invested in the programme accounted for only 7 per cent.
“That’s why I came here [Thailand] to discuss, explain and invite investors to invest in the programme,” he said.
Hahn said he went to many countries to promote the NGEU programme before entering Thailand, such as the United Kingdom, Japan, South Korea, Malaysia and Singapore, adding that he planned to go to the US and Canada in October.
He said the programme received a good response during the meeting with Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput.
He said the BOT governor understands that these AAA-rated bonds in euro will help increase investment alternatives apart from bonds in dollar.
Hahn said EU will launch green bonds worth 250 billion euros with a system that enables investors to know how the cash is being spent under the programme.
He added that the interest on a 10-year green bond is now 1.6 to 1.7 per cent.
He also confirmed that everyone can subscribe to the aforementioned green bonds, but the EU will focus on attracting sovereign wealth funds and pension funds first.
“This is why our bonds were rated AAA,” he said.
Hahn said Europe is facing supply chain disruption due to the Russia-Ukraine war similar to other countries. He expected Europe’s economy to grow by 2.5 per cent this year and 1.5 per cent next year.
He didn’t expect fuel prices in Europe to return to normal within a year, adding that the supply chain disruption would resolve once China lifts the lockdown measure.
Former finance minister Suchart Thada-Thamrongvech has urged the Bank of Thailand not to follow the US by raising the interest rate quickly, warning that such a move would hit Thai exports.
Hiking the policy rate too rapidly would drive up the baht’s value, undermining the competitiveness of exports which make up 70 per cent of GDP, Suchart said on Monday.
The US Federal Reserve looks set to hike its benchmark by 0.75 points for the second successive month on Wednesday in a bid to curb soaring inflation.
Meanwhile the Thai central bank’s Monetary Policy Committee is expected to raise its key interest rate from a record low at its next meeting on August 10,
The MPC left its key rate at a low of 0.50 per cent in May 2020 after three cuts that year to mitigate impacts from the Covid-19 pandemic.
Suchart urged the central bank not to heed calls from speculators who want the BoT to follow the Fed’s example to avoid baht depreciation and a drop in Thai stocks from foreign outflows.
“If the baht is stronger than other currencies, Thailand’s exports will drop. This will result in reduction of manufacturing output and employment,” he said.
Falling exports would hit GDP and the profits of Thai companies, which see their share price fall.
Suchart added that economists have warned against raising the policy rate too sharply.
“What speculators say will be good in the short term will be bad for the country in the long term.”
He added that inflation in Thailand and the United States were caused by different factors. The US economy had overheated with demand growing faster than manufacturing capacity because of too much cash in the economy.
In contrast, Thailand’s inflation was caused by imports as Thai economic activity was only just starting to recover from low production and employment rates.
He advised a rate rise of 0.25 points, insisting the government must promote exports and the service sector to generate income.
He admitted that a weaker baht would result in higher costs for oil and fertiliser but said the impact would be offset by higher income from exports.
He added that the government could help reduce the fuel price burden on the public by altering the retail price structure and reducing excise tax.
Porsche is celebrating 50 years of Porsche Design with an exclusive 911 named in honour of the milestone. This version, limited to 750 vehicles, has many features and details that pay homage to the iconic designs of Ferdinand Alexander (F.A.) Porsche.
These include the plain Black exterior, the classic checked pattern of the Sport-Tex seat centre panels and the red second hand of the Porsche Design Subsecond clock from the Sport Chrono Package, which is provided as standard. The special edition is based on the 911 Targa 4 GTS. Buyers can also purchase a special version of the new edition of the legendary Chronograph I from Porsche Design.
THE EXTERIOR: BLACK WITH PLATINUM ACCENTS The 911 Targa 4 GTS Edition 50 Years Porsche Design comes in Black or, optionally, in Jet Black Metallic. A clear reference to Porsche Design: “Black was the colour of the very first Porsche Design product, the Chronograph I. That’s why we’ve chosen it for our limited-edition model. Using Platinum as an accent colour elevates the Black paintwork in the same way chrome details used to,” says Roland Heiler, Managing Director and Chief Designer at Studio F.A. Porsche in Zell am See.
The Targa bar is painted in Platinum (satin finish). The ‘Porsche Design’ decorative film on the doors also comes in this contrasting colour. The limited-edition model has the same wheels as the 911 Turbo S: 20 inches at the front and 21 inches at the rear. The rims are also painted in Platinum (satin finish), and the hub covers have coloured Porsche crests. The brake callipers are painted in Black (high-gloss), as are the main features of the standard Sport Design package. The special edition also features an exclusive ‘Porsche Design 50th Anniversary Edition’ badge on the slats of the rear lid grille. While the ‘911’ logo on the rear apron is Black.
THE INTERIOR: FINE DETAILS MAKE THE DIFFERENCE
In the interior the designers were also inspired by the iconic product designs of F.A. Porsche. It has Sport-Tex equipment with special leather features in Black, while the contrasting seams are Slate Grey. The centre panels of the seats have a classic check pattern in Black and Cool Grey. Eighteen-way electrically adjustable Adaptive Sports Seats Plus with a memory package come as standard,
as does the Sport Chrono Package with the Porsche Design Subsecond clock on the dashboard. The small second hand is red – another shared trait with the Chronograph I from 1972. The leather-bound GT sports steering wheel has the 12 o’clock marking in Slate Grey – the same colour as the seat belts. The headrests are embossed with the ‘Porsche Design 50th Anniversary’ logo, which can also be found on the black, brushed aluminium door entry guards.
Other special features include a Silver ‘911’ badge with a limited edition number on the dashboard trim and the ‘F.A. Porsche’ signature. The latter is also embossed on the lid of the centre console storage compartment.
THE TECHNOLOGY: BASED ON THE SPORTY 911 TARGA 4 GTS
Since the launch of the 992 two and a half years ago, the GTS models have been an attractive addition to the 911 range. The turbocharged three-litre, flat-six engine delivers 353 kW (480 PS), while maximum torque is 570 Nm. As an alternative to the eight-speed Porsche dual clutch transmission (PDK), a seven-speed manual gearbox with a shorter gear lever and very short shift action is also available. The Porsche Active Suspension Management (PASM) system is a feature of the 911 Targa 4 GTS, while the high-performance brakes are the same as in the 911 Turbo. The standard sports exhaust system ensures an even more emotive sound experience thanks to special GTS tuning and the omission of some of the interior insulation.
THE WATCH: THE CHRONOGRAPH 1 – 911 TARGA 4 GTS EDITION 50 YEARS PORSCHE DESIGN
As the first completely matt black wristwatch with a stopwatch function, the Chronograph I revolutionised the world of watches in 1972. With its black dial, red second hand, luminescent hour markers and anti-reflective glass for optimal readability, F.A. Porsche modelled the watch on the low-reflection cockpit of a racing car.
As part of its anniversary, Porsche Design is relaunching this special piece of contemporary history. Buyers of the limited-edition car can purchase an equally exclusive timepiece to match. The limited edition number is engraved on the back of the case, inextricably linking the watch and the sports car.
Porsche Design has remained true to the overall appearance of the Chronograph I – from the bilingual date display to the original red second hand. It is another reminder of the cockpit of the 911 from that time. The changes to the original design all serve to bring it visually up-to-date and to emphasise the connection to the limited-edition Porsche. The current Porsche Design logo makes a modern statement. The rehaut features a tachymeter scale, which is a reference to measuring speed in races. The pointed shape of the minute hand makes it easier to read, while the case and strap with folding clasp and integrated fine adjustment are made of high-performance titanium.
The sapphire glass on the back, meanwhile, reveals the winding rotor. The design is based on the wheels of the limited-edition model and is also painted in Platinum (silk finish). The rotor cap with the Porsche crest is a reference to the centre lock of the exclusive wheel design.
The watch is powered by the COSC-certified Porsche Design movement 01.240, which has a flyback mechanism that allows stopping, zeroing and starting of successive time intervals in a single action. A red flyback logo features on the dial.
Porsche is also honouring the 50th anniversary of Porsche Design with the launch of a special model limited to 750 vehicles: The 911 Targa 4 GTS Edition 50 Years Porsche Design. Its equipment details reprise typical designs and stylistic elements from Porsche Design. This exceptional sports car can be complemented with a matching timepiece, the Chronograph 1 – The 911 Targa 4 GTS Edition 50 Years Porsche Design. The watch is reserved exclusively for owners of the special edition anniversary vehicle. Also limited to 750 pieces, it is inextricably linked to the sports car by its unique edition number engraved on the back of the case.
For all Porsche and watch fans there is also the Chronograph 1 1972 Limited Edition with a historical logo and lettering. This edition of the original, limited to 500 timepieces, has no visual parallels to the new special edition car and is available in the usual way from Porsche Design.
About AAS Group
Porsche Thailand by AAS Group (AAS), the sole authorised importer and distributor of Porsche cars in Thailand, operates from four world-class Porsche sales locations across Bangkok. It is an accredited Porsche Classic Partner, the only one in the Porsche Asia Pacific region. Having 12 Porsche Certified Gold Technicians and nine Porsche Certified Silver Technicians underlines the strong technical and Aftersales competency of AAS, which has been recognised over the last few years with the global Porsche Service Excellence Award. Over 30 years, AAS continues to practice the company policy “AAS Looking After You and Your Car”, in order to achieve the mission of “AAS The Name You Can Trust”.
Set in the Sandbox Metaverse, this project aims to be the phenomenon of connecting the digital world in a tangible way.
Siam Discovery The Exploratorium reaffirms its positioning as The Biggest Arena of Lifestyle Experiments through its upcoming Fight for the Future Metaverse event, offering exhilarating experiences that invite customers to ‘come play with us’ by encouraging limitless experiment, creation, and cultivate.
Cryptomind is a digital land owner in the Sandbox Metaverse and Thailand’s leading pioneer in digital asset financial services and investment product development. NIMIT Studio is Sandbox’s Official Global Studio Partner and the first official Thai studio to build a Metaverse world. Siam Piwat has partnered with these leading innovators to showcase an end-to-end O2O Metaverse experience, bringing the future to its customers.
With “Fight for the Future” event, Siam Piwat and its partners will be the very first in Thailand to integrate the Sandbox Metaverse into reality in such a seamless and innovative manner. In doing so, participants are offered a unique, once-in-a-lifetime experience – held across multiple events, activities, and offerings – allowing them to be the first to glimpse into our fast-approaching future. Among the highlights is playing games in the Metaverse. As they explore the virtual world called Jinta Valley in Sandbox, participants can complete quests to receive rewards from the ONESIAM Super App.
Following its massive successes across two seasons, the Sandbox has reached over 2 million registered players from all around the world. These players are eagerly awaiting the opening of the Metaverse’s new space, designed to be aa replica of Siam Discovery. Thai boxing is prevalent throughout this event as there is a core theme of showcasing the essence of Thai culture to the eyes of the world; everyone is invited to join the “Fight for the Future” and get special rewards. Moreover, it is a great pleasure to have Fairtex, a leading Thai boxing and Mixed Martial Arts equipment and apparel company, to launch a special collection giving customers the opportunity to manifest their identities, creativity, and self-expression in the form of avatars that can be used to hyper-personalize their clothes. The “Fight for the Future” initiates an otherworldly bridge between the physical and virtual worlds with a truly O2O approach.
Siam Discovery: The pioneering model of Lifestyle Lab offers completely unprecedented experiences
Ms. Pawina Gajaseni, Director of Siam Discovery Business Group, says “Siam Discovery The Exploratorium has a strong position of becoming a venue to discover pleasantly unprecedented experiences. Future Lab at Siam Discovery is a significant space specially curated to explore the current trends that are becoming popular among people in diverse communities while always allowing everyone to discover extraordinary experiences, follow the latest fads, and Come Play with Us. This is a reaffirmation of our position to become an open space for everyone to explore experiences never seen before. Siam Discovery also elevates the amusements by inviting visitors to complete quests in the virtual world and gain rewards in the real world at Siam Discovery.”
Mr. Salawit Suviporn, Creative Innovation Strategist (Think Tank) – who is in charge of innovative strategies to develop business solutions with the latest creative innovation – says “People all over the world today become awake and get excited about living in the world of Metaverse that has made rapid progress and has attracted countless players in every platform. Siam Discovery thus responds to the current wave of interest of gamer communities and people wishing to immerse themselves in Metaverse by organizing the project “Fight for the Future” during July 22-August 31, 2022 which is the largest collaboration with our world-class partners including NIMIT Studio, Cryptomind, and Fairtex. This is the significant co-creation phenomenon in connecting the real and the virtual worlds in the first-ever O2O approach by merging fun games on the digital LAND owned by Thai people on The Sandbox virtual world platform with actual experiences at Future Lab of Siam Discovery. Visitors can participate in joyful discovery between the Metaverse world and the physical space of the shopping center.”
NIMIT and Cryptomind co-hosts to set up the world’s first-ever phenomenon
Mr. Chayarop Burapat, the creator and founder of NIMIT Studio, says that NIMIT as a Multiverse Builder Studio and Official Partner Studio of the famous virtual world game platform The Sandbox is pleased to present “Jinta Valley” as a digital land in The Sandbox Alpha Season 3. The design of Jinta Valley incorporates Thai arts and cultures to display Thai-ness in the digital world in a unique manner. Players from around the world will realize that fighting doesn’t mean a violent battle, but refers to sharing and solving problems together.
NIMIT Studio sets up on the 4th floor of Siam Discovery to be NFT Creative Placemaking Space by partnering with Cryptomind to gather creators in diverse genres ranging from NFT artists, advertisers, illustrators, and musicians, to crypto and PEP collector communities. In addition, Siam Discovery solidifies its position as a gateway to connect the real and the virtual worlds without borders. This allows “Fight for the Future – Hope is Dope: Episode Zero” to become a space of possibilities in connecting the world of art while sharing ideas and personal identity for a better society in creative ways as well as sparking a society in joining forces to create a creative change through the concept “hope of the world is the hope of the future” to accept the differences in culture, race, along with sympathy and the right to freedom of expression of thought through five themes of Fight For experiences i.e. Fight for Love, Fight for Nature, Fight for Style, Fight for Peace, Fight for Fun (Creativity and Community). NIMIT has created a zone for players and the community to experience the Voxel style of games and complete missions such as Game Station to seamlessly access Land in Jinta Valley on The Sandbox platform, NFT Showcase with Augmented Reality (AR), On Site PFP Community Immersive Experience and Avatar Customization in diverse themes.
Mr. Sanjay Popli, Chief Executive Officer of Cryptomind Advisory, adds “The co-creation project ‘Fight for the Future’ with Siam Discovery and NIMIT Studio marks a monumental step to create an extraordinary phenomenon at Siam Discovery. Furthermore, Cryptomind, a leading consultancy service provider for investing in digital assets and Metaverse development, has partnered with NIMIT Studio to create the digital country called “NIMIT2050” in The Sandbox platform. The collaboration of Siam Discovery and Fairtex in Jinta Valley in The Sandbox can set up Thailand’s first-ever possibilities to merge the physical and the digital worlds, elevating the one-of-a-kind services and new experiences for customers and communities to enjoy. In addition, along with NIMIT Studio, Cryptomind held Talks on the topics of Future of Artists and Future of Metaverse and Investment that brings together many famous artists and crypto-asset experts to educate and provide some insights on secret of becoming successful artists, NFT, Digital Nation Identity, Metaverse Investment Opportunities, and many more on this coming July 30-31.
Fairtex teams up to present Thai boxing from never-before-seen perspectives
Mr. Chano Nurmakin, Chief Executive Officer of Fairtex Equipment Co., Ltd or better known as simply Fairtex, says “Having been a key player in the Thai boxing arena for a long time, we are very pleased to present Thai boxing to the eyes of the world once again in the cutting-edge digital platform of Metaverse. On this occasion, Fairtex thus supports the project ‘Fight for the Future by connecting Thai boxing in the physical and the digital world. Thai boxing apparel is also available on The Sandbox allowing the avatars to be personalized based on the players’ preference. More importantly, Fairtex has collaborated with the leading graphic designer Jackkrit Anantakul, aka HelloiamJK, to design a special Thai boxing clothing collection that is only available at the event while also having a unique collection for avatars in the Metaverse world. While Metat Thepnual or Sun Smile Club joins in the project by creating a special customize. The general public is invited to enjoy playing fight game offering fun and challenging Thai boxing competitions in a new approach that expect to attract both Thai and international visitors.”
Fight for Future: Everyone is invited to have fun in fighting for achieving the goals
“Fight for the Future” is the project that focuses on merging O2O experiences where activities can take place in both the Metaverse and reality. Siam Discovery challenges everyone to proudly show off their fighting spirit to achieve their goals. Participants in fighting games in The Sandbox will get rewards that are divided into different categories; “Fight for Style” gets discounted coupons to be used on fashion products, “Fight for Love” receives discounted coupons for products at ICONCRAFT and ODS, “Fight for Nature” comes with discounted coupons to purchase products at Ecotopia, “Fight for Peace” gains discounted coupons for street-style brands, and “Fight for Fun” earns discount coupons from Loft and Digital Lab. Last but not least, Siam Piwat will also offers discounted coupons on ONESIAM SuperApp for products related to this project with an addition of VIZ Coin collecting.
Enjoy and explore these unprecedented activities exclusively at Siam Discovery for the project “Fight for the Future” from July 22 to August 31, 2022.
Bangkok – the world is embracing a new way of life and companies must adapt to new trends and emerging technologies to be industry leaders. This is especially true for architecture and design firms. When one thinks of leading design firms, dwp is one of the first that comes to mind: an international market leader in architecture and interior design that has been operating in Thailand for decades.
Ms. Sarinrath Kamolratanapiboon, Executive Director, provided a historical overview of dwp, which was founded in Bangkok, Thailand, “For 30 years, dwp has provided architecture and design services globally from its studios in Asia, Australia and the Middle East. We have withstood the test of time, through our design philosophy of simplicity and elegance and by being a leader and early adopter of new technologies. Our multi-national team has a deep understanding of many different cultures, due to our strong and enduring commitment to the various communities in which we live and work.
Examples of Community Shrewsbury International School
This diverse and inclusive team brings a wealth of different skills and perspectives which enable us to generate the original and innovative ideas that are acclaimed by our clients and users of the places, buildings and spaces that we design. Our range of design skills is exemplified across our three specialist portfolios:
Lifestyle, exemplary projects such as The Mandarin Oriental Hotel, Sirocco rooftop bar, and all the world class restaurants inside The State Tower, were designed by the dwp team.
Community, such as Bumrungrad International Hospital, BDMS, Thonburi Hospital, and Shrewsbury International School are all recent projects from dwp Community portfolio.
Workplace, dwp latest designs include UOB Thailand Headquarters, Google Thailand Office, Chanel Thailand Office, and K Bank Private Banking Office.
These highly acclaimed masterpieces of design are a source of pride for dwp and the result of our critical thinking, innovation and dedication. Our design excellence is recognised by the many design awards that our clients receive in Thailand and internationally.
Examples of Community Thonburi Hospital
To mention a few recent awards; our design for Diageo won the Office Interior award at the International Property Awards, Smart Dubai Office won Best Commercial Design Project at INDEX Architecture and Design Awards and 98 Wireless by Sansiri won the Global Award for Luxury Residences at The International Design and Architecture Awards.”
Sarinrath went on to say “The strength that distinguishes dwp from other firms may come from dwp’s singular mission that has always been dearly held: ‘Design for a Better World’.
Examples of Lifestyle Sirocco Rooftop Bar
If you examine our work, you’ll notice that we prioritise environmental sustainability with a focus on the next generation and the future. This forward thinking philosophy shapes us to be an organisation capable of coping with and adjusting to any change, as we constantly look ahead. Various factors have recently impacted many organisations but dwp is still running smoothly.” She elaborated, “Due to the nature of our work, our operations rely on being at the forefront of technology, such as dwp Cloud which enables us to work together as one team, collaborating and sharing ideas through three dimensional design, at any time from any location.”
Examples of Lifestyle The Mandarin Oriental Hotel
Sarinrath announced, “dwp has now taken a further step to maintain its reputation as a top-tier international architecture and design firm. We are developing dwp Metatecture, a new and exciting digital experience that will bring client and user creation to the next level”. She concluded, “This will enable dwp to produce unique and appealing designs to support the needs and lifestyles of everyone in the future, raising the bar in fulfilment of dwp’s mission ‘Design for a Better World’.”
Troubled crypto trader Zipmex Thailand said on Sunday it was considering a possible buyout offer after talks with investors.
The Thai exchange also announced it would file lawsuits against two troubled crypto lenders in a bid to retrieve digital assets for its customers.
Zipmex Thailand CEO Akalarp Yimwilai said it would take legal against Babel Finance and Celsius Network.
The move came after Zipmex Thailand suspended trading for two hours on Wednesday as customers were unable to withdraw coins from its ZipUp+ service, which is linked to Babel Finance and Celsius. The latter crypto lender has now reportedly filed for bankruptcy in the US.
Akalarp said his firm had disabled ZipUp+, a product of Zipmex Global, to protect the stability of the Zipmex Thailand system. He added that Zipmex Thailand would not take legal action against Zipmex Global, as mistakenly reported in some media outlets, but instead cooperate with the company to sue Babel and Celsius.
Akalarp said the problem began on June 17 when Singapore-based Babel suspended withdrawal of coins.
Zipmex Global responded by consulting lawyers in Singapore and holding talks with Babel to retrieve assets.
However, the CEO said talks failed on Wednesday so he suspended ZipUp+ trading and informed the Thai Securities and Exchange Commission immediately.
He said Zipmex Thailand has since launched legal action against Babel Finance and is consulting lawyers so that customers who had invested via ZipUp+ could join a class action lawsuit against the Singapore firm.
He said Zipmex Thailand would also join with Zipmex Global to sue bankrupt Celsius for the US$5 million it owes to Zipmex customers.
Akalarp said Zipmex Thailand resumed trading in 28 digital coins on Wednesday night, though some coins remain disabled.
MQDC, a major property development company, has come up with a strategic co-marketing plan with Thai Airways International to woo elite Thai and international customers to their services.
July 21, 2022, Bangkok – MQDC, the leading property developer, and Thai Airways International Public Company Limited (THAI) have announced a collaboration to boost real estate and tourism, helping the Thai economy bounce back from the COVID-19 pandemic.
MQDC and THAI will cooperate in marketing across 4 areas to benefit all parties, seeking opportunities to benefit their current and target customers.
The companies will collaborate on events throughout the year. The Forestias by MQDC will work with Royal Orchid Plus (ROP) “The Experience” to delight customers of all ages with activities that build family bonds.
The collaboration also covers expanding the customer base of both companies, including Thais who live overseas and foreigners interested in Thai real estate. “Corporate Fare” tickets will stimulate travel for tourism and investment. MQDC may also offer special privileges to project customers traveling with THAI.
MQDC and THAI will co-create a joint marketing campaign with “Time to Gold” privileges equivalent to Royal Orchid Plus (ROP) “Gold”, valued at 350,000 baht, for qualified MQDC customers of 2 projects at The Forestias: The Aspen Tree and Mulberry Grove The Forestias Villas. This campaign will run from August 1 to December 31, 2022.
Mr Suvadhana Sibunruang, Acting THAI Chief Executive Officer, also said partnerships are necessary for initiating further revenue approach to reach new customer target groups in the current business operations. Therefore, THAI is pleased and honored to establish this business partnership with MQDC. This privileged experiences and advantages will benefit both of our customers. THAI is determined to provide an exceptional, satisfying and comfortable experience with touches of Thai to our customers especially those who live a life of travel and enjoy products and services that THAI can offer. MQDC clients both in Thailand and abroad are high potentials to strengthen our business opportunities in Asia and other regions in the future. This collaboration will also drive the tourism industry following the country’s reopening policy.
THAI offers special privileges to MQDC customers such as special discount for air tickets for overseas customers who fly to visit MQDC estates, 350,000 baht air ticket cash credit voucher for THAI and THAI Smile tickets redemption under “Time to Gold” package and a complimentary ROP Gold card with full status benefits. The ROP members are eligible to participate in many exclusive activities of MQDC.
Mr Visit Malaisirirat, CEO of MQDC, said: “Our business principles are based on being different, driving change, and we are purpose-driven in property development that benefits society, people, the environment, and all life under a commitment to “For All Well-Being”. Collaborating with leading partners like THAI will spark Thai economic activity and help achieve MQDC’s goals.
“Strategic partnerships between top developers like MQDC and the tourism sector such as THAI will be a major force for helping the overall economy recover fast, which is another strategy that fits the company’s mission well,” said Mr Malaisirirat.
“Partnering to unite and build on our business strengths will spark business opportunity, enhance benefits for customers, and help us provide a quality community where residents enjoy fun activities, indoor and outdoor comfort, as well as great service when they travel. THAI customers will access various projects at The Forestias. Memorable campaigns and activities with clear results will start shortly,” said Mr Malaisirirat.
MQDC applies advanced technology and the work of its group’s 7 research centers in “theme” and mixed-use projects. Even amid the COVID-19 situation, MQDC launched The Forestias, a 125-billion-baht district, to great market response and sales of over 20 billion baht. The green neighborhood, the world’s first urban project designed in every aspect as a happy community for all life, spans 398 rai at Bangna-Trad KM7.
Real estate contributes about 8 per cent of Thailand’s gross domestic product (GDP). The sector has a key role in driving the economy and generates significant cash flow, employment, and income while connecting with other industries. Residential real estate accounts for two-thirds of the market’s value in Thailand.
Thailand’s top hospitality school is rising to the challenge of global food insecurity and rocketing prices that threaten the economy’s twin engines of food and tourism.
Dusit Thani College on Saturday launched a course to equip graduates with knowledge to navigate a new food landscape shaped by Covid-19, climate change and war in Europe.
The Gastronomy Business Management MBA will lift food & beverage management to a new level in Thailand, said educators and hoteliers at Saturday’s launch event.
Siridej Donavanik, Vice President- Hotel Business Development Dusit International
Siridej Donavanik, Vice President – Hotel Business Development Dusit International, surveyed the “Next Chapter of Career Opportunities in Food Industry and Business Trends”, revealing opportunities and directions for food business growth amid the Covid-19 crisis.
Siridej highlighted the global shift in consumer demands and said the food industry must adapt.”From this October, we aim to purchase organic rice and produce from local and small-scale food producers to encourage them to implement resilient agricultural practices,” he said.
Dusit International is also incorporating alternative energy as well as recycling food waste as fertiliser to grow the crops it buys.”We want to be a food producer, not just a food preparer,” said Siridej.
Meanwhile, Dusit Thani is on a mission to boost food knowledge among grassroots entrepreneurs and vendors to cultivate a sustainable food industry at all levels of society.
Chef Chumpol Jangprai, CEO and founder of Thai Cuisine Academy, said healthy herbs would become a trend after the Covid-19 outbreak. He predicted Thai herbal cuisine would eventually become a global medicinal food, keeping people healthy with nutritional and healing benefits. This return to grassroots food would also help combat poverty and social injustice, he said.
Dr Wilasinee Yonwikai, dean of Dusit Thani College Graduate School, added that gastronomy business management covered not just food or what’s on the plate, but a variety of useful disciplines. The subject taps international knowledge to provide practical lessons in labour management, strategic marketing innovations and other contemporary issues.
Meanwhile, Dusit Thani’s research on sustainable food tourism was aiding innovation in the Thai food business, laying foundations for future success at the local and international levels, she said.
Many Thais will switch banks in 2022 to chase better offers. Intent to switch in 2022 is notably higher than last year, especially for the mass affluent, an analytics firm said
70 per cent (nearly 3 in 4) of Thailand’s retail banking consumers experienced a negative impact on their income due to the pandemic Amidst an uncertain financial climate, the majority of banking consumers in Thailand will focus on savings (73 per cent) and investment (66 per cent) products
1 in 5 affluent Thai banking customers will consider switching banks in search of the most competitive banking deals.
RFI Global’s 2022 Post-Pandemic Consumer Banking Expectations Report, prepared for FICO, a leading global software analytics firm, confirmed that the pandemic has aggravated financial hardship for retail banking consumers in Thailand, with nearly 3 in 4 experiencing a drop in income. It has also revealed that many are motivated to search for better banking offers and that the inclination to switch lenders has increased year over year.
Disruptive impacts from the pandemic differed across the region.
While a considerable 23-30 per cent of New Zealand and Australian respondents experienced a negative impact, 40 per cent of Singaporeans and Indians, 50 per cent of Malaysians and 63 per cent of Indonesians saw a decline. Respondents in Thailand suffered the biggest blow, with 70 per cent saying their income had been reduced.
The report uncovered that more than 1 out of 4 consumers across the Apac region (27 per cent) have deferred loan repayments, with consumers in some countries more likely to do so than others. While nearly half of retail banking customers in Thailand (47 per cent) and nearly 1 in 3 (31 per cent) in India deferred loan repayments as a result of COVID-19, this was much less common in Singapore (12 per cent), Australia (9 per cent) and New Zealand (7 per cent).
Despite the uncertain financial climate, the majority of Thailand’s retail banking customers plan to maintain or boost their investments (66 per cent). Most are looking to maintain or increase savings (73 per cent), and many will consider changing banking providers this year.
Increase in customers’ intention to switch banking providers
Surprisingly, while the report indicates that most customers were highly satisfied with their main banking providers, up to 20 per cent of Apac banking customers who responded said they plan to change banks in 2022. In contrast, only 10 per cent said they changed banks in 2021.
This increased propensity to switch lenders is highest among the mass affluent (defined as the high end of the mass market or those with at least THB3,000,000 total investable asset holdings).
In Thailand, 13 per cent of retail banking customers and 8 per cent of mass affluent customers switched in 2021. That is set to more than double this year for the mass affluent, with 20 per cent saying they are very likely to switch. The propensity of retail banking consumers has fallen slightly to 10 per cent, which is still a considerable 1 in 10 banking customers.
Top reasons cited by Thai respondents include a change in personal circumstances (28 per cent), a wish to consolidate all accounts with another institution (22 per cent), a desire for access to better investment and wealth management products and services (20 per cent) and incentive from another institution (20 per cent).
Financial impacts felt by even the wealthiest of Thais
Amongst mass affluent banking customers in Thailand, 63 per cent experienced a decrease in income due to the pandemic, 7 per cent less than the wider retail banking market in Thailand. Many (41 per cent) of the country’s mass affluent deferred loan repayments, as a result, 6 per cent lower than Thailand’s retail banking customers, overall.
This disruption to income has left 37 per cent of affluent Thais saying they intend to reduce spending, just as half of Thailand’s retail banking customers plan to do.
Across Apac, the mass affluent are more likely to step up their borrowing compared to the wider market (16 per cent vs 8 per cent). In Thailand, the mass affluent are just about as likely to increase their borrowing as retail banking customers (11 and 12 per cent respectively).
The report further revealed that a significant 78 per cent of Thailand’s mass affluent are opting to maintain or boost their investment levels with banks, which is higher than the country’s overall retail banking market (66 per cent).
Impacts of the Pandemic on banking intentions
Consumers are changing their banking behaviours, in response to the financial impact of the pandemic.
Just about 3 in 4 of Thailand’s retail banking customers will either increase or maintain their savings (73 per cent). Across the region, the sentiment to maintain or increase savings was highest in New Zealand (94 per cent) and Indonesia (87 per cent).
Despite a dip in borrowing plans year over year, the level of borrowing for Apac retail banking customers remains higher than in pre-pandemic times as consumers deal with the lasting effects of the disruption.
“The pandemic has exacerbated financial hardship for customers regardless of income class,” said Aashish Sharma, Senior Director of Decision Management Solutions for FICO in the Asia Pacific. “As borrowing and spending habits contract, customers will be on the lookout for avenues to grow their wealth and boost their savings. Banks must be able to proactively identify customers’ needs, and pivot their approach to alleviate financial anxieties while ensuring their products suit customers’ affordability and funding requirements.”
Gravitating towards Digital
Close to half of Thailand’s respondents (44 per cent) still consider the proximity of branches and ATMs as a top determinant for the main banking provider; however, the report highlighted the importance of providing digital services. As many as 72 per cent of Apac retail banking customers chose a fintech product over the option to use their banks’ main services. This was highest in Malaysia (94 per cent) and lowest in Australia (39 per cent). Respondents did so as they wanted time and cost savings, ease of use, and easier application processes.
Comparing 2021 to 2019, Apac consumers are increasingly gravitating toward digital channels at every stage of their application journey: initial enquiries and research (up 14 per cent), follow-up enquiries (up 15 per cent), and banking applications (up 15 per cent).
How Banks can Ensure the Customer is at the Center of Actions and Decisions
Transform operations and data silos through the use of sophisticated analytics technology and centralized management platforms. Make data-driven decisions by predicting, analyzing and optimizing customer interactions in real time for an event-based, profile-driven approach to relationship management. Develop precise insights into optimal interactions and offers that would work best for customers.
Create a digital twin (a type of virtual model used for simulation purposes) to leverage this continuous learning and test out radical new approaches and strategies in a low-cost, low-risk environment.
Deliver hyper-personalized offers and customer actions in a scalable way “Banks must understand their customers’ needs on a deeper and more granular level, or risk losing them to competitors and alternative providers,” said Sharma. “Maintaining customer satisfaction alone will no longer suffice; customer experiences must be radically enhanced. Customer-centricity will be key to consistently delivering hyper-personalized experiences and retaining customers.”
Survey Methodology
This survey was conducted in 2021 by an independent research company adhering to research industry standards. 1012 adults in Thailand were surveyed, along with 12,885 consumers in Malaysia, Australia, New Zealand, Singapore, Indonesia and India.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Thailand’s growing “future food” industry faces headwinds from rising inflation and reduced purchasing power this year.
Kasikorn Research Centre recently lowered its 2022 growth forecast for future food – non-meat protein products made from plants, algae, nuts, insects and fungi – from 7 per cent to 5.1 per cent year on year, with total market value at 4.1 billion baht.
“Although alternative protein or future food is enjoying market expansion fuelled by eco- and health-conscious consumers and increasing sales channels, its expansion is still limited, especially among consumers with low to medium income who are suffering from reduced purchasing power,” KResearch said.
The centre said the current economic climate would make it harder for future-food manufacturers to expand their customer base and increase sales.
“Food products are responsible for 36 per cent of Thai household expenditure and are therefore affected by the economic crisis in which the cost of living and inflation are rising, while people’s purchasing power is weakening,” KResearch said.
Future food’s current customer base is health-conscious consumers and so-called flexitarians (mainly-vegetarian consumers who enjoy animal products every so often), while the major sales channels are modern trade, restaurants and online shopping.
The centre added that consumer’s reduced purchasing power is not the only challenge facing the future food industry. Small players in particular are facing higher costs and barriers to reach target consumers, as more large companies powered by unlimited finances enter the market.
Risks also exist from costs of imported ingredients like beans, whose prices are expected to rise further in the second half of 2022. The future food industry might turn instead to locally produced ingredients as a more sustainable solution.
Alternative protein is a protein that does not come from meat. It is produced by other organisms such as plants, algae, nuts, insects and naturally occurring fungi.
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