The bloodbath for cryptocurrency investors – who have lost an estimated US$1.7 trillion (62 trillion baht) since October – has seen global interest swing to stablecoin as a potentially safer bet.
Stablecoin is pegged and backed by a real-world asset (usually dollars), for which it can be redeemed.
So could it be the answer for Thailand’s growing crypto market, which has been left battered and bruised by the crash?
Attempting to answer that question is USD Coin issuer Circle, which has partnered with Thai crypto exchange Bitkub to educate locals about its stablecoin.
Jeremy Allaire, founder and CEO of Circle, said the power of digital currency and blockchain will eventually take over financial services such as borrowing, lending and investing. These traditional services will eventually be offered via digital assets and crypto, he added.
“We see a very big opportunity to promote USD Coin in Thailand and Bitkub is the strongest partner to do that for us. But we have other ideas for things that we can do together in future and so this is the start of our partnership,” said Allaire.
Speaking at the MOU-signing ceremony in Bangkok yesterday, he said his company would focus first on educating and marketing to promote the use of USDC in trading and decentralised finance (DeFi).
However, Allaire sees a bigger future for USDC in Thailand.
“I think we are optimistic that this can be a long-term partnership that we are just at the start of.”
Circle has chosen Thailand as its launch point for USDC in Southeast Asia.
However, Allaire accepts plenty of education will be needed before people here understand how the stablecoin works, as well as its uses and benefits.
He adds that Thailand’s adoption of crypto is currently in the “speculation phase”.
“Now the next important phase is what I call the utility value phase. It’s when the technology becomes useful in everyday life [beyond speculation].”
As its name suggests, USDC is pegged to the US dollar.
According to Circle, the total amount of USDC in circulation as of June 30 was just over 55.5 billion (55,569,519,982). It adds that the coin is backed by reserve assets of $55.7 billion – $13.58 million in cash at US banks and $42.1 billion in US treasury bonds. Circle says this means that its customers could redeem all USDC in one day.
The digital coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain.
Circle has also applied to the US Securities and Exchange Commission to be listed as a public company. The commission is currently examining its application.
Thailand’s export growth in the second half of this year is expected to slow down from 12.9 per cent in the first five months, the Export-Import Bank of Thailand (Exim Thailand) said on Thursday.
Overall exports during the year are expected to expand by 6-7 per cent amid the rising inflation which has pushed up the prices of goods as well as business and transportation costs, Exim Thailand president Rak Vorrakitpokatorn said.
He also announced the launch of “Exim Index”, a business research innovation that presents forward-looking export prospects based on 25 indicators in five dimensions: demand, supply, prices, market sentiment, and the bank’s trade finance.
He pointed out that the Exim Index as of June this year was 100.63, down slightly from 100.90 in May.
“This reflected a slowing export trend in line with the declining economic outlook of trade partners, concerns over recession and inflation among consumers and investors, impact on exporters’ costs from global supply chain disruptions, and decelerating expansion of trade finance transactions,” he said.
Rak advised Thai entrepreneurs to make adjustments to cope with the rising costs by upgrading their products, production processes and marketing guidelines to meet market trends and the demands of consumers in the new era.
He also advised entrepreneurs to manage risks by diversifying products in various markets and penetrating new frontiers, such as countries under the Regional Comprehensive Economic Partnership.
Rak added that Exim Thailand is fully ready to support Thai entrepreneurs in fighting rising costs and managing risks through the “Hybrid Model: Rejuvenate export amid rising costs, drive investment towards new industries”. The measures include:
Maintaining the interest rate with the prime rate held at 5.75 per cent per annum to relieve the cost burden on Thai entrepreneurs.
Exim Export Ready Credit, a new credit facility with a maximum credit line of 5 million baht, minimum interest rate of 4.5 per cent per annum in the first six months, and instalment repayment term not exceeding three years for Thai entrepreneurs to boost liquidity for export and related businesses.
Financial facilities to support market diversification, upgrading of products in response to global trends with demand for green, digital and health products; domestic and overseas investments, particularly development of infrastructure, and new industries that enhance research and development for Thai goods, such as industries conducive to bio-circular-green economy and S-curve industries.
Risk management tools for international trade and investment, such as export credit insurance to safeguard against non-payment by foreign buyers, investment insurance, and foreign exchange forward contract services.
Exim Thailand Pavilion, an online trade channel on world-leading e-commerce platforms.
“This is certainly a testament to our determination in pursuing our role as Thailand Development Bank tasked to perform beyond banking with development of innovations in providing financial and non-financial services,” he said.
“We aim to empower Thai entrepreneurs to brave challenges, capture opportunities and deal with emerging risks in the global markets,” he added.
PTT, Thailand’s largest energy conglomerate, has outlined a roadmap for Thailand’s long-term energy security.
Auttapol Rerkpiboon, president and chief executive officer of PTT Public Company Limited, stated during his opening speech at “Future Energy Asia Exhibition and Summit” on Wednesday that the energy giant aimed to make Thailand a liquified natural gas (LNG) hub in Asia over the next few decades.
Although people worldwide realise the urgent need to reduce their dependence on fossil fuel energy, businesses and households at present have huge demands for any kind of energy to move on, said Auttpol.
He explained that of the three categories of fossil fuels — coal, oil, and LNG — natural gas is the cleanest and most eco-friendly, and there is plenty to meet market demand.
“We need natural gas, such as LNG, during this energy transition period from cancelling the use of oil and coal to using renewable energy, such as wind, solar cells, and electricity,” Attapol added.
The hub would be a centre for selling and buying LNG, which means Thailand would purchase LNG from other producers, prepare it for use, and re-export it to other countries in need, such as Japan, China, Cambodia and Laos.
He stated that Thailand’s infrastructure, such as ports and pipelines, are ready to support these processes. He expected that by 2030, the country would export 9 million tons of LNG.
Making Thailand the region’s LNG hub is part of PTT’s plan to secure and sustain Thailand’s energy industry. He revealed that the company had made significant investments in future energy, including renewable energy, energy storage and system-related, EV value chain such as EV charging stations and EV factories, and hydrogen power.
The objective of these investments is to ensure that Thailand maintains its competitiveness during the energy transition period while also being prepared to seize new opportunities when future energy arrives.
Under the concept of “Powering Life with Future Energy and Beyond”, Auttapol insisted energy security is key to achieving energy sustainability.
Thailand needs to supply enough energy for domestic consumption before considering export, and PTT looks forward to investing in renewable energy and related technology abroad, he said.
Apparently, energy sustainability is a critical solution to the current global energy crisis situation like climate change. Countries worldwide, including Thailand, have announced targets to achieve carbon neutrality in 2050 and reach net zero greenhouse gas emissions in 2065.
To achieve such pathways, concrete measures and serious action plans are required.
“PTT’s new vision, ‘Future Energy and Beyond’, will not only invest in future energy but also invest in other new businesses, such as life sciences, electric vehicles, AI, robotics and digitalisation. The proportion of investments in future businesses will reach 30 per cent by 2030,” said the PTT CEO.
Recently, PTT joined Foxconn, the leading Taiwanese tech firm, to build an EV factory in Thailand. The factory will be finished and ready to produce all designs of EV cars by the first quarter of 2024.
Auttapol believes that by working closely with the government sector, PTT could help shape the country’s energy landscape, improve energy consumption and utilisation, and make energy accessible to all.
The baht opened at 36.58 to the US dollar on Wednesday, strengthening from Tuesday’s close of 36.61.
The currency is expected to move between 36.50 and 36.70 during the day, predicted Krungthai Bank market strategist Poon Panichpibool.
Poon said the dollar might remain stable or even weaken if the market jumps into a risk-on state.
He believes the baht will not weaken past its resistance level of 36.70-36.80 if foreign investors purchase risky Thai assets again.
However, the baht could fluctuate and fail to strengthen because the market is ready to slide back into a risk-off state due to concerns over economic slowdown and worse-than-expected performance by listed companies, Poon said.
Also, investors believe the US Federal Reserve may push the interest rate up by a fair bit, he said.
Moreover, the energy crisis in Europe is a concerning factor in the short term.
Poon advised close monitoring of this situation because the euro might weaken further and cause the dollar to strengthen if Russia halts or decreases the amount of energy sent to Europe.
He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Revenues in global embedded banking are estimated to be USD 50bn, with a compounded annual growth rate of 40%. Publicis Sapient, a digital transformation company, has released a report on what banks need to do to enter and succeed in the market.
Thailand, July 18, 2022, – Digital transformation company Publicis Sapient today released a guide, written by Korbinian Krainau, Associate Managing Director, Strategy, and Ronnie Mitra Director, Technology & Composable Business Lead, Publicis Sapient, for financial service companies on how to successfully implement embedded finance offerings.
The report outlines the huge opportunities offered by embedded finance. While fintechs currently dominate the conversation, banks are starting to engage in the space, particularly with buy now, pay later propositions, but also expanding to other areas in retail and commercial banking. The report covers in depth key approaches available to banks to establish an embedded finance model, along with the necessary capabilities required to launch and scale propositions.
The authors cover the challenges that stand in the way of success in embedded finance, and point out that in their experience, banks often fail to gain traction in the market with new propositions due to insuffcient product/market fit. They note that it is therefore vital to appreciate the importance of moving to a new model of product development that recognises and accommodates the needs of the different players: consumers, partners and the bank itself. This helps banks to avoid tired, “me too” propositions and to acknowledge the importance of the ecosystem.
Korbinian Krainau, Associate Managing Director in Publicis Sapient’s Strategy group and report co-author, said: “We’ve identified the four most important archetypes that banks must consider if they want to be relevant in embedded finance, estimated to be a USD50-billion-dollar business with a 40% annual growth rate.”
“The great advantage of embedded finance is that it brings banking services to where the customer is, creating simple, linear journeys that can be completed without opening a banking app or website, or inputting card details. This is a strong potential market, but there are challenges that can daunt potential entrants. We have created this guide to present a clear roadmap to success.”
The whitepaper covers the key elements required for success: Strategy, customer acquisition, partner acquisition, platform and capability design, and delivery model.
Gulf Energy Development Plc. (GULF), led by Mr. Sarath Ratanavadi, Chief Executive Officer, received the ‘Best CEO’ award, in the ‘Resources’ category from the IAA Awards for Listed Companies 2021, organized by the Investment Analysts Association (IAA).
Mr. Anutin Charnvirakul, Deputy Prime Minister and Minister of Public Health presided over the award ceremony, held at the Stock Exchange of Thailand.
The event aims to award outstanding CEO, CFO and IR across 8 industries with 24 accolades presented in total. The executives awarded with ‘Best CEO’ were shortlisted from nominations and ratings of analysts and fund managers by considering best-in-class organizational management, expertise in their industry, good corporate governance, participation in analysts’ event together with ability to provide clear relevant insights, and in-depth information, as well as other qualifications that drive the company to sustainable business growth, which will contribute to the expansion of the Thai capital market and the Thai economy going forward.
Chic seafront retreat voted as the region’s top property and the 35th best place to stay in the world in the prestigious Travel + Leisure World’s Best Awards 2022
HUA HIN, THAILAND, JULY 2022: The Standard, Hua Hin, the stylish Thai resort where chic beach vibes meet mid-century style, is celebrating after it was named as the best resort hotel in Southeast Asia, and one of the finest places to stay anywhere in the world!
In the Travel + Leisure World’s Best Awards 2022, which are voted for by the discerning readers of the world’s leading luxury travel and lifestyle magazine, The Standard, Hua Hin achieved an outstanding overall score of 97.38 out of 100. This ranked it as the:
#1 Resort Hotel in Southeast Asia
#7 Resort Hotel in Asia
#35 Hotel or Resort in the World
This is a remarkable achievement for such a new hotel, which only started welcoming the world in December 2021. It is also a wonderful reflection of the resort’s impact on the hospitality scene and how its experience-seeking guests have embraced The Standard, Hua Hin’s high-style, culture-rich concept.
The Travel + Leisure World’s Best Awards are among the most prestigious accolades in the industry. The awards reflect the personal views of Travel + Leisure’s readership, a group of more than 30 million sophisticated and savvy global travelers who appreciate extraordinary travel and lifestyle experiences.
The awards are divided into multiple categories, including hotels, airlines, cities, islands, cruise ships, safaris and more, each of which are assigned a scored in a number of categories. The Standard, Hua Hin received especially high ratings for its “value”, “rooms & facilities” and “food”. In fact, it was rated as the #1 hotel in the world in terms of value for money.
“We are so proud that The Standard, Hua Hin has been named the number one resort hotel in Southeast Asia in the Travel + Leisure World’s Best Awards 2022,” commented Amber Asher, CEO of Standard International. This beautiful region is home to some of the world’s most breathtaking properties, so to be ranked as the best – only six months after we opened our doors – is deeply humbling. We are grateful to everyone who voted for us, and of course to our entire team for making this possible by creating such exceptional guest experiences. We look forward to inviting even more travellers, including Travel + Leisure’s esteemed readers, to rediscover Hua Hin in future.”
Nestled directly on the beach, The Standard, Hua Hin brings a cool Miami vibe to Thailand’s tropical shores. With 199 rooms, suites and villas, the mid-century design Lido pool and bar, a beachfront Thai izakaya restaurant, a juice café and beachside Surf Club, this chic seafront retreat is a haven for curious global explorers. The resort has also elevated the social scene in Hua Hin with a series of cultural “Happenings”, from wellness weekends and artistic escapes to pool parties, live concerts and more.
The Standard hotels are present in the planet’s most desirable destinations, from Miami Beach to the Maldives, London to New York, Hua Hin, Ibiza and, as of July 29th, Bangkok, with the opening of its Asia flagship, The Standard, Bangkok Mahanakhon.
Connect with the hotel via: Facebook: The Standard Hua Hin Instagram/Line: @thestandardhuahin Web: www.standardhotels.com/hua-hin
BANGKOK, July 11, 2022 — B.Grimm Power PCL (BGRIM), one of Thailand’s private pioneers in mass power production, today heralds the start of the construction of its two latest co-generation plants.
The commencement of the two natural gas-fired powerhouses, each with a 140 megawatts in generation capacity, is marked by a foundation stone laying ceremony presided over by Dr. Harald Link, Chairman of B.Grimm and President of BGRIM, and Dr. Chayanin Debhakam, Chairperson of the Executive Committee of Singha Estate, at 8:29 a.m on the site.
The two plants are undertaken by B.Grimm Power (Angthong) 2 Ltd and B.Grimm Power (Angthong) 3 Ltd, both are BGRIM’s subsidiaries, at the S Industrial Estate Angthong in Chaiyo District, Angthong Province.
Dr Link said the two powerhouses feature new efficiency technologies that allow them to yield more electrical output than conventional systems. They are scheduled to start commercial operation in 2023 with 280 MW of their combined output are transmitted to the Electricity Generating Authority of Thailand (EGAT) under a 25-year supply agreement, and all remaining production going to industries at the S Industrial Estate Angthong.
Dr. Chayanin Debhakam said that Singha Estate is delighted to be a part of this important milestone — the groundbreaking ceremony for the two combined-cycle cogeneration power plants; and also to be a partner of B.Grimm Power Public Company Limited, one of Thailand’s leading highly-acknowledged names in energy generation. The two co-gen power plants are environmental-friendly by utilizing technology with turbines and gas to produce electricity. Not only is this technology high production capacity and low carbon emission, and helps reduce global warming, but it is also uplifting S Angthong, the industrial estate where the plants are located, as the World Food Valley and eco-industrial estate, coinciding with the eco industry trend around the globe.
“I would like to thank BGRIM for a great partnership. We hope that this will be the beginning of more collaborations to support each other’s businesses and success in the future.”
Meanwhile, Dr Link said BGRIM has been ramping up investment both at home and abroad with a total outlay of 140 billion baht being embarked over the next five years. The investment will go towards developing power stations under the established power supply contracts and new projects under negotiations which include greenfield developments and acquisition assets. This year, BGRIM expects to secure new power sale contracts totalling at least 1,000 MW in capacity, while recording more than 55 MW in deliveries to new industrial clients.
In addition, BGRIM has managed fuel costs by preparing to import liquefied natural gas (LNG) under long-term contracts starting from 2023. An annual LNG supply of 500,000 tonnes will be directed to BGRIM’s 18 co-generation plants to keep energy production costs in check.
BGRIM is constructing new high-efficiency powerhouses to replace five older plants whose supply contracts have ended. These replacement facilities, with a total installed capacity of 700 MW, are set to come on line commercially in the second half of 2022 with a 15% saving in natural gas burn per unit being achieved, thanks to modern technologies.
BGRIM currently has 56 projects in operation, with a total installed capacity of 3,342 MW, and the firm is on course to boost cumulative power sales to 7,200 MW by 2025 and to 10,000 MW by 2030.
Royce Lab has recently launched of ‘The Pronura’, a new dietary supplement developed from five organic plant-based proteins with the addition of probiotics, prebiotics, vitamin, omega-3 from flaxseed oil, and minerals from naturally sourced ingredients.
Royce Lab International Co., Ltd., the experienced distributor of dietary supplements for white blood cells known as ‘IMMUNELAB Beta-glucan’ admired by a large number of customers in Thailand and worldwide, has recently announced the launch of ‘The Pronura’, a brand-new dietary supplement developed from five organic plant-based proteins with the addition of probiotics, prebiotics, vitamin, omega-3 from flaxseed oil, and minerals from naturally sourced ingredients. Targeting cancer patients and health lovers who seek substantial benefits from excellent sources of proteins, the latest dietary product has been launched to unveil the company’s confidence, reaffirming that the healthy immune system is humans’ best medicine.
Dr. Piya Siangsukone, Managing Director and Research and Development Team, Leader of Royce Lab International Co., Ltd., unveiled the company’s firm decision in 2015 to deliver good health to Thai people by launching ‘IMMUNELAB Beta-glucan’, a dietary supplement boosting white blood cells extracted from yeast’s cell wall under the IMMUNELAB brand. Dr. Piya reaffirms that ‘with the empirical research on human body, healthy white blood cells can help you live a healthy life’. With the reinforcement of the importance of white blood cells, the company has received trust from a large number of consumers, making the company a leader of the Beta-glucan supplement provider in Thai community.
Royce Lab doesn’t see itself only as a distributor of high-quality dietary supplements but desires to be part of personal ‘wellness lifestyle’ by continuing promoting the importance of healthy food. Following the prolonged COVID-19 situation, people have changed their viewpoints towards body immune system. More people, especially health concern group, has a clearer understanding that better immune system can help reduce the risk of virus infection. People of all ages and genders have paid greater attention to the trend of preventive healthcare to reduce risks of diseases as well as the importance of immune enhancement, reflected in the continuing growth of the healthy food market, particularly the consumption of plant-based food.
After successfully providing health-related solutions and services for elderly and patients with various symptoms, the company has found that cancer patients undergoing chemotherapy are likely to lose their appetite, while elderly people begin to consume less meat. As a result, these groups are likely to receive inadequate nutrition, especially protein, which is considered a very important nutrient in building and repair body. “If the issue of protein deficiency has been ignored or delayed to be solved, people are likely to experience fatigue, joint pain, and atrophy, including the problems related to the immune system,” said Dr. Piya.
“The Pronura”, organic plant-based protein, derived from the cleanest five organic plant-based proteins, enriched with essential nutrients with probiotics and prebiotics added to promote immune system and efficient digestion. It is an ideal for those who want to revitalize their health or are in need of health boosting. The Pronura’s inimitable formula has been developed by teams of professional doctors, pharmacists, and nutritionists. Thus, it becomes a revolutionary dietary supplement with the following key five essential organic plants.
• Brown rice is rich in proteins that Thai people are less allergic to (compared to milk and soy). It also provides high energy, helping you feel full and preventing you from being hungry. With several essential minerals that are important to the body, brown rice efficiently helps in keeping your intestines healthy and fully functional.
• Green peas are a good source of protein and energy and are fairly low in fat and cholesterol. Backed by the availability of the branched-chain amino acid (BCAA), this plant-based protein diet plays a key role in maximizing muscle building.
• Almonds in particular contain a high proportion of protein and are rich in healthy fats and vitamin E considered a vital source of antioxidants. The high-protein seeds also help reduce cholesterol and offer high energy to fight muscle fatigue.
• Quinoa is often described as a superfood containing all nine types of amino acids that are important to your body. In addition to having a high proportion of fiber and antioxidants, quinoa also helps control blood sugar levels and reduce low-density lipoprotein (LDL) cholesterol as well as balance your body’s digestive system.
• Chia seeds are another increasingly popular superfood rich in protein, including omega-3 that efficiently helps nourish your brain and retina. They also contain high calcium (estimated to be five times higher than cow’s milk) and a large amount of fiber that helps prevent constipation.
The Pronura also contains a perfect blend of five probiotics supplemented with prebiotics to encourage the probiotics to work more efficiently, supported by omega-3 extracted from flaxseed oil, vitamin, and minerals obtained from natural ingredients. Highly recommended for health lovers, vegans, and people with diabetes.
This newly evolved dietary supplement is more special with the addition of Erythritol, sugar compound used as a low-calorie sweetener, which does not affect insulin levels. Thanks to the relatively mild flavor and the distinctive rice fragrance, The Pronura is easy to intake. It can be added to everyone’s regularly preferred food and drinks.
Dr. Piya added that in fact, the protein obtained from meat contains the most excellent and complete amino acids that are very important to the body. Unfortunately, meat nowadays has a lot of chemical contaminants. Additionally, according to research, people consuming animal proteins can easily be prone to body internal inflammation. Nowadays, many top Olympic athletes are turning to plant-based proteins under the supervision of professional nutritionists. However, most plant-based proteins are often deficient in one or more specific amino acids. For instance, peas are relatively low in methionine and high in lysine, while grains tend to be poor in lysine, but are good sources of methionine. Hence, to get enough of essential nutrients and amino acids, it is better to consume plant-based proteins extracted from various sources of plants.
FrieslandCampina (Thailand) has suspended production and sale of its popular Foremost brand of pasteurised milk, according to the company’s Facebook page.
The announcement came after a netizen posted a query on the “Foremost Thailand” Facebook page, asking why she could not find Foremost milk in supermarkets.
The page administrator confirmed that Foremost pasteurised milk was not currently being produced. However, it added that consumers could still purchase other Foremost dairy products at supermarkets nationwide.
“The company has considered this issue thoroughly in line with business strategies,” the post read, adding that its focus would switch to production and distribution of dairy products that can be preserved for longer.
FrieslandCampina (Thailand) is the country’s biggest dairy producer, selling UHT milk, pasteurised milk, condensed milk and ready-to-drink yoghurt.
Apart from Foremost, the company also manufactures and sells the Falcon, Debic, Ship and My Boy brands.
The Dutch multinational launched its Thai arm in 1956, gaining the largest market share in dairy thanks to Thais’ increasing thirst for sterilised milk, UHT milk and pasteurised milk.
However, FrieslandCampina (Thailand) suffered a net loss of 1.36 billion baht in 2021, down 180 per cent on 2020 profits, according to Department of Business Development data.
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