China still Thailand’s largest market, but trade value slumping

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China still Thailand’s largest market, but trade value slumping

China still Thailand’s largest market, but trade value slumping

SUNDAY, DECEMBER 04, 2022

Though China remained Thailand’s biggest bilateral trade partner in the first 10 months of this year, the Kingdom suffered a 1.07 trillion baht deficit during the period.

The Commerce Ministry’s Permanent Secretariat said bilateral trade between the two countries during the first 10 months came in at 3.06 trillion baht, up by 14.07% compared to the same period last year.

According to the centre, Thailand’s exports to China during the period were valued at 996 billion baht, up 2.82%, while imports rose by 20.40% to 2.07 trillion baht.

The top five products exported to China in terms of baht value were:

• Fresh, frozen and dried foods: 146 billion (+2.20%)

• Rubber products: 95.4 billion (+31.38%)

• Plastic pellets: 91 billion (+5.05%)

• Tapioca: 81.9 billion (+18.66%)

• Computers and parts, +5.31%.

The top five imports from China in baht value were:

• Electronics and parts: 266 billion (+25.50%)

• Chemical products: 119 billion (+35.95%)

• Machines and parts: 185 billion (+11.48%)

• Household appliances: 178 billion (+6.08%)

• Computers and parts: 126 billion (-2.62%)

China still Thailand’s largest market, but trade value slumpingHowever, Assoc Prof Dr Aat Pisanwanich, director of the Centre for International Trade Studies of the University of the Thai Chamber of Commerce, said trade between the two countries is expected to contract compared to last year.

He said the contraction was inevitable as China keeps locking down its cities again and again in line with its zero-Covid policy, which is affecting its factories and import of raw materials.

Separately, the United States came in second in the list of Thailand’s top trading partners, with a trade value of 1.9 trillion baht, up 32.18% compared to the same period last year.

Thailand’s exports to the US were valued at 1.36 trillion baht, up 28.18%, while imports stood at 531 billion baht, up 43.71%. With this trade connection, Thailand achieved a surplus of 838 billion baht.

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

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Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

SUNDAY, DECEMBER 04, 2022

Thailand’s rice exports in the first 10 months of the year rose by 33%, a recent report from the Thai Rice Exporters Association (TREA) shows.

According to TREA, Thailand exported 6.20 million tonnes of rice during the period, up 33% from 4.66 million tonnes in the same period last year.

Rice exports generated US$3.17 billion (110.21 billion baht) during the period, up 32% compared to $2.63 billion (91.33 billion baht) in the same period last year.

“TREA expects Thailand’s rice exports to reach this year’s target of 7.50 million tonnes thanks to rising demand during Christmas, New Year and Chinese New Year,” deputy government spokesperson Traisuree Traisaranakul said on Sunday.

She added that the demand for rice in Iraq, South Africa, the US, China, Benin, Japan, Senegal, Angola, Yemen, the Philippines, Mozambique, Hong Kong and Canada continues rising.

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

“The prime minister is pleased that the trend of rice exports is positive,” she said, adding that the price of Thai rice is rising thanks to the government’s price-guarantee scheme.

She added that the Department of Internal Trade recently approved price-difference compensation for rice harvested between November 26 and December 2. “Farmers will be paid by December 8 [Thursday],” she said.

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Bring your father to the Standard, Hua Hin day

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Bring your father to the Standard, Hua Hin day

Bring your father to the Standard, Hua Hin day

SATURDAY, DECEMBER 03, 2022

This Father’s Day, we are honoring all those dad bods with prime ribs, seafood, and 2-hour free-flowing.

Hua Hin, Thailand — The Standard, Hua Hin, the Thai resort where chic beach vibes meet mid-century style, welcomes families to our one-of-a-kind Father’s Day celebration. This year, a heart-warming and delightful promotion is on the table at Lido as the sunset approaches.

No matter where you are from, bring your father to Lido on December 5 to enjoy two hours of free-flowing drinks when purchasing the set from our Father’s Day promotion. This once-in-a-year promotion will offer a one-kilogram prime rib for THB 4,000 net or THB 2,500 net to choose between whole snapper or sea bass that comes with tiger prawns to enjoy while looking over our magnificent pool and pristine beach. 

Celebrate Father’s Day in style with us at Lido, an all-day Italian dining restaurant on December 5, 2022, from 6:00 – 10:00 pm. Reserve your tables at https://bit.ly/TheStandardHuaHin-Lido or call 032-535999.

Guardian Glass celebrates 30th anniversary, launches latest brand ambassador “Amanda Charlene Obdam”

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Guardian Glass celebrates 30th anniversary, launches latest brand ambassador "Amanda Charlene Obdam"

Guardian Glass celebrates 30th anniversary, launches latest brand ambassador “Amanda Charlene Obdam”

FRIDAY, DECEMBER 02, 2022

Guardian Glass, the leader in quality glasses, magnificently organized its 30th anniversary celebration with the launch of its latest brand ambassador “Amanda Charlene Obdam”, Miss Universe Thailand 2020, and commercial of Guardian Glass Asia Pacific.

Sasha Klengel, Asia Pacific Director of Sales, said that this 30th anniversary celebration was an opportunity to start a new step we have never done before. It was attended and participated by a large number of customers, influencers, architects, and important people in the glass industry. On this occasion, we had both a celebration and a policy announcement for Guardian Glass Asia Pacific to set growth targets for the next year along with launching our latest commercial and brand ambassador “Amanda Charlene Obdam” to expand the brand awareness and reach more customer groups by aiming to enter the market with full force in 2023, including the Greatest Appreciation award given to Guardian Asia Pacific’s key dealers who have been accompanying together on the journey to success.

Guardian Glass celebrates 30th anniversary, launches latest brand ambassador "Amanda Charlene Obdam"

During the past 30 years when Guardian Glass has been operating its business in Thailand and Asia Pacific, the direction in our glass market has been growing more and more all along, including an expansion of our production factory in Rayong and a relocation of our office to Emporium Building to support the growth of the company. In addition, for the production of products, there has been continuous development of various quality glass designs, such as mirrors, clear glasses, and green glasses, along with the development of adding value to glasses to be used as a further material in other workpieces, such as glasses used in automotive parts or electrical appliances.

Guardian Glass celebrates 30th anniversary, launches latest brand ambassador "Amanda Charlene Obdam"

Moreover, Guardian Glass has also been paying its attention to both business development and environmental maintenance in terms of product production and development. There has been a development of glasses that can reduce energy consumption in the buildings and waste generation from energy use in the buildings, which is considered a very good way to reduce the destruction of the environment.

Considering the past growth, the ratio of domestic sales to exports has been 50:50. On average, the main customers are modern traders, glass processing plants and manufacturers of windows and doors, automotive glass parts and refrigerators etc. With a customer base that has been constantly increasing and accepting the quality of Guardian Glass products for a long time, we have set a strategy to increase our market share even more in 2023. In addition, there is a plan to focus on introducing new products that meet the needs, creating convenience for customers to further use these products, and building brand awareness to be more widely remembered. 

Guardian Glass celebrates 30th anniversary, launches latest brand ambassador "Amanda Charlene Obdam"

This 30th anniversary celebration is the first time where Guardian Glass Asia Pacific launched its commercial of Guardian Glass Asia Pacific and brand ambassador “Amanda Charlene Obdam” to further expand the brand to be widely known by presenting a modern brand image and creating an outstanding character both in terms of technology, innovation, and personalities that match consumer groups.

Sasha Klengel concluded that for the past 30 years, we would like to thank you for every support that has enabled us to grow, including support from the government, business partners, and all customers. We hope that we will continue to receive support like this, along with the development that we intend to be a part that will make the glass industry in Thailand and Asia Pacific stronger.

Guardian Glass is a manufacturer and innovator of quality glasses with the limitless potential of amazing materials who has been in the hearts of Thai consumers for more than 30 years. Those interested can obtain more information at http://www.guardianglass.com. 

Car insurance market ‘poised for big leap’ next year

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Car insurance market ‘poised for big leap’ next year

Car insurance market ‘poised for big leap’ next year

FRIDAY, DECEMBER 02, 2022

Jarupong Krisanaraj

Thailand’s car insurance market is expected to grow exponentially next year following three trends that emerged during the Covid-19 crisis, according to Priceza Money, a car insurance price comparison website.

Priceza Money is one of the business units under shopping search engine and comparison platform provider Priceza.

“The Covid-19 crisis over the past three years has affected the car insurance market and customer behaviour,” Priceza Money’s head, Siravit Chayavanich, said on Thursday.

Firstly, he said the emergence of personalised car insurance had enabled customers to purchase insurance 30-40% cheaper than full insurance.

“Customers preferred buying cheap car insurance as they rarely used their car during the Covid-19 crisis,” he said.

He said the trend of various personalised car insurance policies, such as pay-per-mile insurance, top-up insurance and driving profile-based insurance, had grown exponentially amid the Covid-19 crisis.

He added that foreign insurance companies, such as By Miles, Tesla and Geico, had introduced customised car insurance.

“Even though the Covid-19 crisis has abated, consumers’ demand for personalised car insurance is still increasing,” he said, highlighting its feature of meeting customers’ needs at a cheap price.

He added that the driving data collection feature in electric vehicles also helped insurance companies to launch a car insurance that meets customers’ needs.

“However, insurance brokers do not prefer selling personalised car insurance because it affects their commission fee,” he added.

Secondly, Siravit said many insurance companies adopted a direct-to-customer business model to boost online sales of car insurance, as customers became familiar with online shopping during the Covid-19 crisis.

“For instance, Thaivivat Insurance is focusing on selling personalised car insurance on its website, while allowing insurance brokers to sell full insurance,” he said.

He added that there is still room for growth in Thailand for the direct-to-customer car insurance sales channel, as it accounts for only 1% of the country’s car insurance sales channels.

The proportion of direct-to-customer car insurance sales channels in the US and UK is 25% and 35%, respectively, he added.

Thirdly, Siravit said customers’ behaviour in purchasing car insurance had changed due to the Covid-19 crisis.

He said customers are paying more attention to insurance companies’ reliability in responding to news of Covid-19 insurance cancellations, even though it means customers have to pay higher insurance premiums.

“Up to five insurance companies that offered Covid-19 insurance have closed so far, hitting customer confidence,” he said.

He expects customers to pay more attention to insurance companies’ reliability more than the price of insurance premiums next year.

“Hence, insurance companies must pay attention to their service to gain the confidence of customers,” he said.

Meanwhile, Priceza CEO and co-founder Thanawat Malabuppha added that the economic situation of inflation and rising product prices would prompt customers to turn to personalised car insurance.

“Inflation and rising product prices affect customers’ decision on purchasing car insurance,” he said, “However, these negative sentiments will enable customers to purchase personalised car insurance.”

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Jarupong Krisanaraj

Charity gala dinner highlighting Thai-Chinese ties raises 12 million baht for Ramathibodi Foundation

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Charity gala dinner highlighting Thai-Chinese ties raises 12 million baht for Ramathibodi Foundation

Charity gala dinner highlighting Thai-Chinese ties raises 12 million baht for Ramathibodi Foundation

FRIDAY, DECEMBER 02, 2022

On the historic occasion of Xi Jinping, the President of the People’s Republic of China, attending the all-important Apec 2022 Summit, China Moutai – a company which produces China’s number one premium liquor Baijiu – on behalf of Guizhou Moutai, teamed up with King Power group to organise the “China Moutai x King Power Charity Gala Dinner”, with proceeds from the gala auction going to Ramathibodi Foundation.

China’s Baijiu liquor, which is also the world’s No 1 premium spirits, has a rich yet exquisite history dating as far back as 2,000 years. 

The charity gala drew a number of key personalities who had also participated in Apec meetings, like Tepparat “O” Songkraw, who had created valuable souvenirs for world leaders, including President Xi, as well as top Thai and Chinese businessmen.

Korn Dabbaransi, Chairman of the Sino-Thai Friendship association, chaired the gala dinner. Pol Gen Dr Chitchai Wannasathit, honorary chairman, Rocky Lau, executive of Diam Dragon (Asia-Pacific),  Aiyawatt Srivaddhanaprabha, CEO of King Power group, Dr Ting Chong Quin, chairman of Guizhou Moutai of the People’s Republic of China, Narongsak Puttapornmongkol, the new President of the Thai-Chinese Chamber of Commerce and Hataithep Theerathada were the other top personalities who attended the event at Pullman King Power in Bangkok.

The guests who attended the dinner had an opportunity to bid for six special and rare Moutai vintages which are collectors’ items. Income totaling 12 million baht without deducting expenses from the auction was handed to Ramathibodi Foundation.

Charity gala dinner highlighting Thai-Chinese ties raises 12 million baht for Ramathibodi Foundation

Dr Ting, who delivered an address on longstanding Thai-Chinese relations, mentioned this was his first visit to Thailand. 

He said that on the occasion of President Xi attending Apec 2022 and on behalf of Guizhou Moutai and the Chinese people who “love and miss” Thai people, he is ready to support Thailand in various ways. Having cooperated with King Power to organise this event, Dr Ting said he was willing to use the income to support the Thai public health sector because he realised that Thai medical personnel had worked hard in the wake of Covid spreading. 

King Power and China Moutai would like to provide moral support to the Thai medical staff, Dr Ting said, adding that he also wishes to help bolster Thailand’s health sector through this event. He believes it will strengthen Thai-Chinese ties and help everyone emerge from the crisis unscathed and quickly.

Providing his perspective as a creator, Tepparat pointed out that Moutai liquor “is one that is distilled in accordance with ancient Chinese wisdom and culture”. 

“This liquor is made from a special species of organic sorghum and wheat and Guizhou Moutai channels a smooth yet excellent taste. Its liquor is refreshing and fragrant, just like odiferous wood distilled for hundreds and thousands of years, with the scent of ancient, sophisticated flowers, unlike other Chinese liquor that I have tasted,’’ Tepparat explained.

Electic vehicle sales provide a jolt for online lending, Krungsri Auto says

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Electic vehicle sales provide a jolt for online lending, Krungsri Auto says

Electic vehicle sales provide a jolt for online lending, Krungsri Auto says

FRIDAY, DECEMBER 02, 2022

Nongluck Ajanapanya

Surging sales of electric vehicles (EVs) are boosting digital auto lending, according to Krungsri Auto, the automotive finance unit of Bank of Ayudhya.

Rising EV sales in Thailand, particularly in the third quarter, contributed to rising demand for auto loans, and this led to significant growth of the digital lending service on the app “GO by Krungsri Auto”.

Congsin Congcar, head of Krungsri Auto Group, told a press conference on Friday that new digital loans for the first 10 months of this year rose 83% over the same period last year to 9.9 billion baht.

Congsin said that EV loans accounted for 34% of the total.


“With this growth rate, we can expect to see lending growing beyond our targets,” he added.

Krungsri Auto’s digital lending target for this year is 10.6 billion baht, a year-on-year increase of 53%. The amount is equivalent to 6% of its target for total new lending for the full year, which is 173 billion baht.

According to a recent report from the Department of Land Transportation, sales of EVs surged 289% in October from the same month last year.

The expansion of digital auto lending also coincides with a shift in Thai consumer behaviour. According to Krungsri Auto research, 68% of Thai internet users now buy products and services online every week.

Congsin said this was one reason Krungsri is adding more services to its app.

“We want to be more than just a digital loan application,” he said.

“With more complete services, we will continue to strengthen our ecosystem through the expansion of strategic partnerships with manufacturer brands, dealers, providers of EV infrastructures, and technology providers to create new solutions that meet the everyday needs of automobile users across all groups,” Congsin added.

Electic vehicle sales provide a jolt for online lending, Krungsri Auto says

Congsin said lending targets were either on track or exceeding targets. Full-year figures will be released at the end of this month, he said.

Consumers can apply for vehicle loans through GO by Krungsri Auto with just their identification cards and NDID verification.

After receiving notification of approved credit, they can sign a contract and purchase a vehicle without the need to submit additional documents, Congsin said.

He said the process can be completed in 30 minutes on the app.

Krungsri Auto was Thailand’s first auto-loan provider to offer service for all products through an app. Currently, 96% of the GO by Krungsri Auto app users live in Bangkok and other metropolitan areas, with the majority of them working full-time.

Nongluck Ajanapanya

Kanvela Craft Chocolate: Slowing down time to produce unique flavours

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Kanvela Craft Chocolate: Slowing down time to produce unique flavours

Kanvela Craft Chocolate: Slowing down time to produce unique flavours

FRIDAY, DECEMBER 02, 2022

Opal Varunsuda

Kanvela in Thai means “a period of time” and this phrase describes the time it takes to produce world-class, award-winning chocolate.

The owner Thana Kunaraksvong, CEO of Kanvela Craft Chocolate,  explains how locally grown cocoa beans are carefully chosen and dried in the blazing Thai sun to produce distinctively flavoured and beautifully crafted chocolate.

Thana Kunaraksvong, The owner of Kanvela Craft ChocolateThana Kunaraksvong, The owner of Kanvela Craft Chocolate

“We developed this unique approach based on our experience, which we have also communicated to farmers. This defines our ‘flavour’,” he said.

Cacao BeanCacao Bean“With factories licensed by the Thai Food and Drug Administration, every chocolate that is produced undergoes stringent inspection. The equipment we use was imported from Italy, and we have always placed a premium on the quality of our products and the safety of our customers.”

Kanvela Craft Chocolate: Slowing down time to produce unique flavoursKanvela has won many accolades globally including the Rising Star Award from the Academy of Chocolate, as well as two bronze medals at the 2020 International Chocolate Awards and two silvers and two bronzes at the 2021 contest.

The Chiang Mai-based company has expanded its reach by opening several outlets in the North and is also featured in the Thai Airways menu for First Class and Business Class passengers flying to Europe, Australia, South Korea and Japan.

Follow the full interview vdo in Business Story on December 3, 2022

Opal Varunsuda

Thai Vietjet unveils Performance of the first three Quarters 2022

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Thai Vietjet unveils Performance of the first three Quarters 2022

Thai Vietjet unveils Performance of the first three Quarters 2022

FRIDAY, DECEMBER 02, 2022

None of the past years has witnessed such rapid international expansion to different regional countries for Thai Vietjet. From only international cargo flights to China and Vietnam during the pandemic to almost 1st half of 2022, Thai Vietjet has been aggressively expanding its international flight network to various top destinations across the Asia-pacific region.

Currently, the airline operates direct flights from Bangkok to SingaporeFukuokaTaipeiPhnom Penh, and many destinations in Vietnam, including Ho Chi Minh CityDa Nang, and Phu Quoc. Total passengers and cargo carried reached over 5 million and almost 9,000 tons, respectively.

Planning ahead to 2023, the airline is focusing on improving domestic flight services and international network expansion to offer further convenience to passengers and uplift its competitive advantage. 

“2022 has been a remarkable business year for Thai Vietjet,” said, Woranate Laprabang, Chief Executive Officer of Thai Vietjet, “We started the new year with the launch of the direct service between Bangkok and Phnom Penh, as soon as the borders between the two countries started to open, and since then have continuously and proactively expanded our wings to many destinations through the Asia-pacific region, including Singapore, Fukuoka, Taipei, as well as relaunching many destinations between Thailand and Vietnam, where we are the leader in the market.” 

Woranate Laprabang, Chief Executive Officer of Thai VietjetWoranate Laprabang, Chief Executive Officer of Thai Vietjet

In particular, Thai Vietjet, together with Vietjet Group, is the largest carrier operating between Thailand and Vietnam in terms of capacity. Since January 2022, Thai Vietjet and Vietjet operated over 2,500 flights between Thailand and Vietnam and transported over 350 thousand passengers on its extensive flight network between both countries, including the direct flight from Bangkok to Hanoi, Ho Chi Minh City, Da Nang, and Phu Quoc, and the direct route from Phuket and Chiang Mai to Ho Chi Minh City. The airline will also resume direct service between Bangkok and Da Lat on December 2, 2022. 

Not only having various new international services in place in such a short time but the additional frequency for each of the routes was also added quickly, with 2 or even 3 daily flights, to support the increase of travel demand after travel restrictions in many countries have been relaxed. Lately, Thai Vietjet further announced the increase of its international services Bangkok – Fukuoka daily flight in November, Bangkok – Taipei of up to 10 flights per week in early December this year, with a solid plan to further increase the flight frequency to double daily right in January 2023.

To support its expanding fleet and flight network, in July 2022, Thai Vietjet hosted its annual “Sky Career Festival 2022”, recruiting new talents to be part of its fun and friendly yet professional team, with over 10 thousand participants attending to explore the airline’s career opportunities, joining cabin crew, pilot, engineering, ground service, commercial, back office and other jobs recruitment, learning insights from airline professionals. The Sky Career Festival is Thai Vietjet’s annual event since 2018, and it continues to provide participants with more opportunities to develop their career paths in a multinational working environment not only in Thailand but also in the overall region, but also in Asia region, especially in Vietnam.

In addition, to further leverage passengers’ in-flight experience, the airline introduced ‘Sky Café’, presenting a wide range of Thai and international cuisine to domestic and international passengers. Sky Café was officially launched after the Civil Aviation Authority of Thailand (CAAT) gave airlines permission to serve food and drinks again on domestic flights in Thailand in July 2022, after a long hiatus of suspension due to Covid-19 outbreak. 

Looking forward to the year 2023, international expansion remains Thai Vietjet’s main and most important focus. The airline plans 

SCB 10X launches Web3 collaboration hub in Bangkok to nurture startups

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SCB 10X launches Web3 collaboration hub in Bangkok to nurture startups

SCB 10X launches Web3 collaboration hub in Bangkok to nurture startups

FRIDAY, DECEMBER 02, 2022

SCB 10X has opened a new physical space in Bangkok to serve as a hub for ideation, collaboration, and building in Web3 and assist in international community-building, the company said.

DistrictX will be a Web3 collaboration hub for SCB 10X, the venture investment arm of SCBX group, which will help build and incubate startups in the Web3 and blockchain industry.

Located in the heart of Bangkok, DistrictX will allow for both community building and business co-working. The 10,000 square foot spot is equipped with meeting rooms, a town hall, operational war room, podcast room and dining space offering free refreshments.

With two main areas, the first area will be the Hacker House, an open-seating space where global innovators in blockchain and Web3 can engage with one another and collaborate with the SCB 10X team, partners and ecosystem.

The second area is the Exponential Hub, a co-working space for SCB 10X’s global partnership, including leading global blockchain and Web3 companies: AxelarFireblocksNansenThe SandboxNebulaToken Unlocks and RakkaR Digital.

“DistrictX is a physical space where we see the potential for great collaboration, networking, and entrepreneurship to bloom,” said Mukaya (Tai) Panich, CEO of SCB 10X. 
”Collaboration is key during this bear market, and we are excited to bring high potential startups, passionate entrepreneurs, prospective partners, and enthusiastic developers to Bangkok in order to strengthen the global communities of blockchain and Web3.”

Mukaya (Tai) Panich, CEO of SCB 10XMukaya (Tai) Panich, CEO of SCB 10X

“At Fireblocks, we believe that impactful partnership and collaboration is invaluable to the healthy growth of the industry,” said Stephen Richardson, head of Asia Pacific and senior vice president of financial markets at Fireblocks. “With Thailand having one of the highest rates of digital asset adoption, DistrictX will serve as an important hub for us to advance blockchain innovations and bring more financial institutions and businesses to these technologies.”

Stephen Richardson, Head of APAC and SVP of Financial Markets, Fireblocks.JPGStephen Richardson, Head of APAC and SVP of Financial Markets, Fireblocks.JPG

Through the DistrictX sixth-month Hacker House Incubation Program, SCB 10X said it would recruit talented developers and highly-driven entrepreneurs to build startups at the forefront of disruptive technology. The program will offer end-to-end support from SCB 10X’s building team, product and design testing, mentoring from the brightest minds in the ecosystems, and external fundraising and scaling.

Apart from its role in investing and building, SCB 10X will educate and create awareness among the general public about the world of blockchain and Web3.

DistrictX will host “Moonshot Meetup”, a bi-monthly workshop to engage partners, developers, and community by sharing knowledge and building projects. DistrictX will be the home to a line-up of future events such as the DistrictX Hacker House ProgramHackathons, and many more.

SCB 10X launches Web3 collaboration hub in Bangkok to nurture startups

“We’re proud to be a part of SCB 10X’s ecosystem and hope to contribute to the digital asset scene in Thailand,” said Alex Svanevik, CEO of Nansen. “We’re looking forward to more breakthrough collaborations in the DistrictX space.”

The launch of DistrictX is another step for SCB 10X towards achieving its “Moonshot Mission”, the company said, focused on investing globally in disruptive blockchain, Web3, and fintech technologies and incubating startups to become the next unicorns in the area of blockchain and Web3.