Bangkok, May 20, 2022 – Bitkub Blockchain Technology Co, Ltd, a leading blockchain company in Thailand, in cooperation with Chatchavan Suriyayanyong, CEO of Dice Kingdom, announced the project called “KNS (KUB Name Service)” at Crypto Expo 2022 at BITEC Bangna with a tentative launching schedule in June 2022.
KNS (KUB Name Service) is a registration domain service provider on Bitkub Chain. KNS (KUB Name Service) was developed by a professional team to solve the pain point from the users including transferring to invalid address (user error) and user interface (contract address confusion).
By applying KNS (KUB Name Service), the users can register the domain contract address name via digital wallet address, which they can determine the domain name themselves and indicate their true ownership. This creates a new user experience on the blockchain interface and reduce the users error (transfer to invalid address).
At this press announcement, the users can freely register their own domain and use those names on NFT marketplace and Dice Kingdom game to let everyone has real ownerships without consent from any entity and reduce the error from transferring to invalid contract address. At the end of the press, Chatchavan Suriyayanyong, CEO of Dice Kingdom, said that KNS (KUB Name Service) project will be tentatively launched in June 2022.
“Domain registration is very necessary for the users in which they can remember the name more easily and reduce the users error from transferring to invalid contract address. KNS (KUB Name Service) is a project developed by professional team to solve this pain point”, said Chatchavan.
Syn Mun Kong Insurance (SMK) said on Sunday that it will reimburse the buyers of Covid-19 insurance in June next year.
The announcement came after SMK filed for protection with the Central Bankruptcy Court after failing to pay a whopping 164 billion baht in Covid-19 claims from 1.95 million people.
As for business rehabilitation over five years, SMK said it will start off by paying Covid claims in June next year and will negotiate debt-repayment schemes.
“The company will do its best to seek guidelines to repay debts as soon as possible,” SMK said.
However, it added that it will not be able to repay the insurers if the Central Bankruptcy Court does not allow the company time for rehab. Not allowing rehabilitation will also encourage the Office of Insurance Commission (OIC) to revoke SMK’s licence, it said.
“Business rehabilitation is the only way to solve this issue,” SMK said, adding that it will repay the debts in line with the rehab plan once it is approved by the court and debtors.
The rehabilitation duration will also not affect the timespan allowed for claims, it said. SMK also confirmed that the ongoing negotiations at the Central Bankruptcy Court will benefit both debtors and the company.
“Without negotiations, the company will not be able to operate and the OIC will revoke the company’s licence,” it said, adding that taking this issue to the General Insurance Fund would only extend the time it will take to reimburse claimants.
It added that claimants can check their repayment status at SMK’s head office and its branches nationwide.
SMK reportedly sold 1.95 million Covid-19 insurance policies and ended up with a massive liability of some 164 billion baht.
On July 16 last year, at the height of the pandemic, the company announced that it would cancel all its Covid-19 insurance policies and return the money to buyers.
However, the Insurance Commission put a brake on the cancellation, saying SMK had to honour the policies it had sold.
At the start of this year, a large number of Covid insurance buyers swarmed SMK’s head office to register claims, prompting the authorities to step in.
SMK promised to pay back in instalments.
Some 61,000 buyers of SMK’s Covid insurance policies have joined a Facebook group to help monitor and seek their insured sum from the company.
Gulf Energy Development Public Company Limited (GULF) sent GULF1 Company Limited (GULF1), a subsidiary in which the Company holds 99.99% stake involving in businesses related to solar energy in Thailand including solar rooftops, to join forces with SCG Cleanergy Company Limited (SCG Cleanergy), a company that operates renewable energy businesses in which The Siam Cement Public Company Limited (SCC) holds 100.00% stake, to establish SG Solar Company Limited (SG Solar) in Thailand as a joint venture company with GULF1 and SCG Cleanergy holding 50% stake and 50% stake, respectively.
SG Solar has a registered capital of THB 5,000,000 and will engage in the production and sale of solar energy from rooftops to industrial users which are companies in SCC’s Group and customers of the Company’s SPP power plants. Further, SG Solar plans to expand its customer base to industrial and commercial customers within the network of both company groups.
Ms. Yupapin Wangviwat, Chief Financial Officer, GULF, stated “This collaboration leverages the strengths of both company groups as GULF has expertise in the power and infrastructure business with a portfolio of renewable energy projects in both domestic and overseas markets and has an extensive business network. SCC is a well-established conglomerate in Thailand with core businesses, namely, cement-building materials business, chemicals business, and packaging business. This partnership will expand the customer base and enhance the value of the business for both company groups.”
Moreover, the establishment of the joint venture is aligned with GULF’s policy to emphasize investments in renewable energy businesses in accordance with government policies and global trends that aim to reduce greenhouse gas emissions to counter the negative effects of climate change.
The Huawei APAC Digital Innovation Congress, jointly held by Huawei and the ASEAN Foundation, began on May 19, Topics included ongoing advancements in ICT, speeding up digital transformation across industries, as well as green and low-carbon development. During the congress, Huawei is committed to increasing support for a intelligent and Digital APAC.
The Huawei APAC Digital Innovation Congress gathering officials, experts, researchers, parteners from over the Asia Pacific region. Ms. Ajarin Pattanapanchai, Permanent Secretary of Ministry of Digital Economy and Society of Thailand was also invited to this congress. She remarked that, Thailand fully supports the implementation of the ASEAN Digital Masterplan 2025, which is a strategic approach that places top priority on post-COVID-19 economic resilience, maximizes the potential of ICT and digital technologies for equal access to public and private services, and mobilizes ASEAN’s digital economy.
During her speech, she highlighted digital technology and its potential in driving an economy and improving people’s quality of life. “Thailand also emphasizes collaboration and involvement at the regional levels among relevant stakeholders in a more integrated 6 manner. With regard to the ASEAN Digital Sector, Thailand supports an implementation of the ASEAN Digital Masterplan 2025 which is a strategic approach putting top priority on post COVID – 19 economic resilience, maximizing the potential of ICT and digital technologies for equal access to public and private services, and mobilizing ASEAN’s digital economy.”
As we can see that in the Asia-Pacific region, not only Thailand is concerned about the importance of digital economy development, but the whole Asia-Pacific region is concerned about the importance of digital economy in post pandemic. Ken Hu, Rotating chairman of Huawei, mentioned in today Huawei APAC Digital Innovation Congress, “The Asia-Pacific region is one of the most culturally and economically vibrant regions in the world. It has long played an important role in global economic growth, and now plays an equally important role in digital innovation,” he continued, citing the fact that many APAC countries have elevated digital transformation to a strategic policy level and are actively going green.
A digital Asia-Pacific is coming. In this process, it’s inspiring that Asia-Pacific countries have released clear policies for digitalization and low carbonization. Huawei regards Asia-Pacific as a strategic market. Over the past 30 years, with the support and trust of the customers and partners, Huawei is proud to be part of the region’s digital transformation.
According to Huawei 2021 annual report, Asia Pacific accounted for 16.7% of Huawei’s total revenue. Huawei achieved progress in delivering an intelligent experience across all consumer scenarios. All of these factors resulted in a revenue of CNY53,675 million from this region in 2021.
Simon Lin, Vice President of Huawei Asia Pacific, delivered speech titled “Innovating nonstop, together for a better green digital life”, he points out Asia Pacific is one of the most important markets out of China. At Huawei Global Analyst Summit 2022, Ken Hu, Rotating Chairman of Huawei also pointed out APAC is a big market with a huge population. “ Over the years, Huawei has taken root in the Asia Pacific region. We have established strong bonds and commercial ties with governments and carriers in most Asia Pacific countries. Moving forward, we will continue to honor our commitments in the Asia Pacific region and provide support as it pursues digital transformation”.
Simon explained how will Huawei use innovation to build a better green digital life from three aspects.
First, build leading digital infrastructure as the foundation for digital economy. Huawei hopes to help Asia-Pacific build a leading and green infrastructure, including 5G, broadband, and data centers. So far, Huawei has provided connectivity for more than 90 million households and 1 billion mobile users in Asia-Pacific. According to the Gartner report, Huawei’s IaaS market share ranks No.2 in China, No.4 in the emerging Asia Pacific market.
Second, Huawei committed to building an open and healthy industry ecosystem with customers and partners. In Asia Pacific, Huawei has established partnerships with 7,900 enterprise partners, 2,000 cloud partners, and 200 universities. Huawei launched last year that it plans to invest 100 million USD in Spark project over the next three years.
Finally, Huawei re-emphasized commitment to building an inclusive digital Asia-Pacific. Through the Huawei ASEAN Academy and Seeds for the Future, Huawei has worked with partners to train 170,000 local talents. In the next five years, we will continue to train 500,000 digital talent.
Simon finalized his speech by emphasized Huawei vision- In Asia Pacific, for Asia Pacific. “Coming together is a beginning, working together is a success. In the past 30 years, Huawei is rooted in the region’s fast digitalization journey. As always, Huawei is confident and determined to work with customer and partners, becoming a key contributor to Asia-Pacific digital economy. Innovating non-stop, together for better green digital life!”
Charoen Pokphand Foods Public Company Limited (CP Foods) will be among leading companies around the world that join the upcoming ThaiFex-Anuga World of Food Asia 2022, bring innovations with the concept of “Food for the next Decade” to promote the sustainable food system.
The plant-based “Meat Zero” named the THAIFEX-ANUGA Taste Innovation Show winner and will be highlighted at the exhibition.
This year, CP Foods’s pavilion will showcase “’FOOD FOR THE NEXT DECADE” focusing the company’s roles and mission to deliver hygienic, sustainable and healthy foods to ten billion people by 2050. The booth consists of 5 exhibition zones. The first zone is for “Meat Zero”, innovative plant-based product and the winner of THAIFEX-ANUGA Taste Innovation Show 2022. The second zone will exhibit fresh meat products, highlighting Benja Chicken and Cheeva Pork, award-winning U-FARM’s products from the superfood-fed animals raised with high animal welfare standards, making the best quality meats that are antibiotics-free and having high nutritional values. Moreover, “CP SELECTION” brand, high quality products from animals fed with probiotic will be included in this zone.
The third area is ready-to-eat meals which showcases variety of delicious frozen menus, including chicken products, shrimp wonton, spaghetti, healthy high-fiber, low-calorie menus etc., The fourth part of exhibition displays healthy drinks brand INNOWENESS and Jelly BlackBit, a jelly mixed with herbs, white galingale, will be debuted at the event. The last zone is Cooking Helper products, such as soups, sauces, seasonings to help make cooking at home much easier.
CP Foods strives for sustainable food production under the vision of “sustainable Kitchen of the World” to deliver high quality and nutritious foods for ten billion consumers across the world by 2050. The company has adopted multiple hi-tech technologies such as AI technology, automation, Smart Farm and Smart Factory to improve efficiency and, in turn, minimize the company’s footprint. This will, consequently, help Thailand to transition toward becoming BCG Economy in the next decade.
Thaifex-Anuga World of Food Asia 2022 will be held between 24 and 28 May 2022 from 10.00-18.00 hrs. CP Foods pavilion will be located at the booth number U01 and U05 in the Challenger Hall 2, IMPACT Muang Thong Thani, Bangkok.
Paul Kanjanapas, chief executive officer of Bangkok Land Public Company Limited, has started an organic farm to not only support local farmers but also promote healthy eating through the consumption of organic products.
He himself made several trips to Chiang Mai to visit at least 69 organic farmers who are willing to work in harmony with nature. Inspired by the wealth of high quality, local produce Chiang Mai had to offer, he decided to purchase organic products directly from the farmers as he envisioned using organic products in every restaurant operated by IMPACT.
Paul Kanjanapas, chief executive officer of Bangkok Land Public Company Limited, said “It was like a light bulb moment that sparked my idea of wanting my kids and family to have a long-term health condition, which can be achieved by many alternatives, but to me through the consumption of vegetables and fruits that are grown completely chemical free is the most effective and safest method. I’ve talked to, exchanged, and shared knowledge with some prospects in the hospitality industry, and I got surprised by the fact that many of the foods we eat daily are most likely contain toxic chemicals. Certain chemicals can pose a long term damage to the immune system. It’s time for me to explore organic farming opportunities and embark on this path. I met an organic producer and active member of a local organic farming community center in Mae Taeng District, Chiang Mai, Ms. Phathum Suriya, who is dedicated to organic methods and supplies high quality organic produce. She also mentioned that organic farming produces lower yields in comparison to conventional farming.”
He continued “I want to support local farmers and let them make more income through supplying high quality organic vegetables to our restaurants. So far IMPACT Farm has had approximately 69 members. We buy organic vegetables and fruits directly from the local organic farming community center and sell them through https://impactyummy.foodie-delivery.com/#/home; LINE: @impactmuangthong; Tel: 065-496-6949.
Our store carries a diverse array of produce such as green salad, bok choi, white mugwort, curl leaf kale, eggplant, cherry tomatoes, and wolffia arrhiza (seasonality will influence the availability.)
“All the vegetables and fruits we buy from them allow our chefs to create authentic and modern cuisine that is exceptionally pleasing to every palate. Hong Kong Fisherman, Hong Kong Suki, Tsubohachi, Uwajima, Breeze Café and Bar, and Thonglor Thai cuisine, all under the management of IMPACT, feature organic produce in their menus. We buy products in large quantities to feed millions of customers and visitors since IMPACT Exhibition and Convention Center allures more than 10 million visitors every year. Most organizers use “IMPACT Catering” to provide meals for their guests, so I tell my staff to treat customers as their own friends. Think about when we host a party at home, we most likely use top notch ingredients to make wonderful dishes for friends and family,” Paul added.
“The world still spins around, and everyone has to make a living to put food on the table regardless of the COVID-19 pandemic. The future is unpredictable, and life is full of surprise. Let’s us focus on ourselves today. I found myself thinking about foods and well-being over the past 2 years. I wouldn’t hesitate to admit that we still have a lot to catch up on an organic farming journey, but we will do our best to do what it takes to achieve organic farming business. Working toward the same goal (everyone deserves to eat healthy) with the organic producers in Mae Taeng District, Chiang Mai, is a fortune,” explained Paul.
Ms. Pathum, a fierce advocate for what organic farmers need, said “I’m thrilled to work with Bangkok Land Public Company Limited., that has the same passion for supporting as well as empowering organic farming business while supplying fresh, organic fruits and vegetables such as longan, banana, guava, lime, baby jackfruit, and green salad to dine-in and online customers. First and foremost, the organic farmers from the local organic farming community center can make a living selling high quality produce all year round.
When was the local organic farming community center founded?
Ms. Pathum: “I embarked on this journey in 1995 while I was pursuing my master’s degree. You all know research paper is required to fulfill a master’s degree. My interest lied in the topic of fermented beans. Not only did I get hooked up by this research topic, but it made me rethink about the future of agriculture in Thailand. Many questions popped up in my mind, but misconceptions about Thai farming had me worried the most. I didn’t understand why developed countries valued organic farming significantly while underdeveloped countries looked down on farmers? In Thailand, famers were labeled as impoverished. In 1996, I got a job as a teacher who wanted to school students in Thai agriculture. Taking advantage of the teaching opportunity, I loaned 200,000 baht from the bank to help me with funding for my 9 rai farm land. I put aside some money to build water systems with a total of 2 rai, leaving me 7 rai for other agricultural needs. Like most startups, failure is inevitable. I started on conventional farming with a little to no knowledge, so did my fellows. Plus, we didn’t keep track of income and expenses. Then I switched to organic farming business using comprehensive strategies coupled with land improvements. Finally, I managed to achieve great results in 2 years and gave up my school job to become a full-time organic famer,” explained Ms. Pathum.
About Bangkok Land Public Company Limited
Bangkok Land Public Company Limited or “BLAND,” is one of the leading real estate companies in Thailand that has been in business since 1973. The company’s main objective is to develop land with the evolution of advanced technology to transform Muang Thong Thani into a fully integrated international modernization center. The company was listed on the Stock Exchange of Thailand in 1992. Currently, Bangkok Land expands its business according to its main line of business, including real estate groups, exhibition and convention center, hotels under the management of IMPACT, retail businesses, and restaurants in the IMPACT group. For more information, please visit www.bangkokland.co.th or https://www.facebook.com/bangkokland
May 19, 2022 – dtac, together with Chaipattana Foundation and the National Electronics and Computer Technology Center (NECTEC, under the National Science and Technology Development Agency (NSTDA), announced a major breakthrough in their quest to farm Lingzhi mushrooms in single-digit temperatures (off-season) through 5G networks on 700 MHz spectrum equipped with internet of things (IoT) and machine learning (ML) technology.
This collaboration is enabling researchers to collect important data about cultivation factors and record high-resolution multispectral images for crop inspection. The partnership, continuing to focus on Lingzhi mushroom cultivation, also brings in the expertise of a new academic partner, the National Biobank. The resulting knowledge and expertise will be passed on to farmers in cold-weather areas, sustainably raising their quality of life and revenue.
The medicinal mushroom Ganoderma lucidium, commonly called Lingzhi, offers a high commercial value of 2,000 baht per kilogram for dried Lingzhi and 20,000 baht per kilogram for their spores. However, it grows best in warm conditions between 7–10 degrees Celsius. In a place like Chiang Mai, Lingzhi mushrooms can be cultivated in all but the winter months of November to February, when temperatures hover at 7–10 degrees Celsius and is too cold for them to flourish. The joint research project aims to make off-season cultivation and high yields possible, enabling farmers to grow Lingzhi mushrooms all year round.
dtac, Chaipattana Foundation and NECTEC teamed up in 2020 to create a pilot farm of smart greenhouses using dtac’s 5G network to support the full potential for IoT and machine learning (ML) applications at Chaipattana Foundation’s agricultural research and development site at Pong Nam Ron sub-district, Fang district, in Chiang Mai province. The collaborative research findings will be applied to large-scale farms, increasing revenue and margins for Thai farmers.
IoT devices – carbon dioxide meters, lux light meters and high-resolution cameras – generate significant data that allows farmers to grow Lingzhi more precisely by forecasting important factors such as air quality, temperature, humidity and light. All datasets are displayed through a purpose-built mobile application, enabling farmers to generate higher yields.
Anutra Wannaviroj, director of the Chaipattana Foundation’s Highland Agriculture Research and Development Project, said “Technology has become an integral role in agricultural development, by applying technologies in various aspects of farming, such as crop management, energy consumption and marketing. This is aligned with the challenges Thai farmers will face in the future, especially climate change. The foundation hopes that communications technology like the IoT will help address productivity problems in greenhouse farming.”
Prathet Tankuranun, Chief Technology Officer of dtac, said, “We bring our technological expertise in 5G development to make Lingzhi mushroom farming more precise and effective. dtac is a part of the project’s network design and IoT device installation, as well as the 5G network expansion on the 700 Mhz spectrum. Additionally, we also support the cloud system that stores all data related to cultivation research and have developed a mobile application to help researchers monitor and understand that data.”
In addition to data generated by various sensors, having detailed images throughout the mushroom growth cycle allows researchers to assess the size, shape and colour of the Lingzhi mushrooms and determine their quality. To facilitate this, dtac also provided the installation of high-resolution multispectral cameras.
dtac hopes this use case will raise public awareness about the potential of 5G to grow and diversify the Thai economy, as well as tackle the agricultural challenges of climate change.
“dtac is pleased to be showcasing 5G technology, especially in a project linked to agriculture, which requires specialized knowledge for product development. In addition, we hope that these research findings will be useful for Thai farmers who wish to diversify into controlled environment agriculture. dtac is also privileged to continue its long-term research and development partnerships with Chaipattana Foundation and NSTDA,” added Mr. Prathet
Thanks to these 5G and IoT solutions, researchers have been able to measure carbon dioxide and illumination levels, as well study greenhouse images between December 2021 and February 2022. This data gathering and analysis have translated into mature mushroom yields that are similar to in-season levels, when temperatures range between 25 and 28 degree Celsius. This success is an important step towards climate-change resilience in the agriculture sector.
Chai Wutiwiwatchai, Executive Director of the NSTDA, said that the sensors, IoT cloud platform and cameras together have had a profound effect on the project. And with the simulation capabilities of the mobile app, the research team has been able to scale up the research and apply it across the greenhouse farm, under the responsibility of National Biobank (also under NSTDA).
“This collaboration is another milestone for agricultural research in the real world amid numerous digital challenges. Data is a critical part of artificial intelligence, while a reliable, fast network is like the blood veins of data transfer. Partnering with Chaipattana Foundation and dtac will foster a strong digital ecosystem for the public good. It will allow every stakeholder to achieve their organizational vision via advanced technology and propel us towards a stronger Thailand” said Mr. Chai.
Dnuja Sindhvananda, Member and Deputy Secretary-General of the Chaipattana Foundation, together with dtac’s Chief Technology Officer Prathet Tankuranun and NSTDA’s Executive Director Chai Wutiwiwatchai, visited the IoT-based automated greenhouse farm at Chaipattana Foundation’s highland agricultural research and development site at Pong Nam Ron sub-district, Fang district, in Chiang Mai province. The greenhouse project uses 5G technology on the 700 MHz spectrum to support the high-yield precision farming of valuable Lingzhi mushrooms.
Bangkok, May 19, 2022 – Bitkub Capital Group Holdings, blockchain technology development and cryptocurrency exchange in Thailand cooperate with Tao Kae Noi, the famous crispy seaweed snack producer and agree to sign a memorandum of understanding (MOU) to announce the campaign “NFT : THE PHENOMENON” to airdrop 600,000 NFTs on Tao Kae Noi physical snack packaging.
The customers can experience the new digital lifestyle by collecting non-fungible token (NFT) for both Tao Kae Noi and Bitkub collection. In addition, not only both Tao Kae Noi and Bitkub collection will be distributed throughout this campaign, the customers will also have a chance to collect the NFT collection “Yin War”, the famous Thai’s actors as the special collection and join the campaign in the future. Indeed, the users will have a chance to do the business pitching with Topp Jirayut Srupsrisopa, Founder and CEO of Bitkub Capital Group Holdings Co., Ltd., together with Tob Itthipat Peeradechapan, CEO of Tao Kae Noi Food & Marketing Public Co., Ltd.
The purpose of this cooperation is to push forward Thai’s startup and inspire new generation entrepreneurs by utilizing the efficiency of non-fungible token (NFT) and blockchain to adapt on physical snack packaging, which the users can scan QR code and receive NFT as the special collection by using Bitkub NEXT (digital asset wallet). The initial NFT airdrop will be started distributing in MOU signing press conference.
Due to this cooperation, there are 3 NFT collection which are “Journey of Tao Kae Noi”, “Journey of Bitkub” and “Idol Yin War 9 Collections” as special collections in which the users can collect and join the special campaign in the future.
Topp Jirayut Srupsrisopa, Founder and CEO of Bitkub Capital Group Holdings Co., Ltd. said “At this cooperation, it is not only just to create marketing campaign but it will also open the new experience for both Bitkub and Tao Kae Noi fans to be entertained and satisfied every time they tear off Tao Kae Noi snack package.”
Tob Itthipat Peeradechapan, CEO of Tao Kae Noi Food & Marketing Public Co., Ltd. said “We emphasize on approaching customers in every generation and trend. We want our customers to engage with the new technology, which we try to find something new for them to engage in the campaign. By combining both NFTs and physical snack package together, it is the new dimension of experience which our customers would be satisfied with our new activity.”
The Viriyah Insurance announced its 2022 roadmap with the concept of “Data-driven Innovation: Standing by your side with complete understanding and in-depth knowledge of all your risks”. Maintaining its prestigious status as the number one non-life insurer, the company continually introduces state-of-the-art products and service with top-notch protection service in mind.
As for this year’s motor insurance strategy, new products will be launched to meet the individual needs of customers in each region with various conditions and premiums. The company opts for personalized marketing when it comes to health insurance, offering products which respond to every unique demand. The past year’s objective was achieved with a gross earned premium of 38.8 billion Baht which contributed to a 1.56% growth. The company’s financial position remains strong with 77.5 billion Baht in total assets and a liquid asset ratio of 600.51%. A capital fund of approximately 41.4 billion Baht not only covered all COVID-19 claims that must be paid but also every one of the COVID-19 insurance policy issued by the company.
Mr. Amorn Thongthew, Director and Deputy Managing Director of The Viriyah Insurance Public Company Limited, admitted that, in 2021, most of non-life insurance companies had to face a critical issue of the Coronavirus crisis that continued into its second year. The Viriyah Insurance, with many years of competent management and continuous development of technology, managed to overcome this dilemma with strength and stability. As can be seen from the trust of the insured, The Viriyah Insurance continues to be the leader with the largest market share in the non-life insurance business for the 30th consecutive year. In 2021, the company gained a gross earned premium of 38.8 billion Baht, a growth rate of 1.56%, including the motor insurance premium of 33.4 billion Baht and non-motor insurance premium of 5.4 billion Baht, as well as a net profit of approximately 500 million Baht.
At the end of 2021, the company had total assets of 77.5 billion Baht and a liquid asset ratio of 600.51%, with a capital fund of approximately 41.4 billion Baht, while the capital adequacy ratio was 170% higher than the standard set by the OIC.
Mr. Amorn further revealed that the pandemic situation was likely to be more severe, that was why The Viriyah Insurance constantly evaluated and controlled both potential risks and even the worst possible ones. As a result, the company had enough liquid assets and capital to pay all COVID-19 insurance claims. This was all thanks to the company’s business philosophy: “Fairness is Our Policy”.
Regarding the 2022 action plan, The Viriyah Insurance will implement the strategy of “Data-Driven Innovation: Standing by your side with complete understanding and in-depth knowledge of all your risks.”, a concept developed by the company’s management team. The team recognized how people’s lifestyle had dramatically changed during these past two years of the coronavirus outbreak. Thailand’s economy had also suffered dramatic falls of purchasing power. Hence, The Viriyah Insurance places emphasis on developing products that will respond promptly to the needs of the customers by taking the Data-Driven Innovation approach.
Founded more than 75 years ago, The Viriyah Insurance is a largest insurance company, ranked as the market leader. The company can make the most of a large database of nearly 8 million customers providing relevant information used to find appropriate coverage and reasonable premiums for various insured groups. The company is ready to provide protection, together with fairness, throughout the term of the policy under any circumstances. Our products provide protection for the health of the people and their property as well as deal with liability. There are more than 60 products the consumers can utilize for risk management. For this reason, the customers will feel that we are always standing by their side, concluded Mr. Amorn.
Mr. Sayom Rohitasathira, Deputy Managing Director, revealed the past year’s success of the claim¬¬ service as The Viriyah Insurance had set up several claims operation centers in shopping malls, gas stations, commercial buildings within the community, and high traffic areas prone to frequent our clients’ car accidents. The company also made use of innovative technology in its VDO CALL system (Vclaim on Vcall) facilitating online claims with only a single call from a customer.
The most important aspect of the claims service that helps enhance the company reputation are insurance surveyors, also known as claims service representatives. No matter how advanced the technology is, service-minded personnel is the heart and soul of the business. At the scene of a road accident, it is crucial the insured has confidence in the surveyors. We, at The Viriyah Insurance, attach particular importance to the recruiting and training processes of insurance surveyors. We are meticulous in every step: setting qualification, conducting a test, performing selection process, implementing training courses on traffic laws, coverage according to policy conditions, and related laws. There are additional courses developed from long-term experiences of senior claim service staff.
Furthermore, Mr. Sayom revealed the company’s readiness to support electric vehicles (EV) by stating that The Viriyah Insurance is currently offering EV insurance. We have been preparing to support electric vehicle insurance for 4 years ever since EVs were only plug-in hybrid vehicles. We are to collaborate with leading manufacturers and distributors so that EV users’ every need will be met.
By organizing insurance premium structure as well as repair and spare part service, we hope the electric car users will feel more confident behind the wheels and take part in creating a cleaner environment with electric power.
As for the sales channel development guidelines of The Viriyah Insurance, Mr. Dondech Satchawirakun, Deputy Managing Director, clarified that insurance agents and brokers, with a total number of nearly 10,000, are the company’s powerful sales channel seeing that over 50% of all premiums received are derived from these dedicated and hardworking personnel. Accordingly, the company pays attention to promotion and personal development to regularly raise professional standards. We enthusiastically encourage them to adapt to the information age and the digital society so they can make the most out of technology, especially the use of social media to support sales and PR and to provide insurance knowledge to our customers and the public.
In terms of both online and offline sales channels, the company offers a full range of services to meet the needs of customers with different lifestyles. Those living in big cities can easily spot our service point in a department store. As for those preferring the online world, also known as digital natives, they can find us on http://www.viriyah.com and other online platforms.
Mr. Dondech added that, in 2022, the company will give the opportunity to people who are interested in becoming first-rate insurance agent with the aim of expanding insurance services nationwide. We also aim to boost business collaboration between companies in all areas. Henceforth, customers can find our agents and brokers in every province, every district, and even every sub-district across the country.
Concerning the non-motor insurance roadmap, Mrs. Thavikan Techataveesup, Assistant Managing Director, revealed that the last year’s performance of non-motor increased to 12.17%, regardless of a severe COVID-19 crisis, with a total written premium of 5.415 billion Baht. The company also achieved its goal by being able to expand its non-motor insurance growth rate to 13.98%.
Mrs. Thavikan added that during the last year the health insurance premiums of 851 million Baht have grown by 102%, bringing the market share to 5.7% compared to the previous year which was only 3.3%. We would like to express our gratitude to all customers for trusting our company, allowing us to soar to the fifth place within the health insurance business of Thai non-life insurance.
To achieve the principal goal for non-motor insurance in 2022, Mrs. Thavikan said the company will increase the ratio of non-motor insurance by putting a spotlight on product and service development. New innovations are implemented to help manage individual risks and assets. The company seeks to extend its protection to the vehicle health besides overseeing health insurance products and customer service.
We launched a new product at the beginning of this year: “Extended Warranty Insurance for Auto Parts” or simply “Extended Warranty”. The concept is that if a motor insurance covers accidents, it should protect the health of a car as well. This plan is designed to provide continuous protection as soon as the manufacturer’s warranty period has expired. It provides protection for up to 14 main parts and parts groups.
As for service development, the company strives to develop the Core System to support continuous growth of health and accident insurance. We focus on developing a CRM system and using Data-Driven Innovation to help us better meet the needs of individual customers. This includes launching ‘Get Healthy’ campaign to promote preventive health care, focusing on encouraging consumption behavior adjustment under close supervision of nutritionists and medical personnel. This activity is part of the Health Advisory program that aims to improve the quality of life of our customers before, during, and after treatment.
Mrs. Thavikan concluded that these are part of the company’s upcoming events. With a holistic approach in mind, The Viriyah Insurance intends to take great care of every customer’s health. We sincerely hope that these developments not only satisfy the customers’ needs but also motivate them to adopt a worry-free living filled with peace and happiness.
Thai AirAsia X, a Bangkok-based long-haul budget airline, has filed for bankruptcy with the Central Bankruptcy Court. Hearing will commence in August, it was disclosed on Thursday.
The company filed its case with the court on Tuesday and the court resolved to accept the plea the following day.
The court has scheduled hearings on August 22. The carrier’s creditors can submit their opposition to the plea at least three days before the hearings begin.
Thai AirAsia X is a joint venture of Malaysia carrier AirAsia X and Thai AirAsia airline.
Thai AirAsia X shareholder Tassapon Bijleveld, who is executive chairman of Thai AirAsia, said on Thursday that entering the business rehabilitation process is an option for the financially troubled airline to undergo financial restructuring.
“Now is the most suitable time. The airline has had to suspend its flights for two and a half years,” he said, adding that it plans to resume flights on June 1 to Seoul and Tokyo.
The carrier stopped all flights from March 16, 2020, after the Covid-19 pandemic struck.
Thai AirAsia X is the third Thai airline to seek rehabilitation through the Central Bankruptcy Court, after Thai Airways International and Nok Air.