Western Union Global Money Transfer is a business unit under the Western Union Company.

In February, the Western Union Company unveiled a new option that allows Amazon.com customers in Thailand to pay for their purchases in baht. This service was initially offered in 10 countries, namely Chile, Colombia, Hong Kong, Indonesia, Kenya, Malaysia, Peru, the Philippines, Taiwan and Thailand, allowing customers to pay in cash for items bought on Amazon.com.

“We are now expanding the coverage of agent locations where this new service is available for Amazon customers. We are also working with Amazon on expanding to more countries in the future, though we don’t have anything further to share at this time,” she said.

Under the current collaboration, Western Union powers Amazon’s new cross-border payment option, called Amazon PayCode, by processing the complex foreign exchange, settlement and money movement requirements for international e-commerce transactions.

After selecting PayCode on the Amazon.com checkout page, customers are sent a code, along with instructions on how to pay in person at a participating Western Union agent. This collaboration provides consumers, who have largely been excluded due to a lack of accepted payment methods, a greater access to goods. Rajola added that Western Union will continually work on improving this payment service.

When asked why the service was initially introduced in only 10 countries, she said the decision was based on the fact that customers at these destinations have a strong preference to pay in person.

Also, she said, Western Union is synonymous with the ability to move funds quickly and reliably across the globe, and research shows that customers want access to Amazon’s vast selection of products in a convenient, reliable and locally relevant manner.

“We are pleased with the progress we are making. Our initial rollout is focused on testing with a limited number of customers and locations to observe consumer interactions, so we can refine the process. We have utilised this to refine agent training and education, customer experience and technology connections.

“We have also deployed Web pages in local languages to help customers understand how it works. Amazon has focused on refining customer experience of PayCode at checkout, the payment process, and technology connections. We will be tracking to see how the service and customer demand evolves,” Rajola said.

She added that this service has opened up new possibilities both in terms of product selection and payment options. The Western Union-Amazon collaboration is focused on globalising e-commerce and creating greater access to Amazon’s product selection.

“There are entire communities who want greater access to Amazon’s huge product selection, but paying for those purchases has been a real obstacle for many international customers. So, what we’ve brought to the table our unique ability to connect the digital and physical worlds of money on a global scale. This is a prime example of how we’re monetising our money-movement platform in innovative new ways.

“While we’re known primarily for our consumer-to-consumer money transfers, we’re increasingly opening our platform to power third-party applications. Our platform enables us to power cross-border money movement solutions for a wide range of businesses,” she added.

She went on to say that the ultimate goal of launching this new payment option is to allow international shoppers to shop globally and pay locally – in person at Western Union’s agent locations – without requiring an internationally-enabled credit or debit card.

“There are two new technologies which Emerson has been working on: the variable speed refrigeration condensing unit and refrigerators with a lower ‘global warming potential’ (GWP),” said John Heo, vice president, Southeast Asia, Emerson Commercial and Residential Solutions.

Heo said the two technologies are currently being developed in Suzhou, China. He expects the development phase to be completed in the next two years, with investment sums of between $10 to $20 million (Bt316 to Bt633 million) to follow afterwards in the manufacturing phase.

“The variable speed condensing unit is more efficient than traditional condensing units, as it will be able to adjust its speed according to the demand of the system. This will lower the power consumption and, in turn, will lower the costs for our customers,” he said.

As for the lower GWP refrigerators, environmentally less harmful products are becoming more popular in many Asian markets. Even though Thailand’s market is still lagging behind markets of developed countries, Heo said, its people will sooner or later start to demand more environmentally friendly products.

Twenty-one years ago, Emerson invested over $100 million to establish a manufacturing centre in Thailand’s Eastern Seaboard, currently known as the Eastern Economic Corridor (EEC), he recalled

Then six years ago, Emerson established a training centre to provide training advice to its customers about the products. And three years ago, the firm invested in the manufacturing of condenser units in the Kingdom. Through these two projects, Emerson has invested up to $1 million in Thailand in the past half-dozen years.

“Through investing to continually improve our products and services and enhancing our position as a leading firm in the refrigeration industry, Emerson has achieved an average of 10 per cent growth in sales for the past five years, and we aim to maintain this sales-growth rate for the next five years,” said the vice president.

The core of Emerson’s business strategy for the upcoming years lies in its focus on Thailand’s cold chain market.

A “cold chain” is a supply chain of goods that need to be stored under controlled temperatures, such as fruits, meat and vegetables.

“In the past, Thailand’s strong exports was the backbone of the cold-chain industry, as Thailand exports various non-durable goods to the rest of the world,” Heo explained. “However, in the past 10 years, Thailand’s middle class has expanded and the domestic demand for fresh products in convenience stores and supermarkets has grown rapidly.”

It is in the latter part of the supply chain, boosted by domestic demand, that a new target market for Emerson has emerged. This includes selling refrigeration units to pharmacies, supermarkets, restaurants and other commercial distribution outlets.

“Thailand’s cold-chain market has been growing by double digits over the past 10 years, and is expected to grow at a high single digit in the upcoming five years,” Heo finished.

The firm expects 50,000 transactions per month with value of around Bt700 million in the next three months.

Thailand Post president Smorn Terdthumpiboon said the firm is partnering Bank of Ayutthaya, CIMB Thai Bank, Krung Thai Bank, Kiatnakin Bank, Government Savings Bank, Kasikornbank, Siam Commercial Bank, Thai Credit Retail Bank, Tisco Bank and Thai Military Bank for the money deposit service.

The Bank@Post services will serve as a counter for banks, which are reducing the number of their branches in recent times. The service targets upcountry customers and online shop owners who can deposit their money via Thailand Post branches and counter services. The maximum deposit is Bt20,000 to Bt50,000 per transaction depending on the terms and conditions of each partner bank.

The firm will also launch a promotion campaign for customers, with fee charge for deposits at Bt5 per transaction from now util the end of April.

She said that the Bank@Post services will serve as an alternative choice for people who live upcountry. They will be able to deposit their money via Thailand Post branches and counter services without going to the bank.

The firm in the second quarter will invite Bangkok Bank to participate in the Bank@Post services. It will also provide new money withdrawal services while in the next step, it will provide loans and e-KYC (know your customer).

She said by the end of this year Thailand Post will install e-KYC machines.

Recently, Thailand Post initiated many other financial services such as COD through Wallet@Post Application, which has recently been used for 1 million transactions, traffic ticket payment at post office and M-Pass top-up service for automatic payments for tollways and expressway.

The firm by the end of this year expects to generate revenue of around Bt30 billion revenue with net profit of around Bt4.4 billion.

With a loan-growth target of 6 per cent and targeted deposit growth of 10 per cent, Krungsri continues to effectively leverage synergy with Mitsubishi UFJ Financial Group (MUFG) to create customers’ business opportunity and support the continuation of Thailand’s economic growth, the bank said on Tuesday.

Pornsanong Tuchinda, Krungsri head of Commercial Banking, said: “Krungsri’s commercial banking group has continuously expanded in the past year, mainly driven by improved economic conditions and rising private investment. Our loan portfolio, which included large corporate customers and small to medium-sized enterprises, grew 5.6 per cent in 2018, while deposits increased 2.9 per cent, reflecting our operational strength and the positive outcome of our synergy with MUFG.

“The global strength enables Krungsri to have an outstanding position in services and capabilities to create competitive advantage and enhance business opportunity for customers.

“For 2019, we continue to focus on the customer-centricity approach, and give priority to understanding the needs of our customers at each stage of growth, as well as deploying digital technologies to provide a variety of products and upgrade service standards to serve different customer needs.

“This year, we have set a loan-growth target of about 6 per cent and a deposit-growth target of about 10 per cent.”

Metinee Jongsaliswang, Krungsri head of Corporate Banking Group, said that Krungsri for 2019 would focus on three core areas for corporate customer services.

First, it provides credit facility and all types of services to support customers’ growth and their business expansion.

Second, it proactively advises on total financial solutions that fit corporate clients’ businesses and their growth stage, and builds strength through the collaboration with MUFG.

Third, it provides efficient service quality to best match the needs of customers through the digital platform, while deploying financial innovations to help manage liquidity and risk for operational efficiency of corporate customers, he explained.

It is now planning to tap deeper into the market with 16 new projects, including single houses and townhouses, worth more than Bt24.2 billion in 2019.

Targeting all segments in Bangkok and major cities across the country, the developer anticipates Bt14.4 billion in presales from the execution of the “Sansiri for Greater Well-being” vision through its products, including its first launch of 2019, “Setthasiri Thawiwatthana”. Boasting a total value of Bt2 billion, the project introduces the first-ever “dust-free house” in Thailand, aiming to prevent the adverse health effects caused by PM2.5.

Somkiat Hongsuppinyo, executive vice president of the Low-Rise Project Development Division, said 2018 was Sansiri’s best year ever. “We broke through previously established milestones and set several new ones, including the highest presales record in our 34-year history of Bt48.5 billion and a 40 per cent year-on-year growth in the low-rise housing market.”

Meanwhile, the single house brands in its portfolio also gained substantial success and saw an impressive 35 per cent growth as a result of strong customer reception in Bangkok and other provinces, he added.

This year, Sansiri is poised to launch a total of 28 projects worth Bt46,600 million with a focus on low-rise houses to ensure a diverse and balanced company portfolio and fulfill the continuously increasing demands for single houses and townhouses in the market, said Somkiat.

Of the total 28 projects, 16 projects will be low-rise properties set to increase the low-rise housing market share in all price ranges and segments, with a total value of more than Bt24.2 billion. The low-rise projects scheduled to be launched this year for upscale to upper-midscale consumers include the S-segmented Tiger Lane project, the mid-high-segmented Setthasiri project and the Burasiri project. Meanwhile, more affordable choices this year will include Saransiri, Kanasiri, Anasiri, Habitia and Siri Place projects.

“Starting this year, new projects developed under the umbrella of Sansiri will feature slight improvements that cater to the current living trends and specific needs of certain target groups, such as families with elders and children, health-conscious individuals and environmentally-friendly residents,” Somkiat said.

Setthasiri Thawiwatthana is Sansiri’s first single-house project of the year and boasts a total value of over Bt2 billion.

The project is built on Sansiri’s 2019 key vision, “For Greater Well-Being” which reflects the developer’s strong commitment to promoting holistic wellness in parallel with comfortable living and environmental conscience through all physical, mental and social well-being elements present in the projects.

The Setthasiri Thawiwatthana project consists of two-storey single houses, each located on a minimum land plot of 400 square metres. Priced at Bt15-20 million, the project’s units are located in a prime area with easy access to mass transit. The transit connects to Bangkok’s inner zone and provinces within its vicinity via Srirat Expressway and Boromrajchonnee Elevated Expressway along with the extension of MRT Blue Line that is scheduled to start operation this year as well as the suburban railway system Light Red Line in 2022.