The upgrade reflects the firm’s improvement in profitability and debt serviceability, driven by its house brand products and efficient cost controls, TRIS said.

The rating also reflects Siam Global House’s proven record in the home-improvement retailing industry in Thailand, expansion of warehouse-style stores to provincial areas, and the ongoing shift in customer preference from traditional home improvement to modern trade retailers.

These strengths are constrained by a long cash conversion cycle, intense competition, and a customer base which is highly sensitive to changes in agricultural product prices, TRIS added.

The new business has now secured as strategic partners the credit-card issuers of Citibank, the Government Savings Bank, Krungsri Credit Card, Krungsri First Choice, KTC (part of Krungthai Bank), Siam Commercial Bank, Thanachart Bank, and TMB Bank, DigitaLife  senior vice president Nonti Suptasavee said on Monday.

Users of xCash get discounts as cashback points at participating shops and accumulate them from any spending they make via cash, credit/debit card, PromptPay or similar means by using the xCash app to scan QR Code, he said.

These points can be converted into cash points that can be used for product/service payments to any xCash partner outlet, transferred to other xCash members, or donated to charities that join xCash, with one xCash point equivalent to Bt1.

To date, xCash is Thailand’s only app to offer unlimited benefits to users based on “the more you spend, the more you get”, Nonti said.

“Holders of credit cards issued by our eight bank/financial-institution partners can also turn 1,000 reward points in their credit-card accounts into 100 xCash points. Each xCash point is equivalent to one baht. We believe this conversion will encourage consumers’ spending.

“Many privileges are associated with xCash. Reward points can also be redeemed as cash points, gifts to friends, and even donations to charities. In the near future, we will add an xPay function to facilitate credit-/debit-card payments without requiring app users to carry a physical card. This feature promises to increase card users’ safety,” Nonti explained.

Since its launch last September, xCash app has already had 52,000 downloads during its test period.

DTGO now expects downloads to leap to 700,000 before the end of this year.

More than 300 shops in Bangkok and neighbouring provinces have signed up as xCash partners.

With the expansion of the app’s network, over 2,000 shops are expected to join, not only in greater Bangkok but also in other big cities such as Chiang Mai, Chon Buri, Phuket, Khon Kaen and Songkhla.

Major groups of partners are restaurants, cafés, bars, beauty clinics, health businesses, automobile facilities, IT product shops, language schools, tutorial schools, and shops along subway/Skytrain routes.

xCash points are expected to generate Bt600 million of spending in the Thai economy each year, thanks partly to partnerships with credit-card companies, the executive said.

DTGO derives revenue from xCash through revenue-sharing agreements with xCash partners, and xCash is forecast to provide about Bt200 million in such revenue to DTGO over three years, he added.

Following the success of the US$18 million (Bt570 million) tokenisation of the St Regis Aspen Resort, ER plans to tokenise the global real estate market. It is targeting $250 million (Bt7.91 billion) in transactions this year, with $100 million (Bt3.16 billion) in Thailand and a plan to launch products in the second and third quarters.

ER is also preparing to file for a Digital Exchange licence with the SEC to facilitate the local digital ecosystem, while SE Digital Co Ltd, a subsidiary of Seamico, is in the process of applying for an Initial Coin Offering Portal (ICO Portal) licence from the SEC.

The partners hope their linking will be a first mover of asset-backed digital securities in Thailand’s digital economy.

Committed to creating a sustainable blockchain ecosystem, Tezos Southeast Asia (TSA) is aiming to create the first blockchain education and research programme in Thailand in collaboration with Chulalongkorn University, Stephane De Baets, founder and president of Elevated Returns (ER) noted.

He added that Elevated Returns has huge ambitions to bring this technology to the global real estate market, and especially to Thailand.

“We see enormous opportunities here because Thailand is exceptionally receptive to digital transformation, and has the government’s support in line with the Thailand 4.0 policy,” said De Baets.

As part of ER’s expansion into Thailand, it closed the 21 per cent acquisition of Bangkok-based financial services firm Seamico Securities Plc, worth Bt467.1 million, on March 8. ER plans to tokenise the Thai real estate market by using the same model it employed in the US, where it raised $18 million through the St Regis Aspen Resort tokenisation, representing the first tokenised digital security offering of an internationally renowned trophy real estate asset issued in the world.

ER has confidence in the partnership with Seamico to educate, access, and transform the Thai real estate market. Seamico provides local business know-how, access to regulatory licences, a large local customer base and local distribution channels.

“This year, we target $100 million in transactions in Thailand and aim to launch products in Q2 or Q3,” he said.

“ER’s expansion into Thailand is riding on one of the world’s highest mobile banking penetration [rates] at 74 per cent, and the second highest penetration in terms of the number of crypto wallet holders at 9.9 per cent of the Thai internet user population. The company recognises that SEC Thailand is at the forefront of this industry and the country’s regulations are among the most supportive for the blockchain industry in the world,” said De Baets.

Based in Bangkok and Nonthaburi, Besser Display Technology (Thailand) Co Ltd is planning to invest Bt100 million over the next four years. It will initially focus on sales and marketing as the company works towards a 2022 opening for a new manufacturing facility in Chachoengsao province, aligned with Eastern Economic Corridor (EEC), the company said in a Monday release.

Founded in 2011, Besser’s vision is to pursue excellent quality with cutting-edge technology and quality customer support. The company aims to offer cost-effective, feature-packed, and highly customisable display solutions to businesses across multiple industries in the Americas, Europe, East Asia, the Middle East, Australia and more.

Thanawut Fangjirasakun, managing director of the Thailand presence, said that for eight years the company has designed and delivered exceptional quality display services, purpose-built to fit the varying needs of customers.

“With our new branch office in Thailand, we have established a new hub of operations for Southeast Asia and our very first office outside of China,” said Thanawut in the release.

“Thailand’s incredible potential for growth in the smart display category, and exceptional manufacturing capabilities, were both key factors influencing our decision to expand, and we aim to better serve our customers in the country and across the region in the years to come.”

The rating reflects a further deterioration in BEC’s operating performance, accelerated by digital disruption, said the agency. The increased adoption of digital forms of media has caused a secular change in audience viewing habits and altered spending on advertising.

BEC has a leading market position as a TV broadcaster and a strong balance sheet. However, TRIS Rating believes that stiff competition in the new media ecosystem and an uncertain economic outlook will continue to pressure the company’s operating results.

BEC’s earnings are not likely to recover to a level that is compatible with the previous “A” rating, said TRIS

“The Global Chemical Industry: Catalysing Growth and Addressing Our World’s Sustainability Challenges” says the industry “touches nearly every good-producing sector, making an estimated $5.7-trillion contribution to world gross domestic product (GDP) through direct, indirect and induced impacts, equivalent to seven per cent of global GDP”.

It supports 120 million jobs worldwide, the report says.

“The innovations developed and produced by the chemical industry’s longstanding presence worldwide have helped turn the tide of human history,” said Cal Dooley, ICCA council secretary and president and CEO of the American Chemistry Council.

“Over time, chemical manufacturers have become an integral part of the global economy and a critical enabler of technologies that improve people’s lives around the globe.

“This report makes clear that the chemical industry is an irreplaceable contributor to global GDP, a source of skilled employment opportunities and a major enabler of progress in the environmental, social and economic aspects of sustainable development as reflected in the United Nations Sustainable Development Goals.”

The largest contributor to GDP and jobs is the Asia-Pacific chemical industry, generating 45 per cent of the industry’s total annual economic value and 69 per cent of all jobs supported.

Europe made the next most important contribution ($1.3 trillion total GDP contribution, 19 million jobs supported) followed by North America ($866 billion, six million jobs).

“This new analysis underscores the essential role that the chemical industry plays in driving economic growth and creating opportunity for millions of people around the world, but the chemical industry’s impact goes beyond economic value,” said Marco Mensink, director general of European Chemical Industry.

“Working in partnership with United Nations Environment through the Strategic Approach to Chemicals Management, we are deeply committed to building capacity to safely manage chemicals through their production, transport, use and disposal, and have held over 230 workshops in 45 countries.”

It assigned the same rating to LPN’s proposed issue of up to Bt1 billion in senior unsecured debentures.

Proceeds from the debentures will be used to repay short-term debts and for working capital.

The ratings reflect the company’s proven track record, with a well-accepted brand name in the middle- to low-priced condominium segments, cost competitiveness derived from efficient construction management, and conservative financial policy.

The ratings also take into consideration the company’s relatively concentrated product portfolio in terms of product types and price ranges, the cyclicality and competitive environment in the residential property development business, the impact from the introduction of new loan-to-value rules by the Bank of Thailand, and the lingering high household debt which could impact housing demand in the short to medium term.

The fast-growing one-stop e-commerce platform has garnered 500,000 users in the region in the last 12 months. It is aiming to recruit Thai e-commerce merchants as part of its expansion strategy and has rolled out onboarding programs for new merchants and users.

“We are pursuing a plan of expansion and hope to achieve revenue growth through mass adoption by users and merchants. Thailand is fast becoming the leading e-commerce market, and our aim is to increase our user and merchant base through user incentive programmes, brand awareness and marketing programmes,” Sir Eldee Tang, chief executive and founder of Noble Vici Group, told The Nation.

Thailand has more than 57 million internet users, most of them digitally savvy and well-versed in mobile and e-commerce. The market is valued at US$3.5 billion and is expected to generate growth of 13.2 per cent annually, reaching $5.8 billion by 2022.

“We look forward to welcoming new local merchants to our platform and would encourage sellers and buyers to experience the online marketplace for the first time,” Eldee added.