Fintech start-ups ‘vital to future health of banks’

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Vijay Mani
Vijay Mani

Fintech start-ups ‘vital to future health of banks’

Corporate October 17, 2018 01:00

By   PHUWIT LIMVIPHUWAT
THE NATION

MANY THAI companies have IT systems that are not designed for ease of technological integration, says Vijay Mani, partner, strategy and operations consulting, for Deloitte Touche Tohmatsu India Pte Ltd. And that is a key challenge faced by Thai banks as they partner with fintech start-ups.

Deloitte Touche Tohmatsu Ltd is a multinational professional services network, with 25 office locations in Southeast Asia employing up to 7,400 professionals.

Fintech – companies offering financial technology in financial services – have become increasingly involved in the banking industry in Thailand, says Vijay.

“Fintechs utilise alternative information sources to evaluate and predict customer credit worthiness,” he says. These include SMS, emails, Facebook, call logs and e-commerce payments.

“The whole idea in the fintech space is to be able to integrate quickly and launch products quickly in a business landscape that is rapidly changing,” he says.

“Therefore, one of the biggest challenges for banks is to look at their IT systems and figure out what kind of technology models they should have to allow for ease of integration with fintech companies and launch a new product within a few weeks,” he continues.

Another challenge surrounds the kind of business models that banks have. Once partnered with fintech companies, banks have to figure out whether they want to share revenue with their partner or charge a flat fee for each product. They also need to figure out the exact specifics of the rights they and their partner share over the product, as well as how their fintech partners share their risks and liabilities, according to Vijay.

“The commercial model for how banks should integrate with fintechs on the business level is a key question which is going to be a challenge for Thai banks,” he said.

The third area of challenge for banks concerns issues of consumer protection.

Ensuring that customers have given banks their complete consent is going to be a challenge, as fintech companies often draw their information from alternative data points.

This issue is important for banks because without proper consent from customers, in utilising alternative information banks could be violating certain legislation governing consumer protection, says Vijay.

Thai companies in the banking sectors have expressed concerns with regards to this issue and have questioned how Indian banks deal with consumer protection legislation that is only getting tougher, he says.

However, increased regulation does not mean that alternative data sources are going to be entirely restricted from use by companies and negatively affect the growth of fintech. Legislation on data protection only means that use of the alternate data sources must now be more specific to different companies and different purposes, Vijay suggests.

Governments recognise that ultimately, fintechs will benefit financial services. Although there is more legislation on data protection being passed yearly, they are not intended to limit the growth of fintech, he added.

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Corporate October 17, 2018 01:00

By The Nation

The Bank of Thailand yesterday approved the foreign exchange licences of two securities firms : KTB Securities (Thailand) Co Ltd, and KT Zmico Securities Co Ltd.

 The licence allows a company to provide foreign exchange trading for its customers investing in the capital market, said Bank of Thailand’s assistant governor/financial markets operations, Vachira Arromdee.

DTAC bids for 900MHz spectrum in strategic move to recapture market

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DTAC bids for 900MHz spectrum in strategic move to recapture market

Corporate October 17, 2018 01:00

By The Nation

DTAC TriNet, a subsidiary of telecommunications company Total Access Communication Public Co Ltd, yesterday submitted its bid for the 900MHz spectrum to the National Broadcasting and Telecommunications Commission (NBTC).

The submission makes it the only bidder for the spectrum.

Owing to the company’s bid yesterday, the NBTC decided not to appeal against a recent Central Administrative Court ruling that gives DTAC customers the right to continue using the 850MHz service until December 15.

This leaves DTAC as the sole bidder for the October 28 auction of a licence to operate 2×5 MHz spectrum on the 900MHz bandwidth. The bid’s starting price is Bt37.99 billion.

The Total Access Communication Plc’s board of directors approved participation in the auction yesterday.

Boonchai Bencharongkul, chairman of Total Access Communication Plc, said: “Joining the 900MHz frequency band auction is an important decision which underpins DTAC’s long-term strategy to enhance network quality and provide competitive services to all mobile users nationwide. We are confident this decision will enable DTAC to strengthen its market position and secure future value creation.”

Alexandra Reich, company CEO, said: “The 900MHz auction provides a good opportunity for us to improve our spectrum position in line with DTAC’s long-term strategy and [is] in the best interest of our customers. We intend to make the best use of this opportunity and fight back to capture our fair share of the growing Thai market.” The NBTC had previously announced that it would lodge a court appeal on October 16 (yesterday), if DTAC failed to submit a bid for the 900MHz spectrum within the deadline early on the same day.

The NBTC had declined to allow DTAC customers to continue using the 850MHz service after the company’s concession of 1800MHz and 850MHz ended on September 15. This prompted DTAC to seek an interim protection from the Administrative Court. On September 14, the court decided to allow DTAC customers to continue using the 850 MHz spectrum until December 15.

Meanwhile, Fitch Ratings yesterday affirmed DTAC’s long-term foreign- and local-currency Issuer Default Ratings (IDR) at “BBB” with a stable outlook. The agency also affirmed DTAC’s national long-term rating at “AA(tha)” with a stable outlook and national short-term rating at “F1+(tha)”.

The affirmation reflected Fitch’s expectation that DTAC “should be able to maintain robust profit margins and operating cash flow over the medium term despite a continued deterioration in its market position”, Fitch announced in a press release.

“We expect DTAC to maintain its FFO adjusted net leverage below 2.5x over the next three years, which is still commensurate with its current ratings,” the release said. “Nevertheless, we may take negative rating action if the company’s business risk increases due to greater-than-Fitch-expected deterioration in its market position.”

DTAC yesterday announced a net profit of Bt572 million for the first nine months of 2018, down from the same period last year, due to higher depreciation and amortization expenses from continued investment in network expansion and one-time non-cash charge of Bt1.4 billion after the settlement of tower ownership dispute with CAT prior to the expiry of concession .

However, operating cashflow for the ninth-month period remained strong at Bt11.6 billion and financial ratios were solid with net debt to EBITDA of 0.7x and net debt to equity of 2.8x. Cash on hand at the end of Q3/18 stood at Bt26 billion.

Top-class education beckons at King’s College International School Bangkok

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Top-class education beckons at King’s College International School Bangkok

Breaking News October 17, 2018 01:00

By The Nation

The movers behind King’s College International School Bangkok – a new institution set to be established at the heart of Bangkok through collaboration with the UK top-tier King’s College School, Wimbledon – aim to help turn Thailand into a leading education hub of Asia.

Excellent Education of Thailand (XET) has signed an agreement with King’s College School, Wimbledon to establish an international school offering a world-class education.

It will be built on Ratchadaphisek-Rama III Road, with plans for the first school year in 2020.

Founded in 1829, King’s College School, Wimbledon – widely known as King’s – is a top independent school in the UK.

Currently led by Andrew Halls, the headmaster, King’s is consistently placed within the top five schools in the UK’s national league tables.

Prof Sakorn Suksriwong, president of XET Group, said: “We have spent years researching and screening schools with best-in-class teaching standards and a shared vision to collaborate with. Then we met with King’s College School, Wimbledon and we were very impressed with not only the high academic-achieving results, but also the passion in educating children to become well-rounded individuals with high intellectual capabilities.

“XET Group was founded to achieve the goal of high-quality education, as this will benefit not only students and parents but also society and the country. As Thailand strives to rise above the middle-income trap, our society needs modern education that can meet the highest international standards… We truly hope that our King’s College International School Bangkok will be a driving force in Thailand to be the leading education hub in Asia.”

Lord Deighton – chairman of the governing body at King’s College School, Wimbledon – said: “We were very impressed with XET’s vision to establish one of the best international schools in Bangkok and their ambition to replicate King’s in Wimbledon so closely. Everybody at King’s immediately felt chemistry with the team from XET.”

King’s College International School Bangkok will cater for 1,500 students aged from two to 18.

DTAC the sole bidder in upcoming 900MHz auction

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DTAC the sole bidder in upcoming 900MHz auction

Corporate October 16, 2018 16:26

By The Nation

DTAC TriNet, a subsidiary of Total Access Communication, on Tuesday submitted its bid documents for the 900MHz spectrum auction to the National Broadcasting and Telecommunications Commission (NBTC).

The submission makes the mobile operator the only bidder for the spectrum licence, for which the NBTC will hold the auction on October 28.

The auction is for a licence to operate two 5MHz sections on the 900MHz bandwidth, with a starting bid price of Bt37.99 billion.

Due to the company’s bid submission, the NBTC will not lodge an appeal to the

Supreme Administrative Court against a recent ruling of the Central Administrative Court, which allowed DTAC customers to continue using the company’s 850MHz service until December 15.

Earlier, the NBTC had announced that it would immediately lodge an appeal if DTAC failed to submit the bid application for the 900MHz licence by the submission deadline of October 16.

The NBTC had declined to allow DTAC customers to continue using the 850MHz service after the company’s 1800MHz and 850MHz concession ended on September 15 this year. This prompted DTAC to seek an interim protection from the administrative court, which ruled on September 14 to allow its customers to continue using the 850MHz spectrum until December 15.—————

Narupon Rattanasamaharn, fourth left, DTAC senior vice president, head of Regulatory Division, hands over the bid documents to NBTC secretary-general Takorn Tantasith, fourth right, on Tuesday.

DTAC announces board approval to join the 900 MHz auction

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DTAC announces board approval to join the 900 MHz auction

Corporate October 16, 2018 09:38

By The Nation

Total Access Communication PLC or dtac announced on Tuesday that the company’s board of directors has approved its participation in the 900 MHz auction to be held on October 28.

Boonchai Bencharongkul, chairman of Total Access Communication PLC or DTAC, said: “Joining the 900 MHz frequency band auction is an important decision which underpins DTAC’s long-term strategy to enhance network quality and provide competitive services to all mobile users nationwide. We are confident that this decision will enable DTAC to strengthen its market position and secure future value creation.”

Alexandra Reich, company CEO, said: “The 900 MHz auction provides a good opportunity for us to improve our spectrum position in line with DTAC’s long-term strategy and [is] in the best interest of our customers. We intend to make the best use of this opportunity and fight back to capture our fair share of the growing Thai market.”

ThaiBev pushes food business growth

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Nongnuch: Since 2008, our food business has grown by three times. Today, we operate 562 branches of Japanese and non-Japanese restaurants with 27 brands altogether.
Nongnuch: Since 2008, our food business has grown by three times. Today, we operate 562 branches of Japanese and non-Japanese restaurants with 27 brands altogether.

ThaiBev pushes food business growth

Corporate October 16, 2018 01:00

By KWANCHAI RUNGFAPAISARN
THE NATION

THAI BEVERAGE (ThaiBev) is revising its crucial strategy with a focus on increasing organic growth and continuous expansion of its food business operating under its current restaurant brands.

Nongnuch Buranasetkul, senior vice president and food business chief for Thailand, said that ThaiBev had entered the food business by acquiring Oishi Group in 2008, which had more than 90 branches at that time. The company started to diversify from Japanese restaurants in 2015. In December last year, it also bought 252 branches of KFC restaurants.

“Since 2008, our food business has grown by three times. Today, we operate 562 branches of Japanese and non-Japanese restaurants with 27 brands altogether,” said Nongnuch, who is also president and CEO of Oishi Group.

“We plan to expand all brands in our portfolio, with about 50 outlets a year from Oishi, QSA [QSR of Asia] and Food of Asia [FOA],” she said. “As of now, we do not expect to add more brands into our portfolio.

However, we will drive growth through our current brands,” added Nongnuch. She said the company faced a few challenges. They are:

“Highly competitive market: There are numerous brands and categories, both local and international, offering the consumers plenty of choices. Buyers have limited purchasing power and consumption capacity, so there is more intense competition for a share of their stomachs.

“Rapid change in consumer behaviour: How fast we can adapt ourselves to better respond to them in time eg urbanisation, growth of the middle class, technology/digital lifestyle or healthy eating. These are challenging but at the same time there are opportunities if we move fast.

“Personnel: As we grow, we need to develop and build our team fast to catch up with our business growth.”

She said in terms of macro-consumer trends, the world is changing very fast, and the company needed to adapt quickly. There is rapid urbanisation, a growing middle-income class, increasingly tech-dependent lifestyle, focus on healthy eating as well as an ageing society. And there is also the Asian century. Asia will become the future growth market.

“Our strategies are to drive organic growth, expand aggressively, build technologies and digital strengths to enhance and improve store efficiency, as well as improve business fundamentals,” said Nongnuch.

She said the company would drive its organic growth through innovation, value for money and delivery platform. For store expansion, the firm will expand aggressively with both current and new models of its restaurant business.

“We will also make serious inroads in the packed food segment. This is a huge opportunity, as we are still small in this category. We will improve our distribution to gain more penetration, as well as to build technology and digital strengths to improve customer experience and in-store efficiency. We can capture new consumer lifestyles, as they look for ease and convenience,” she said, adding the company needed to improve its fundamentals with people and processes to improve productivity and efficiency.

“The move is in line with our vision to be the King of Japanese Food and Beverages, offering a variety of options and price tier,” said Nongnuch.

She said that one of the Oishi strategies is to drive expansion. Therefore, apart from nationwide expansion, the company definitely wants to take its brands overseas.

“Our vision is to grow Asean, and our initial plan is to focus on CLMV [Cambodia, Lao, Myanmar and Vietnam],” said Nongnuch.

She said the company had seen a declining demand in the overall green tea market and it was the same for Oishi green tea.

“The key reason is the excise and sugar tax. However, the good news is the rate of decline is slowing.

“We do have plans to respond to the situation. For example, we have launched the Oishi new 350ml size at Bt15, as we see a price gap in the market. It’s a kind of magic price point.

“We launched this in April this year and got quite a good response. We know innovation is also one of the key strategies for the success of Oishi, so we continue to offer innovation to consumers,” said Nongnuch.

At A Glance

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  • Electric tuk-tuk dealer seeks drivers
  • UPS expands My Choice service in Asia Pacific
  • MoU signing

At A Glance

Corporate October 16, 2018 01:00

By The Nation

Electric tuk-tuk dealer seeks drivers

Loxley and Government Savings Bank have joined hands to offer loans for tuk-tuk drivers to purchase new electric three-wheelers to create a new career opportunity.

Loxley’s Energy Strategic Business Group is an authorised dealer of the electric three-wheelers brand, TukTuk Factory (TTF), which distributes in Thailand and across Indochina.

Loxley’s tuk-tuk offers a high-performance engine and a car charger designed for use with a general household outlet (220 watts).

With machine parts that are made in Thailand, the firm can provide a maintenance service within 24 hours. Its electric model meets regulatory, technical and safety requirements, and likely to obtain approval from the European Union too.

“Our Tuk Tuk will help create a good image for the country,” said Loxley’s Nimit Prasertsuk, executive vice president, energy strategic business group.

“At this stage, we have invited tuk-tuk drivers in Chiang Mai to apply for the loans. Later we will also focus on other business groups such as hotels, hospitals, serviced apartments, schools, and food trucks which need electric tuk-tuks for their business.”

A memorandum of understanding on the matter was recently signed between Loxley’s Nimit and Jiraporn Nugitrangson, GSB’s senior executive vice president, grassroots and public sector customers group.

MoU signing

Pisit Rangsaritwuthikul, director-general of Thailand Professional Qualification Institute (Public Organization) or TPQI recently signed a memorandum of underdtanding with Ingo Imhoff, programme director, RECOTVET Deutsche Gesellschaft fur Internatinale Zusammenarbeit (GIZ) GmbH. TPQI will serve as a technical training centre under the German Government for International Cooperation (GIZ) and its task is to help enhance professional qualification system for business sectors.

Ananda first developer to implement VR models

Ananda Development is the first property developer in Thailand to implement Virtual Reality (VR) Building Information modelling (BIM) – immersive digital models of devel

opment plans.

VR BIM models streamline the entire development process, allowing for reductions in both project costs and time.

Right after the launch of Ananda UrbanTech, the strategic plan of the publicly- listed property developer to improve the lives of urban-dwellers through innovation and technology, the company has spent the past 12 months designing and honing VR BIM models for a more accurate, user-friendly and streamlined alternative to traditional BIM models, previously considered as the gold standards of development plans.

This revolutionary technology allows those involved at every stage of a development, from contractors to designers and sales and marketing teams, to get a real feel for the property by ‘stepping into’ the development. This interactive approach offers a practical way for stakeholders to identify potential issues and to solve them quickly.

Ananda Development’s total investment of Bt1 million is expected to pay off quickly, having already produced tangible reductions in both the costs and time involved across the 13 developments it’s been used, including Ashton Rama9, Q Sukhumvit 36 and Ideo Sathon. Within 12 months of use, Ananda Development reported a marked reduction in requests for information (technical queries asked by those working on the project), saving the projects both time and cost.

UPS expands My Choice service in Asia Pacific

UPS recently announced the global expansion of UPS My Choice service to 96 additional countries and territories, bringing the total to 112.

With the entrance into countries and regions in Asia Pacific, Africa, the Indian Subcontinent, Caribbean and Central and South America, Middle East and Oceania, and an expansion in Europe, this package-delivery management service has the ability to help more busy consumers and consignees around the world to track, schedule, and redirect their packages—just in time for the peak holiday shipping season.

In Asia Pacific, UPS My Choice will be introduced in 13 markets, including Australia, China, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

This expansion, the largest since the service was launched seven years ago, comes as membership in UPS My Choice crosses the 52 million-member mark worldwide. This combination of scale and geography provides shippers a distinct advantage as cross-border shopping increases.

“Online retail in Thailand has seen strong growth and is now the second largest e-commerce market in Southeast Asia,” said Russell Reed, managing director of UPS Thailand.

“With the launch of UPS My Choice in this market, as well as several others in the region, we’re providing value towards a more seamless experience for shoppers, giving them greater visibility and control over their deliveries.

“This service also provides Thai e-tailers with a clear point of difference in their shipping capabilities against their competitors, so it’s a win-win on both sides of the e-commerce coin.”

GE pushes back Q3 earnings release to October 30

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GE pushes back Q3 earnings release to October 30

Corporate October 13, 2018 14:59

By Agence France-Presse
Washington

General Electric, the once-mighty conglomerate which weeks ago announced a new chief executive in a move meant to stem a two-year decline, has said it will move the date of its third-quarter earnings release to October 30.

The company postponed the release by a week “to allow GE Chairman and CEO Larry Culp to complete initial business reviews and site visits following his appointment on October 1,” it said in a statement.

“The company will discuss the results for the third quarter ending September 30, 2018. Culp will share his initial observations, with more detail expected in early 2019.”

H. Lawrence “Larry” Culp, 55, is GE’s third CEO in 14 months following the ouster of John Flannery.

In announcing Culp’s rise, the company, which was bumped from the prestigious Dow Jones Industrial Average in June, cited his history as chief executive of the industrial and healthcare conglomerate Danaher, where GE said he presided over a quintupling of market capitalization.

Culp was named to the GE board earlier this year.

GE’s other bombshell was that it planned to write down effectively up to $23 billion in value from its troubled power business, the prime catalyst of its nosedive in stock market valuation.

The right CHEMISTRY

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The right CHEMISTRY

Corporate October 13, 2018 01:00

By Sirivish Toomgum
The Nation Weekend

JUERGEN Meyn runs a complex business with diverse responsibilities as the Thailand chief of a multinational company offering products with leading technology for a range of manufacturing applications.

But, when it comes to leadership style, it’s much simpler. The German executive is guided by a few basic principles: “Always be respectful to everybody, be honest, and be there for your team,” he says of his role at the helm of hi-tech polymer materials supplier Covestro (Thailand) Co., Ltd.

Drawing on his experience in production, including in a multinational working environment, Meyn took over the role of managing director of Covestro Thailand and site manager of the company’s manufacturing plant at Map Ta Phut in Rayong province on June 1.

“At Covestro, we prefer to talk more about leadership than management style. For me there are a few basic principles. To always be respectful to everybody is one. At the same time, be honest. It is my strong belief that this is the basis on which we can build up trustful relationships. To have a purpose and strive for it is another basic principle,” says the 55-year-old executive, who was born in Freiburg/Elbe.

 “I really like Covestro’s purpose – to make the world a brighter place,” he says. “For me personally, that fits very well with my aims and provides excellent guidance for an inspiring vision for the business, as well as in private life.

“Today’s world is very complex and changing at an increasing speed. To cope with that, active networking is imperative. This also means that as a manager you should be easily approachable, especially for your team. And that is another one of the basic principles: be there for your team.”

The German company Covestro was earlier Bayer’s materials science division, known as Bayer MaterialScience, before it was spun off in 2015 to become an independent and separate legal entity operating under the name Covestro.

Covestro is now a world-leading supplier of hi-tech polymer materials. It has three businesses in Thailand under the responsibility of Covestro (Thailand), covering polyurethanes, polycarbonates, and also coatings, adhesives and other specialties.

Its world-scale manufacturing site in the Map Ta Put Industrial Estate produces polycarbonates and specialty films. It also has a Systems House in Bangpoo Industrial Estate, Samut Prakan, which tailor-makes polyurethanes for customers’ needs.

Meyn says the keys to success in ensuring the smooth running of the company’s manufacturing plant in Map Ta Phut include a strong, committed and energetic team.

“For us there is no question that safety and compliance are the top priorities,” he says. “Even if you might have a good track record, it doesn’t mean you can rest. You need to be pro-active and constantly look for new and innovative ways to improve processes. This includes, of course, technology as well as guiding the behaviour and mindset of every single person at the sites. And that is something we do at Covestro. Therefore, I can sleep well at night.”

Also helping Meyn to sleep soundly is his conviction that polymers are “something definitely amazing”.

His enthusiasm is founded on a big-picture view. “Our hi-tech polymer materials are certainly amazing from my point of view. Just imagine what would be missing in our life if we didn’t have such materials,” he says. “They significantly increase our standard of living. And there is no doubt in my mind that these materials also will contribute to overcoming our global challenges. Addressing sustainability is essential to ensure livelihoods on our planet. If we keep up our innovation, inspired by sustainability, this will have a significant positive impact.”

Covestro’s technology-laden materials “are simply indispensable in many areas”, he says, from climate change and the transformation of energy systems to increasing mobility and the growth of cities.

“Let’s start with efficient mobility – autonomous driving, electro-mobility and connectivity; the automobile is entering a new stage of evolution. The way we travel could change significantly over the next decade,” says Meyn, a chemistry graduate who obtained his PhD in 1990.

“This calls for a fresh approach to design, lightweight construction and efficiency. Innovative plastics are part of the solution. Covestro is working to make the automobile of the future more individual and economic with innovative materials and production processes, ranging from the bodywork to the lighting of the car.”

The models of the future will not bear much resemblance to today’s designs, he says, because requirements are changing with the advent of new technologies such as autonomous driving and electro-mobility. “Anyone looking for a conventional radiator grille will be disappointed, because a seamless surface can now be created using high-performance plastic polycarbonate, replacing the steel and other materials used to date,” Meyn says.

“One of the new type of vehicles’ notable features is a wraparound polycarbonate glazing instead of a window made of glass. The pillars are completely invisible, so that the occupants enjoy an unobstructed 360-degree view. The result is not only highly attractive and aesthetically appealing, but also particularly efficient: fewer joints means less drag, and less drag means less energy consumption and ultimately a greater range. And that’s a major topic, since electro-mobility vehicles’ relatively low driving radius is currently one of the main obstacles to the general acceptance and spread of electric vehicles.

“And there’s another way in which polycarbonates help save electricity; they offer insulating properties that protect the vehicle’s occupants from heat and cold, so less strain is placed on the heating and air conditioning systems, which are powered by the battery in an electric car.”

And these developments fit neatly with Meyn’s broader concerns for the environment.

“Fossil resources such as crude oil are becoming increasing scarce. It is time to rethink our approach,” he says. “In the search for alternatives, carbon dioxide is showing promise as a new raw material for the chemical industry.”

He says that Covestro is leading the way in this respect. Thanks to what he calls a groundbreaking innovation, the company has started manufacturing foam components using this greenhouse gas. As a result, it is now possible for consumers to purchase mattresses and upholstered furniture made from this much-derided gas.

Plastics production accounts for between 4 and 6 per cent of the entire output of crude oil. But oil supplies are limited. Additionally, oil extraction and processing consume vast amounts of energy and generate emissions on a grand scale, Meyn says.

“Scientists have consequently been working on alternatives for several decades. Solutions based on renewable raw materials have so far been the major promising development area,” he says. “Focus on another alternative, CO2, is currently increasing. Like oil, it contains carbon – the chemical symbol for which is ‘C’. Carbon forms the basis for all life on earth and is also the most important building block for plastics. The benefits of using CO2 are evident; it is available in almost unlimited quantities.

“The solutions – filtering waste gas to harness the ‘C’ in CO2 – would appear to be an obvious one but what sounds simple is in fact complex, particularly since carbon dioxide, as an end of product of combustion, is extremely inert and slow to enter into combinations with others. For 50 years, researchers from around the world have tried unsuccessfully to achieve a real breakthrough in term of its technical exploitation.”

But thanks to the right catalyst and a new process, he says, carbon dioxide has become a useful raw material. “It now makes up 20 per cent of a precursor for flexible polyurethane foam produced by Covestro,” Meyn says: “The foam is subsequently used to manufacture products such as mattresses. This would act as a major lever for the entire chemical and plastics industry, boosting its sustainability.”

Meyn says that Covestro openly advocates the comprehensive and global approach of the United Nation Sustainable Development Goals. By 2025, its target is to have 80 per cent of project expenditures for research and development go toward the areas that contribute to reaching these goals.

“The global challenges of our times are diverse and multifaceted – but so are their solutions. It is an approach that also shapes our thinking and action at Covestro.” Meyn says. “However great our challenges may be, they always offer opportunities. We work unceasingly to find new, unconventional solutions based on high-quality materials.

“We don’t ask: ‘why?’; we say ‘why not?’. With this attitude, our company creates innovative product processes, underscoring our goals. We want to push the boundaries to make the world a brighter place in keeping with the UN Sustainable Development Goals.”

As for Thailand, Meyn regards it as a beautiful country with “lovely, very friendly” people. “What I like most here are the people, the way they behave and how they treat you. We, that means my wife and I, felt welcomed immediately,” he says. “Everybody is so eager to help and challenges you face as a just-arrived foreigner become much easier with all that support.”

During the four months of his tenure, Meyn and his wife used spare time on their weekends to explore Thailand and the landmarks between Bangkok and Rayong.

Meyn says that he and his wife are determined not to limit their travels to just a few provinces and are looking to expand the radius of their outings to more and more provinces. After all, they want to get to know the country they now live in.

“I’m also a big motorcycle fan. To work on my vintage motorcycle or ride any motorcycle for me is a good way to relax,” Meyn says. “Additionally, we enjoy travelling. After arriving in Thailand, there is already a list of places in the country and the region where we would like to go for weekend trips and longer vacations.”