Hiroya Kawasaki’s resignation was a new blow to the reputation of Japan Inc after similar quality-control scandals hit industrial titans ranging from carmaker Nissan to Mitsubishi Materials.

Following a deep and prolonged bow in apology, Kawasaki told reporters: “As I think it’s best to go ahead quickly with reforms under new members, I … will step down from president on April 1 this year.”

“We have caused trouble to many people. As soon as we can, we would like as many people as possible to think that Kobe Steel has changed,” added Kawasaki, who had been in the job since 2013.

“I’m really sorry.”

The firm has not yet named a successor but pledged to hold a board meeting “in the near future” to select someone to turn the ship around.

‘Deep seated issues’

A long-awaited report revealed that the scandal was more widespread that first thought, with 163 more clients affected than initially identified.

The document drew the veil on a web of falsification at various levels of the company, a venerable old firm that once employed Prime Minister Shinzo Abe.

“We take it very seriously the fact that the misconduct took place at many locations within the Kobe Steel group,” the report said.

The investigation found staff — including in some cases executives — changed inspection data, or made up data, before shipping their products.

Kobe Steel has “deep-seated issues” relating to its corporate culture and compliance, the report admitted.

“For over 112 years since its founding, the Kobe Steel group has managed its business by valuing the trust of its customers … The recent loss of such trust is truly regrettable,” added the report.

“We will go back to our roots … and commit ourselves to making this moment a true turning point.”

Senior executive Makoto Mizuguchi told reporters it was the firm’s “understanding” that the misconduct stretched back as far as the 1970s.

‘Extraordinary losses’

Kobe Steel vowed to overhaul its compliance procedures and internal structures, ensuring a third of the board are independent outside directors.

In addition to the resignation, all company directors will have their pay docked by between 10 and 50 percent for a period ranging from one to four months.

The products affected by the scandal included steel wires used in car engines and tyres as well as aluminium used to manufacture Japan’s famous bullet trains.

The firm, founded in 1905, has been at pains to stress there are no safety issues arising from the fake data.

Executives have previously warned of “extraordinary losses” from the scandal, which reportedly affected more than 30 foreign companies, including Boeing, Airbus and General Motors.

Kobe Steel stock has lost some 18 percent since the affair broke in early October last year.

However, Hiroaki Hiwata, strategist at Toyo Securities, said the market might take the resignation as a sign to buy the stock.

“The market would take the stepping down of its chief executive as a positive factor after a set of scandals on expectations that the problem will be cleared up. But we have to keep watching developments” after the change of leadership, Hiwata told AFP ahead of the announcement.

Moments before the resignation, Kobe stock closed up a fractional 0.09 percent at 1,110 yen, underperforming the wider market, which rose by nearly two percent.

The Kobe Steel scandal is the latest in a string of humiliations for Japanese industry, once a byword for quality and reliability.

Nissan was forced to recall 1.2 million vehicles after admitting in October that staff without proper authorisation had conducted final inspections on some vehicles intended for the domestic market before they were shipped to dealers.

Subaru also recalled more than 400,000 vehicles from the domestic market after a similar scandal.

Industrial giant Mitsubishi Materials and Toray Industries, one of the world’s top carbon-fibre suppliers, admitted late last year that some of their subsidiaries had falsified product data.

A TMB Card media release says the bank is reinforcing the concept of “Make the Difference” by “offering a wide range of services to suit smart lifestyles, and wishes Thai people to use their credit cards with discipline and manage their money better”.

This strategy was announced after research that showed a 33 per cent increase in card applicants through the tmbbank.com website.

Mingkwan Pattanawong, head of retail marketing of TMB Bank Public Company Limited said TMB Card aimed to increase spending via credit cards by 17 per cent.

At present, total credit card lending is Bt18 billion.

Mingkwan said the bank’s credit card had “distinct advantages” over other products in the market, such as offering cash back, no fees for cash advances, reward points, and a quicker issuance of cards than other banks.

“The most prominent and popular is the TMB ‘So Goood’ service or a 0 per cent for 3 month payout programme for spending 1,000 baht or more.”

Mingkwan said online card spending grew by 35 per cent and it was expected that new subscribers from digital channels would grow by 29 per cent year-on-year.

The company yesterday signed a contract with Wall Street English International for the right to open Wall Street English’s branches in Laos and Cambodia this year. It plans to open four to five schools in the two neighbouring states to cash in on huge domestic demands.

Wall Street English remains Thailand’s biggest provider of English language training courses for students and adults with a 35 per cent market share. In Thailand, Wall Street English has produced around 190,000 graduates over the past 15 years.

Wall Street English Thailand operates 13 branches located mostly in shopping malls in Bangkok, Chiang Mai and Rayong, including two new ones in Maya Chiang Mai and Bangkok’s Central Plaza Rama II, which is slated for opening this month.

Jim McGowan, managing director of Wall Street English International, says that Wall Street English is the world’s leading English training school steeped in history. Wall Street English has been providing language training for adults in 28 countries worldwide since its inception in Milan, Italy 45 years ago. Ever since, it has graduated around three million students.

“Wall Street English is No 1 on the market thanks to its global Multimethod learning technique that has received certification by the University of Cambridge in the United Kingdom and the internationally recognised CEFR (Common European Framework of Reference). Globally Thailand represents the second biggest market for Wall Street English after China,” said McGowan.

Wall Street English Thailand’s domestic expansion has in recent years been inflated by substantial student growth, helped by high enrollment rates and global brand recognition. Aggressive expansion is in the pipeline, according to Wall Street English Thailand’s Chairman Matthew Kichodhan.

Wall Street English plans to open new branches in the next five years, hoping to take the total to 20 with a projected revenue rise of nearly 300 per cent to BT2 billion from Bt700 million within five years.

Kichodhan bases his optimism on favorable assessments of Thailand’s growth outlook: rising demand for English language training, freer movement of trade and labour in the Asean Economic Community (AEC), and the current boom in tourism and hospitality.

“With the rise of the AEC, it’s all the more important that we need to communicate in English. Otherwise, our jobs in hospitality for example might soon be taken over by those from other countries like the Philippines and Myanmar. Without English, we cannot compete in the AEC. Let’s not forget: English proficiency in Thailand is among the lowest in the AEC,” he added.

Olarn Phirintharangkoon, CEO of Wall Street English Thailand, concurs, saying “Wall Street English is not just a school, but ‘an English learning and lifestyle centre. Studying at Wall Street English carries great prestige. It feels exclusive to be a part of Wall Street English. That’s why it appeals to the younger generation. This is Thailand’s No1 – the most premium provider of English language instruction. The new-look classrooms at Central Plaza Rama II will attract even more people to come to study here because we’ve got digital learning tools and teachers who are all native English speakers.”

In keeping with the country’s Thailand 4.0 development plan, WSE promotes innovation by introducing digital learning tools , such as digital classrooms. The provision of social clubs in which English is the sole medium of communication is part of WSE’s innovative learning environment, too.

“What Gen Y learners want is speed and convenience. In recent years, Wall Street English’s learning development has been aligned with Digital Age 4.0 as evident in our digital classrooms and online lessons that are conveniently accessible at all times, as well as the necessary updates via the WSE Mobile App,” Olarn added.

The target groups of Wall Street English Thailand are divided into three age groups of 17-22, 23-29 and 30 plus, including “new millennials” who consider English as a tool to enhance their independent overseas travels.

The second group is made up of salaried employees of companies from the banking, export, logistics, & hospitality sectors as well as other businesses who need to improve their English proficiency as part of the process for climbing the corporate ladder. Forming the last group are first jobbers, experienced professionals and business owners who are looking to improve their English language skills.

“With such premium learning modules, who wouldn’t want to join Wall Street English. I’d say not learning English at Wall Street English is a mistake, because the best you can find is Wall Street English” he says, adding Wall Street English has called upon Chanon “Non” Santinatornkul, a teen heart-throb, as Wall Street English’s new brand ambassador.

He will represent the new generation and their determination to learn and develop themselves relentlessly in order to achieve their goals in life.

Hilton has announced a further expansion of its portfolio in Thailand, following the signing of two management agreements with Majestic Grande Co Ltd for DoubleTree by Hilton in Bangkok Ploenchit and with Stone Bitters for Hilton Garden Inn in Phuket Bang Tao. The two properties are scheduled to open in 2018 and 2020 respectively.

Thailand welcomed a record number of over 35 million tourists in 2017, equivalent to more than half of the nation’s population, and this figure is set to rise by 6 per cent this year. With Waldorf Astoria Bangkok due to open later this year, these latest deals will further strengthen Hilton’s multi-brand presence in a country which is set to benefit from the continued growth of the tourism industry.

“We are deeply committed to expanding our presence in Thailand and introducing more brands from our portfolio,” said Guy Phillips, senior vice president, development, Asia and Australasia. “Our position as one of the world’s fastest growing hospitality companies has been achieved through great partnerships and we’re thrilled to be working alongside |Majestic Grande and Stone Bitters on these properties.”

“Hilton Garden Inn is a category- leading mid-market brand and we are confident it will be a great success in Thailand, while DoubleTree by Hilton is already proving to be a great success in a country which is well known for its warm hospitality,” said Sean Wooden, vice president, brand management, Asia Pacific.

The signing of DoubleTree by Hilton Bangkok Ploenchit and Hilton Garden Inn Phuket Bang Tao has doubled Hilton’s pipeline to four hotels across four brands including Waldorf Astoria and Hilton Hotels & Resorts.

Tarin is new country head for Thailand

Grab appoints Tarin Thaniyavarn as the new Country Head for Grab Thailand

Grab, Southeast Asia’s leading on-demand transportation and mobile payments platform, has appointed Tarin Thaniyavarn as the new country head of Grab Thailand, effective April 1. In his role, Tarin will oversee the business strategy and operations for Grab in the Thai market. Tarin succeeds Yee Wee Tang, who now assumes the position of country head of Grab Cambodia.

“I am delighted to welcome Tarin as the country head of Grab Thailand. With many years of high-level leadership and a strong e-commerce business acumen, Tarin will continue driving Grab Thailand’s growth and success and building strong teamwork and extensive partnership network, which will continue to strengthen our business in the long run,” said Russell Cohen, head of regional operations, Grab.

Tarin said he is pleased and honoured to join Grab and carry on its mission to drive Southeast Asia forward and build a strong ecosystem of on-demand transportation and e-payment businesses in Thailand.

“I look forward to leveraging Grab’s cutting-edge technology and our talents to help accelerate the country’s transportation and e-payment markets as we move towards Thailand 4.0.” he said.

Tarin joins Grab Thailand from Lazada group where he held the position of executive vice president for group strategy and government relations with a particular focus on Alibaba & Lazada collaboration on Thailand 4.0 initiatives.

Firm reaffirms commitment to watershed forest rehab

Aura is spearheading a campaign for sustainable society by re-affirming its commitment to conservation and rehabilitation of watershed forests nationwide. It teamed up with the Department of National Park, Wildlife and Plant Conservation in growing trees in the country’s five regions- the first and only project in the country that has successfully turned “online-reforestation” into an actual growing of watershed forests.

Aura hopes to intensify environmental and forest conservation awareness among the new generation and members of the public, teaming up with actress “Kaneungnij Jaksamittanon or Rotmay in giving back to society.

Ekaphol Pongstabhon, Managing Director of Tipco F&B Co Ltd, producer and distributer of 100 per cent natural mineral water under the brand “Aura”, revealed that “Aura mineral water has organised various activities for more than 10 years as part of the company’s social contribution including financial donations, reforestation, building small dams and granting scholarships. In the latest development, Aura has reaffirmed its commitment to sustainably conserve and rehabilitate watershed forests under the project “Aura grows forests in five regions”.

Statistics and reports from the Tourism Authority of Thailand (TAT) show that Thailand’s forests account for only 32 per cent of its total area, dropping by almost half compared with 60 years ago. The main reasons contributing to forest reduction are forest destruction, increased population, and forest destruction to pave way for mono crops due to global capitalism trend and rising industrialisation including booming tourism.

“It is our duty to conserve and rehabilitate watershed for Thailand to regain its natural resources,’’ Ekaphol said.

AP (Thailand), SCB join for the ultimate promotion

AP (Thailand) Plc, the leader in residential innovation for urbanites, led by Pamorn Prasertsan of chief business group/ single detached home & townhome, has joined forces with Siam Commercial Bank, led by Luckana Huttaka, senior vice president/mortgage product development & partnership division, for the ultimate promotion of the year.

An interest-free mortgage is offered for two years to customers who book a home at the ‘Baan Klang Muang – Pleno Livevolution’ event during March 10-11, 2018 at any sales gallery for Baan Klang Muang and Pleno projects in more than 30 locations.

Prices of townhomes at the projects range from Bt1.69 million to Bt9.29 million.

For this year, the group aims for total revenue to reach Bt397.3 billion, up 14 per cent from last year.

Tos Chirathivat, the group’s chief executive officer, said the group is studying the design and concept in the development of two mixed-use commercial projects in Bangkok. A site on Rama IV Road would be developed under a strategic partnership with Dusit Thani and a site in Ploenchit Road would be undertaken in partnership with Hongkong Land. The design process and detail of the projects, occupying building space of about 500,000 square metres each, would take about two years to be fully completed. The mixed-use projects will require investment of about Bt25 billion each.

Tos said Central Group is committed to maintaining its investment at between Bt30 billion and Bt40 billion every year for the expansion of its retail and hotel properties in Thailand and potential markets abroad, especially in Vietnam and Europe.

The group will this year invest Bt47.5 billion in business expansion both at home and overseas, which is 27.8 per cent higher than last year. This excludes the possible acquisition of companies that catch the group’s interest in so-called e-economy businesses, such as e-logistics, e-finance, and other online ventures.

“We will also focus on initiating online platforms, such as in area of omnichannel sales, the e-marketplace, and Big Data, which will transform the group into a tech company,” Tos said.

He said that, for overseas expansion, Vietnam would be the group’s main focus.

He said that Central Group has grown in Vietnam by an average of 340 per cent over the past five years (2013-2017). The group is also the largest foreign retailer in the country, with five core business units: 31 malls (Big C); 59 food stores (Big C, Lanchi Mart); 49 fashion stores (Robins, DELALA, Supersports, Marks & Spencer); 79 stores for construction materials, home decoration and electrical appliances (Nguyen Kim, B2S); and three online platforms (NguyenKim.yn, Robins.vn, and B2S.com.vn).

“Our store penetration in Vietnam is now over 217 stores and with more than 700,000 square metres in combined retail space in 37 provinces. In the next five years, or by 2022, we expect to have over 753 stores, and will occupy 2.5 million square metres in 57 provinces in Vietnam,” said Tos, adding that the sales contribution from Vietnam would increase significantly from the current 13 per cent to about 20 per cent over that period.

The company has more 17,000 employees in Vietnam, serving over 175,000 customers a day.

However, Tos said that the split between the domestic and overseas sales contributions will be maintained at 70:30 over the next five years.

He said that the group will officially open its Tops Plaza in Phayao province in the first quarter of this year, followed by the relaunch of its CentralWorld in Bangkok in the second quarter. The group will also open the Robinson Lifestyle complex at Amata Chon Buri, Tops Plaza in Sing Buri, Central Phuket 2 and the Triphum theme park in Phuket, and Centara West Bay Residences & Suites Doha in Qatar in the third quarter, as well as Tops Plaza Amphur Phon, Khon Kaen and Pattalung, Zen Pathong in Phuket, Robinson Lifestyle in Chaiyaphum, and I-City Mall, which is the group’s first overseas mall, in Malaysia, in the fourth quarter.

An additional 459 stores will be opened in Thailand and Vietnam this year.

“We expect the economic climate in Thailand will be better this year. Consumers have an improved mood. Thailand will have also a general election next year. The current government has allocated huge investment into infrastructure projects as well as the Eastern Economic Corridor (EEC), which will result in a boom in related industries, including the industrial and service sector, tourism, retail and real estate,” said Tos, adding that once it was completed, the EEC will become the second Bangkok of Thailand.

Under the project, the bank aims to become a mid-tier bank in the next few years. The bank also plans to expand growth in loans and deposits by about 5 per cent by the end of this year.

Kittiphun Anutarasoti, president and chief executive officer at CIMB Thai, said the bank would transfer more than 200 of its working processes into the digital realm, such as for e-loans, e-payments and e-wallet services “to support the development of the cashless society in the near future as well as transform existing branches into smart |brand or wealth branches”.

The bank will provide new services in the third quarter of this year, such as for QR code payments and e-loan services to meet the demands of customers in the digital era.

“The bank will also focus on small and medium-sized enterprise (SMEs) customers, open mini branches in supermarkets to offer services for account openings, deposits, loan applications and international remittance and banking agent services, a new dimension of digital banking solutions under the brand Beat Banking as well as launch the Beat Savings, a deposit account on mobile phones with high interest rate in order to increase customer bases, productivity and efficiency of business as a whole,” Kittiphun said.

“This year will be the year that CIMB Thai fully pursues the ‘Fast Forward’ project and will gradually follow the plan through over this year and the next. CIMB Thai is confident that the bank’s performance will remain strong, continuing from the previous year. From 2018-19 marks the first stage of the Fast Forward project under which the bank pursues its journey to become among the most robust of Asean banks in Thailand with the scale of a mid-tier bank.

“After the bank has implemented the transformation plan, the increase in manpower for the bank’s potential business will be continued this coming year.”

He said that this year the banking sector is expected to continue the momentum from the previous year, noting that the economic recovery has been fuelled by growth across a wide range of sectors. He said that in 2018 the country’s economic growth is expects strengthen, building on the recovery seen in 2017.

“The economic recovery has been mainly driven by an expansion in the export and tourism sectors, while domestic consumption appears to have recovered but not yet at the broad-based level,” Kittiphun said.

“Apart from the export and tourism sectors, the other key drivers include the recovery in households’ purchasing power and investment growth is likely to be clearly seen during the second half of 2018.”

Kittiphun also cited the government’s progress in rolling out developments in the Eastern Economic Corridor (EEC) under a plan to develop the eastern areas as the key investment hub of Thailand.

“The government has launched measures to support and accelerate economic growth in the EEC through the 10 target industries, comprising the existing five industries such as automotive, electronics and tourism, and the five new industries including robotics, aviation and logistics, as well as healthcare that will be key drivers of the Thai economy,” he said.

“These target industries are expected to help in accelerating substantial foreign investment, the employment rate, the manufacturing sector – especially among SMEs, which are a key part of the supply chain for large corporates.

“The investment is expected to boost the recovery, with less concentration, and that will boost trust and aid the growth in the Thai economy.

He said that the bank plan to expand loans and deposit growth about by about 5 per cent while maintaining its net interest margin (NIM) over earning assets at around 3.8 per cent and manage the non-performing loan ratio to not exceed 5 per cent by the end of this year.

Jakgrich said the funds would be put towards three overseas power projects in the pipeline: the Xayaburi and Nam Theun 1 projects in Laos and the San Buenaventura facility in the Philippines. The plants are scheduled to start commercial operations in 2019 and 2022.

The company said that, for the following investment budget, it would set aside funds for a further three power projects that are under development. These are the Pak Beng hydropower project in Laos, the expansion of the Star Energy (Unit 3-4) geothermal project in Indonesia, and the Quang Tri coal-fired plant in Vietnam, Jakgrich said at a press conference.

The company holds a 30 per cent stake in the Pak Beng project, which requires an investment budget of up to US$3.5 billion. The company also holds 30 per cent of the Quang Tri plant, which needs investment for the whole project of about US$2.5 billion. The company holds a 20 per cent stake in Star Energy (Unit 3-4), which requires investment of US$280 million.

The company also is studying whether to expand its investments in others countries in the Asia-Pacific region, especially in India by focusing on electricity from alternative energy and fossil energy sources, Jakgrich said.

In addition, the company is exploring whether to move into new businesses relating to energy, such as energy storage, LPG, and industrial estates. For the latter, under consideration is a project that would see its existing electricity plant in Rayong become part of an industrial estate covering 500 rai.

The study was scheduled to be finalised by the end of this year, with development of the project envisaged over the next two or three years depending on customer demand, Jakgrich said.

“We expect our return on investment for all of the projects, both in electricity and activities under the new business model, to be over 10 per cent,” he said.

To achieve the goal of sustainable electricity generation in the South, after the delay in investment for a coal-fired electricity plant in Krabi, EGCO plans to increase production capacity at its Khanom electricity plant, in Nakhon Si Thammarat, to between 500 megawatts and 900 megawatts.

This investment is pending the government’s announcement of the Power Development Plan (PDP), via the Energy Ministry. If the PDP announcement comes out as planned, the company is ready to investment at an average rate of US$1 million per 1 megawatt. The investment would be rolled out over a period of three years to three-and-a-half years, Jakgrich said.

Under the business direction for this year, the company would continue to focus on pursuing power business opportunities in the Asia-Pacific region while targeting growth in its renewable energy portfolio to make up 30 per cent of the total by 2026. At the end of 2017, renewables accounted for 20.56 per cent of the company’s total production capacity of 4,260 megawatts.

The company also aims for net profit growth of up to 6 per cent this year, compared with last year, Jakgrich said. For 2017, the company reported net profit of Bt11.81 billion, up 42 per cent from 2016. The company expects to pay a 2017 final dividend of Bt3.50 per share.

The company’s board of directors will propose to the 2018 shareholders’ annual general meeting a final dividend payment from the second half of 2017 at Bt3.50 per share. Upon the approval of the shareholders, the full-year dividend payment would total Bt7 per share, Jakgrich said.

Managing Director Sathien Setthasit said that the company expected its annual sales to increase from Bt8.9 billion with more than Bt200 million in profit last year , to about Bt12 billion this year, and up to Bt20 billion in sales and Bt1 billion in profit by 2020.

“We plan to open 100 new CJ Express stores this year,” he said, adding that each CJ Express store required about Bt10 million of investment, including Bt2 million for merchandises and inventory.

CJ Express Group currently has Bt1.4 billion in registered capital.

Sathien said to be successful in doing retail business is to create its own strength.

“To win the competition in this intense retail market, we need to have product differentiation,” he said.

Sathien said that major convenience store players 7-Eleven and Family Mart have been positioned as convenience food stores. They are quite similar to Tesco and Mini Big C, which are focusing on selling foods and grocery products.

“At CJ Express, we have opened beauty and gift corners at our stores. This makes our store not sell only foods and groceries, but also beauty and lifestyle products. We also do not open 24 hours a day so that we can slash daily expenses by one-third,” he said.

“Last year, CJ achieved Bt8.9 billion in total sales or at about Bt100,000 per day. We also earned more than Bt200 million in profit. We plan to open 100 new CJ stores this year and expect our total sales to reach Bt12 billion,” said Sathien.

Sathien and his friends own 80 per cent stake in CJ Express Group, which operates 280 CJ Express outlets.

“We plan to have 650 CJ stores by 2020 with total sales at about Bt20 billion annually. Then, we will list CJ Express Group on the stock market,” said Sathien.

He added that the expansion of CJ convenience stores in the next five years will focus on the central region of Thailand.

Sathien said that the company is cooperating with SCG Yamato Express, which will use CJ stores as ‘drop and pick up point’ for its express service. The CJ store in Ratchaburi is used as a pilot store for such cooperation.

Sathien, who is also a co-founder and chairman/CEO of Carabao Group, manufacturer and distributor of Carabao energy drink, and chairman of Tawandang DCM, the group’s logistics arm, said that logistics is the most important factor in doing the business.

“Domestically, we will focus on developing a logistics network, the so called ‘cash van’ system so that our sales team will be able to connect themselves with 220,000 traditional retailers throughout the Kingdom. We plan to increase the number of individual retail stores in our network to about 300,000 by the end of this year,” said Sathien.

Sathien said Tawandang DCM currently has about 300 cash vans and they are supported by a strong back office so that the company will be able to track all sales people where they are and how many stores they have visited to sell the products. This is a fundamental for a good logistics system. He added that the company had invested Bt400 million into the cash van system last year.

“We have developed more than 10 different products under our own brands, both foods and household goods. This follows the trend of department stores in Europe where individual stores that rely on traditional business model are facing sluggish sales,” said Sathien.

He gave the example of Aldi stores in Germany, which has developed many own brands ranging from ordinary to premium products. They also have their own point of sales, which allows the company to reduce costs by doing away with middlemen or intermediate activities.

“This new business model will be able to cater to today consumers, who are not interested in brands, but value for money,” said Sathien, adding that in general, marketing marks up about 30 per cent of the total cost on one particular product. By eliminating such marketing activities, such products will be priced lower.

“We are developing a network of 400,000 retail stores throughout the Kingdom, we will invest and equip them with modern information and back office systems,” he said.

Sathien said that about 80 per cent of online sales is now conducted in Bangkok and the rest 20 per cent in major cities. Those e-commerce players cannot sell their products to shoppers living in rural cities, so they have to burden high logistics cost. This is quite different from China when e-commerce operators are able to deliver products to individual shoppers within a day.

“What we are doing right now to individual retail stores in our network is to provide them management know- how and a modern point of sales system,” said Sathien. “What they have to do is to rent our point of sales system. We will also supply our own brand products to them,” he added.

Sathien said between 10-20 retail shops would be modernized as pilot project.

The transaction is for a 33.33-per cent shareholding in Rabbit-LINE Pay at a price of Bt393.75 per share, equivalent to a total investment of Bt787 million.

AIS submitted a filing to the Stock Exchange of Thailand on the matter on Monday.

Both mPay and Rabbit-LINE Pay are in the e-payment service business.

Following the transaction, mPAY owns 33.33 per cent in Rabbit-LINE Pay, while Line Pay Corp and Line Company (Thailand) jointly hold a similar stake, as does Rabbit Pay System.

AIS’s goal is for Rabbit LINE Pay to be the No-1 mobile payment service provider in Thailand within three years.

As the first project, the synergy between Rabbit LINE Pay and AIS will be integrated on the myAIS mobile application to enable Rabbit-LINE Pay to be an exclusive mobile payment provider of the app and migrate existing mPay users to be Rabbit LINE Pay users.

AIS has around 40 million mobile-phone subscribers.

Tarin will oversee the business strategy and operations for Grab in the Thai market.

He succeeds Yee Wee Tang, who now assumes the position of country head of Grab Cambodia.

“I am delighted to welcome Tarin as the country head of Grab Thailand. With many years of high-level leadership and a strong e-commerce business acumen, Tarin will continue driving Grab Thailand’s growth and success and building a strong teamwork and extensive partnership network, which will continue to strengthen our business in the long run,” said Russell Cohen, head of regional operations at Singapore-based Grab.