Directions for the supervision of cryptocurrencies and initial coin offerings (ICOs) are expected to be finalised by the end of this month, particularly for the Securities and Exchange Commission (SEC) concerning oversight of transactions involving digital currencies and for the Stock Exchange of Thailand in regard to ICOs.

Previously, TDAX said that Bangkok Bank had ceased handling cryptocurrency transactions in the bank’s account system. It said earlier that investor confidence in the platform had not been eroded, citing Krungthai’s then-provision of such transactions along with Kasikornbank and Siam Commercial Bank.

 The initiative is part of efforts to boost trade across the border.

The focus is on import-export settlements via banking system and promotion of cross-border funds transfer via the Mae Sot Border Trade Business Centre, which aims to reach Bt200 million in such transactions this year, Kbank’s first vice president for world business strategy and the marketing management department, Kittichart Potithat, said yesterday.

He said the bank had always placed importance on the Myanmar market, given the large volume of border trade with Thailand.

With the aim of helping investors and business operators in the border areas, KBank’s Border Trade Business Centre was set up in Mae Sot, Tak province. To date, the centre has granted credit of more than Bt150 million to businesses in Mae Sot for investment in Myanmar, completed 10 successful cases of business matching and organised seminars to share knowledge on trade and investment, in order to promote trade and financial transactions between the two countries.

Recently, KBank expanded its cooperation with KBZ Bank by sending KBank staff to work in Myawaddy branch of KBZ Bank. In turn, KBZ Bank staff will work at the Mae Sot branch of KBank for one year.

This cooperation should enable KBank to gain in-depth expertise about business operational format and banking regulations in Myanmar, as well as consumer insight in using financial services of Myanmar consumers, Kittichart said.

“Moreover, KBank staff under this staff exchange program can help advise Myanmar entrepreneurs on how to conduct financial transactions in Thailand, thus allowing both Thai and Myanmar entrepreneurs to conduct border trade transactions more smoothly,” he said.

“It has been found that Thai SMEs still need help to understand more about Myanmar’s banking system and reliable channels in seeking business partners in Myanmar, while Myanmar SMEs want to use financial products and services of Thai banks, but have been limited by communications barriers.

“Therefore, it is hoped that this cooperation will help enhance knowledge and understanding about financial and border trade transactions between the two countries. In 2018, KBank will offer financial facilities to support border trade as always, focusing on cross-border money transfer service.

“KBank will also place a greater emphasis on cross-border funds transfer to promote import-export settlements via regulated banking system because nearly 100 per cent of such transactions now are settled through non-regulated systems. KBank is targeting an increase in Thai cross-border funds transfer transactions to Myanmar via KBank’s Border Trade Business Centre in Mae Sot branch to about Bt200 million in 2018.

“In addition to cross-border trade, KBank has always placed emphasis on businesses in Myanmar. KBank and KBZ Bank have also jointly developed cross-border payment services, namely funds transfer in local currency and a Myanmar worker remittance service to enable Myanmar workers in Thailand holding KBZ Bank accounts to transfer money back to Myanmar more conveniently by simply scanning the barcode of their Myanmar remit card at KBank ATMs.”

 The carrier also aimed to increase passenger numbers by up as much as 7 per cent this year from last year, Puttipong said at a press conference.

He said that in 2017 the company’s total revenue was Bt28.49 billion, an increase of 6.5 per cent from the previous year. Net profit was reported at Bt846.4 million, with the profit attributable to the equity holders of the company coming to Bt787.9 million. Earnings per share were Bt0.38.

The number of passengers carried last year 5.994 million passengers, rising 5 per cent from the previous year. For 2018, alongside the revenue goal of 10 per cent growth and a 7 per cent in passenger numbers, the passenger load factor is expected to be 70 per cent.

On the outlook and direction, the company will focus on expanding its network to cover the most important destinations throughout Asia “in order to facilitate our passengers and our code-share partners”.

“The company will further utilise our strategic flying hubs, which are Bangkok (Suvarnabhumi), Samui, and Chiang Mai, by offering new non-stop services from these airports to some high potential destinations in Asia, such as Chiang Mai–Hanoi, which is scheduled to operate from March 25, and Phuket-Yangon, expected to launch in the fourth quarter of 2018,” Puttipong said.

For Samui, the company plans to offer some new charter services to cities with high potential in China, such as Samui-Xian and Samui-Changsha. “In addition, increased frequency will be added to our popular domestic and international routes such as Bangkok-Phuket, which will be increased to 66 flights a week, Bangkok-Vientiane to 14 flights a week and Bangkok-Mandalay (Myanmar) to 11 flights a week,” Puttipong said.

“This year, the company plans to increase the number of our code-share partners. In 2017, we signed code-share agreements with four leading airlines: Xiamen Airlines, Thai Airways, Vietnam Airlines and Hong Kong Airlines.

“To date, Bangkok Airways is in partnership with 24 airlines around the world, including our latest partner, El Al Israel Airlines. In 2018, we expect to sign more agreements with another four to six carriers.”

As for aircraft delivery plans, the airline has a total of 38 aircraft in the fleet.

“The company expects to receive two Airbus A319 aircraft and is planning to adjust the ATR72 fleet by removing six of our ATR72-500 and replacing them with the brand-new aircraft ATR72-600s, which will continue the total number of 38 aircraft for 2018,” he added.

This year, the company also plans to invest more in airport-related businesses in order to enhance the company’s overall performance. The company plans to build a hangar at Sukhothai airport, which can accommodate aircraft maintenance up to C-Check levels.

The company also plans to expand its Bangkok Air Catering business by opening one more air catering house at the Chiang Mai International Airport, with operations expected to begin in 2018.

The company’s vice president for sales, Varong Israsena Na Ayudhya, said that this year, the company would concentrate on the CMLV countries – Cambodia, Myanmar, Laos and Vietnam – as these countries projected to achieve notable economic growth and high travel demand.

“Apart from these markets, we are eyeing the Chinese market, especially Hong Kong, Guangzhou, Chengdu, and Chongqing. which are growing in terms of economic scale,” Varong said.

“Bangkok Airways currently operates daily non-stop flights between Samui-Hong Kong, Samui-Chengdu, Samui-Guangzhou and Samui-Chongqing and is planning to launch new charter services to Xian and Changsha in the near future.

“For domestic sales, we plan to tap into the corporate travel sector and government travel sector as we see higher travel demand in these two particular groups.

“We believe that our products are very well suited for these travellers. For Thai markets, we will roll out some special promotions throughout the year as well as attending some important domestic travel fairs including the Thai Tiew Thai Fair and the Samui Travel Fair to generate advance sales.”

Minister Uttama Savanayana said that the ministry would work with the related local organisations, including the Federation of Thai Industries and the Centre of Robotic Excellence (CoRE), to implement the project, which has targeted to woo between 300 and 500 SMEs to participate.

The ministry will join with the related organisations to select the SMEs deemed ready to take part in the initiative, he added.

Uttama said that the initiative is targetting production cost reductions of 10 per cent in the first year for participating SMEs. The Small And Medium Enterprise Development Bank of Thailand will support the loan to the participating SMEs.

The loans would not exceed Bt15 million each with an interest rate of between 3 per cent and 4 per cent per year.

The first, and flagship, branch will open in Phnom Penh in March this year, followed quickly by a second flagship in Siem Reap in April, said RCG Retail (Cambodia) Co Ltd’s president, Jiranun Wongmongkol, in an interview with The Nation recently.

Then the company will open up to investors in Cambodia interested in opening an Inthanin coffee branch in the country. The cost of applying for the licence and opening a branch would be around $200,000 (Bt6.29 million) on average, she said. Around 20 staff will be employed by each location.

Bangchak Retail Co Ltd’s managing director, Viboon Wongsakul, said that Inthanin deal for Cambodia is part of its business plan to expand its business in CLMV countries – Cambodia, Laos, Myanmar, and Vietnam.

“Cambodia has a strong demand to consume coffee and the purchasing power to spend an average $4 per cup,” Viboon said.

“This is a challenge for us to expand our franchise business of Inthanin Coffee in this country with targeted average sales of 300 cups a day for the first year of operation,” he said.

The company will supply coffee from Thailand, exporting it to franchisees in Cambodia, he added. Master franchisee RCG Retail will find local baked goods and other food to distribute through the Inthanin coffee outlets in Cambodia.

The companies want to support local products, he said.

Jiranun, RCG Retail’s president, said the company had already contracted with 20 Cambodian producers to distribute their products at Inthanin coffee branch nationwide.

“Our investment to open Inthanin coffee branches in Cambodia is expected to create new jobs for Cambodian people – over 2,000 jobs from the year 2018 until the year 2022 – and will also increase trade values between Thai and Cambodia,” Jiranun said.

Inthanin Coffee is the second Thai coffee firm to expand its franchise business into Cambodia, following Amazon Coffee, which is owned by |PTT Plc.