Anucha Laokwansatit, senior executive vice president and chief risk officer of SCB, said yesterday that Digital Venture had been assigned as a laboratory for turning ideas into practical solutions, while also playing an incubator role for new start-up businesses that lack sufficient funding.

The company has set up a fund of US$50 million (Bt1.76 billion), which is a huge amount when compared with the roughly $80 million-worth of overall funding in Thailand since the country has been supporting start-up businesses.

The investment will enable SCB to get an early lead on future trends, and how to manage them, he said, adding that if technology or cyber issues seemed likely to present a risk to the bank, it would be better placed to manage such risk.

Anucha is also head of the investment committee at Digital Venture.

SCB currently hires an outsourcing company to monitor for cyber problems at the bank, with the company having to hack into the bank’s system to locate defects.

“We don’t know yet whether Digital Venture will be able to apply technologies developed from start-up businesses with the bank, but SCB wants to make sure that the technologies [fintech] will not disrupt the bank’s business. If we know, we should able to manage the technologies,” he said.

While fintech will not disrupt the banking industry in the medium term, as current banking services are a matter of trust and confidence on the part of both depositors and borrowers, payments are a segment that will be affected by the arrival of fintech, he added.

Digital Venture will also invest in funds in Asia that are focused on fintech, as the region offers a close fit for SCB’s operations, while fintech in Europe or the US might not fit well with its operations, he explained.

The potential return on this type of investment is acceptable for the bank, although it will be lower than for other types of investment, Anucha said.

Direct investment, meanwhile, might take time because the bank has to conduct due diligence in any companies in which it is interested, he added.

However, Thailand should provide more potential opportunities than overseas markets for direct investment, as there are relatively few pure fintech companies already in existence, with most Thai operators still e-commerce businesses, he added.

Anucha said the bank expected the $50-million fund to be enough for Digital Venture investments for around 18 months.

“We have been informed by the country’s largest subscription-based TV operator that it will take an opportunity during Songkran festival to upgrade its media platform as well as re-arrange digital TV channel numbers in accordance with the NBTC’s [National Broadcasting and Telecommunications Commission] rules on digital TV channel numbering across media platforms,” Sombat Leelapata, acting deputy secretary- general of the NBTC, told The Nation recently.

True Visions will soon allocate all digital channels to the 1 to 36 slots on its cable and satellite system, which means that 3.1 million subscribers can watch digital TV channels under the same standard as other media platforms. These channels are currently in the 11 to 46 slots.

In response to the operator’s failure to meet the deadline, Supinya Klangnarong, member of NBTC’s Broadcasting Committee, recently tweeted that she might propose a tougher punishment for such delays, ranging from higher fines to the suspension of broadcasting licences. However, since her panel will not be meeting until after Songkran, no action is expected to be taken against True Visions as such.

The pay-TV operator will, however, continue being fined daily until it rearranges its digital channels in accordance with the watchdog’s rules, Sombat said.

“As the broadcasting regulator, we have enforce the law in this case until the switchover is up and ready,” he said.

True Visions has been fined daily since early this year, when it insisted on reserving numbers 11 to 46 for the digital channels, which was in clear violation of the NBTC’s rule.

From January 7 to February 2, it was fined Bt20,000 daily, which rose to Bt50,000 after that. It was also hit with a one-off Bt1 million penalty.

Meanwhile, despite agreeing to switch the slots, the company says it finds the order unfair and has reserved the right to legally protect its interests and seek compensation for any damages this change has incurred.

His remark was in response to doubts on its intention to bid for a telecom licence on the 900-megahertz spectrum last December.

A working panel of the National Broadcasting and Telecommunica-tions Commission called Pete in to clarify for the first time yesterday the failure of Jasmine’s subsidiary Jas Mobile Broadband (JASMBB) to pay the initial instalment of the licence upfront fee and place a bank guarantee for the remaining payments by the March 21 deadline.

The company had bid Bt75.65 billion to win the licence.

This panel was assigned to examine how the NBTC should proceed to claim damages from JASMBB’s default.

Pete said Jas had budgeted Bt80 billion for the maximum bid, realising that there would be intense competition at the auction. After winning the bid, the company talked with Chinese telecom-equipment maker Huawei Technologies and Bangkok Bank about possible funding for the licence payment.

On January 20, the company almost clinched a loan deal with Bangkok Bank but BBL set one condition, that Pete and his father, Adisai, a former education minister, both sign personal guarantees.

Pete said he could not accept this condition as his father is very old, and he did not want him to join in the deal. That is why he stopped talking with BBL.

After that, Jas initiated talks with the Industrial and Commercial Bank of China (ICBC), which offered to help if Jas had a Chinese strategic partner. Then the company started to discuss a possible partnership deal with some Chinese companies, including China Telecom and China Unicom. The possible funding was worth around Bt10 billion.

A big investment fund supported by ICBC said it was ready to support Jas to the tune of around Bt30 billion and would hold a 49-per-cent stake in it, but the processes could not be completed by the March 21 deadline.

Pete said he always believed that he could deal with all the parties to wind things up before the deadline, and that was why he did not inform the NBTC about the firm’s fundraising progress.

Jas says it will provide all the documentation the NBTC working panel requires by April 20.

Jasmine filed to the Stock Exchange of Thailand on March 22 that JASMBB was unable to obtain the approximately Bt72-billion bank guarantee to place with the NBTC.

Jas explained that a sizeable operator in China, which was interested in investing in JASMBB and was supported by a significant commercial bank in China, was under a time constraint. Approval from relevant Chinese regulators was expected to be completed by mid-April, after the 90-day period as specified in the NBTC, and the NBTC could not extend that period, the company told the SET.

According to Jas, its legal adviser has opined that the Bt644-million deposit placed by JASMBB before the auction will be forfeited. However, JASMBB and Jas group will not be liable for any additional compensation, since the NBTC auction rules did not require that the winning bidders be responsible for anything more than the auction deposit.

Chris Bailey, chief operating officer at Centara, said two properties scheduled to open in the final quarter in Doha and Muscat would become the company’s first properties in the Middle East.

In Doha, the Centara Grand West Bay Hotel is located in the new business and shopping district, West Bay, at the heart of the city.

The property will have 261 rooms and suites plus 96 apartments that will vary from one to three bedrooms.

There will be a signature Thai restaurant, Suan Bua, along with four other food and beverage outlets and Spa Cenvaree.

In Muscat, the Centara Muscat Hotel, with 152 rooms, will offer travellers a centrally located property with all the Centara facilities, which include Spa Cenvaree, a fitness centre, and ample meeting and event space, along with a premium lounge and roof deck that will be available for private events. The roof deck will have a swimming pool.

“There will be further expansion in Doha with two additional properties. Centara West Bay Residence & Suites will open in mid-2017 in the West Bay area close to the Centara Grand.

“Slightly further down the pipeline in 2018, there will be a third property to open that will have 514 keys in the West Bay area,” he said.

In partnership with Nakheel, a global developer, a four-star Centara-branded property will open in 2018 on Deira Island, Dubai.

This property will be a beachfront-themed family property that will include an extensive water park.

“We believe that there is great opportunity for a four-star beachfront product in Dubai that is family focused,” Bailey said.

Cuba is going to provide Centara with other growth opportunities.

The first property there, Centara Grand Beach Resort Cayo Guillermo, will have about 250 keys and will be the company’s first five-star product in the region.

This property will mirror the successful Centara Grand in Maldives with the introduction of over-water villas. It is scheduled to open in late 2017. Additionally, Centara is working on two more projects in complementary locations.

Centara Grand Lykia World Resort & Spa will be the company’s first venture in Turkey. The property is in Denizyaka, between Belek and the Koprucay River. The resort will have 449 rooms, 10 restaurants and 10 bars and will offer an all-inclusive concept, allowing guests to experience a cash-free stay.

“As we start to create a presence in Europe, I think it’ll become apparent that blending the Centara/Thai quality with the local culture and styles will allow us to deliver unique, premium experiences for our guests,” said Thirayuth Chirathivat, the group’s chief executive officer.

Maldives has been a key destination for Centara, which has encouraged the company to invest further there with four new properties.

Centara says it has been very strategic in the products and services offered at its current two properties there. Centara Grand Island, open for more than six years, was one of the first properties to introduce safe family travel in Maldives, it says.

The company says the expansion plan will take Centara Hotels & Resorts to a new level.

Currently Centara has about 14,000 rooms over six brands across Asia, the Indian Ocean and the Middle East, which span city, resort and beachfront destinations. The group has a strong international presence in key leisure destinations such as Maldives, Sri Lanka, Vietnam and Bali.