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https://www.nationthailand.com/business/corporate/40019844

The chief technology officer of Bitkub Blockchain Technology (BBT) said he would be meeting the Securities and Exchange Commission (SEC) on Wednesday before deciding on whether to fight its decision to levy penalties on him.

BBT CTO Samret Wajanasathian maintained his innocence regarding the allegation of insider trading levelled against him by the SEC.

On September 1, the SEC said Samret was guilty of insider trading and barred him from serving as the company’s CTO for 12 months.

The SEC said Samret had bought 61,107.66 Bitkub coins for 1.99 million baht from September 4 to November 2, 2021 while the BBT’s parent firm, Bitkub Capital Holding, was in talks with the SCB to sell a 51 per cent stake in its digital asset exchange, Bitkub Online.

The SEC ordered Samret to pay a fine of 8.53 million baht.

Samret said he had yet to meet the SEC to be formally charged on Wednesday before he would decide whether to fight the charge in court or agree to pay the fine and comply with the SEC’s order. He said he was still serving as BBT CTO before he would be formally removed by a court order or an SEC order.

Samret said he knew nothing about the deal between Bitkub Online and SCB because BBT was separate from Bitkub Online and he had not been informed about the high-profile deal with SCB.

Published : September 07, 2022

By : THE NATION

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https://www.nationthailand.com/business/corporate/40019838

The two companies bidding to operate the Orange Line railway and build its western section have passed the technical qualification requirement, the Mass Rapid Transit Authority of Thailand (MRTA) said on Wednesday.

The MRTA announced on its website that the technical proposals of both Bangkok Expressway and Metro Plc (BEM), which operates the MRT system, as well as Italian-Thai Development (ITD) Group were acceptable.

In the second round of bidding, the MRTA had required bidders to submit two envelops – one with technical proposals and another with the pricing. The price quotation would be considered only if the bid passed the screening on their technical proposals.

The MRTA had called on bidders to tender their envelops on July 27. The BEM and ITD groups were the only two bidders.

Bangkok Mass Transit System Plc (BTSC), the operator of the Skytrain, which participated in the first round of bidding, did not take part in the bidding.

The MRTA cancelled the first round of bidding to change the terms of reference (ToR) for bidding on grounds that the winner would have to both operate the railway and build the western extension, which would require special construction techniques. The new ToR requires the bidder to submit a technical envelop first for consideration.

The BTSC filed a lawsuit against the cancellation of the first round of bidding and won the case but the Administrative Court did not stay the second round of bidding.

The BTSC’s plea for the court to issue an injunction to suspend the second round of bidding was also rejected by the Central Administrative Court. The BTSC has also filed a lawsuit against the second round of bidding, but the court has yet to make a ruling.

The 35.9km-long Orange Line is divided into eastern and western sections. The eastern section from Thai Cultural Centre to Minburi is 22.5km long with 10 underground stations and seven elevated stations. It is under construction.

The western section stretches from the Thai Cultural Centre to Bang Khunnon with a length of 13.4km and 11 underground stations.

The winner of the bid would sign a private public partnership contract to operate the entire route after building the western section.

It is expected the MRTA would announce the final winner soon so that the contract could be signed within this year.

Published : September 07, 2022

By : THE NATION

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https://www.nationthailand.com/business/corporate/40019831

The Central Administrative Court ordered the Bangkok Metropolitan Administration on Wednesday to pay 12.6 billion baht in debt to Bangkok Mass Transit System (BTSC).

The court ruled in favour of BTSC in a case filed by the Skytrain operator last year, accusing the BMA and its business arm Krungthep Thanakhom (KT) of owing the debt of 12.6 billion baht for operating the Green Line extensions since April 2017.

The court ordered the BMA and KT to pay the debt within 180 days on finalisation of the case.

Bangkok Governor Chadchart Sittipunt had said on Monday that the BMA would appeal against the verdict if the primary court ruled in favour of the Skytrain operator.

The BMA owed the amount after hiring the BTSC, the concessionaire of the baseline Green Line, to operate the two extensions, install systems and provide maintenance on the extensions.

These run from Onnut station to Kheha in Samut Prakan, Morchit to Kukot in Pathum Thani and Taksin to Bang Wa in Bangkok’s Phasi Charoen district.

The BTSC told the court the BMA and KT failed to fulfill the agreed operation and maintenance contract on May 2012, apart from the BMA’s failure to settle the debt as agreed on December 12, 2019.

Published : September 07, 2022

By : THE NATION

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https://www.nationthailand.com/business/corporate/40019829

E-commerce marketplaces are one of the first places Thais will descend on to spend their money, said retail online platform Shopee as it began its attractive year-end sales campaign.

According to the GWI Digital 2022 Thailand Report by Data Reportal, the country is “very adaptable” to digital activities, with a high penetration rate of internet users.

Thailand’s web users have increased by nearly 70 per cent, and the majority shop online at least once a week, Shopee Thailand senior marketing manager Suchaya Paleewong said on Tuesday during the campaign’s official launch ceremony.

The Global Digital Trends report by We Are Social and Hootsuite in July confirmed that Thailand ranked first in the world for online shopping per week in the first quarter of 2022 at 66.5 per cent.

The top reason why people are increasingly turning to online shopping is free shipping and deliveries, but special price offers during special events is also an important incentive, Suchaya noted.

“Now that everything is returning to normal, people are leading normal lives and shopping once again, which is a positive sign for the Thai economy and points to a recovery and growth,” she said.

Last year the platform’s Super Shopping Day campaign on September 9 saw as many as 45 million items snapped up in a mere 99 minutes. This year’s campaign is expected to break records, according to Suchaya.

“Now in its seventh year, the campaign concept of ‘upsized’ highlights an even better online shopping experience for everyone – sellers, buyers, partners, brands and society,” she said.

The year-end shopping season on e-commerce platforms is also expected to be extremely competitive.

Lazada, another popular Southeast Asian online marketplace, has also been running its “9.9” shopping festival. This year, the platform has teamed up with leading domestic and international brands to provide special discounts of up to 90 per cent.

JD.com, meanwhile, has launched its “9.9 Birthday Fest” campaign, which includes free shipping, a lucky draw, and special fixed-price items (999 baht) from leading electronics and mobile gadget brands.

According to statista.com, Thailand’s e-commerce market revenue is expected to reach US$22.20 billion (810.8 billion baht) in 2022, with an annual growth rate of 14.8 per cent, and hit $33.58 billion by 2025.

Published : September 07, 2022

By : Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40019814

Suphachai Chearavanont, Chief Executive Officer of Charoen Pokphand Group (C.P. Group), uses four aspects of modern-day challenges to inspire next-generation youths who will be Thailand’s delegates in the One Young World 2022 Summit, while urging them to exchange ideas with representatives from other countries for a sustainable world.

C.P. Group recently held an event called C.P. One Young World 2022: “Call to Action” at True Tower on Ratchadaphisek Road in Bangkok to prepare 24 Thai youths who will be Thailand’s delegates to participate in the One Young World 2022 Summit, scheduled between September 5-8 in Manchester, United Kingdom.

The summit will be joined by world-class leaders and important figures such as Ban Ki-moon, former secretary-general of the United Nations; Paul Polman, co-founder & chair of IMAGINE, a for-benefit company and foundation that mobilises business leaders around the UN Sustainable Development Goals, Justin Trudeau, Prime Minister of Canada, and CEOs of leading international companies such as L’Oréal, Deloitte, and Asahi. Young representatives from 190 countries will exchange their views and experiences during the meeting that aims to create sustainable changes at national and global levels.

The C.P. One Young World 2022: “Call to Action” event was led by C.P. Group’s CEO Suphachai Chearavanont, who helped inspire Thai youths to be the change-makers for the sustainable development of Thailand and the world. The CEO has pointed out challenges in four aspects in the post Covid-19 era that the world is facing, namely the equality issue, the digital transformation, climate change, and the disruptive world. He called on young people to tackle these issues and find suitable solutions urgently.

Suphachai urged 24 Thai youths to exchange ideas with other countries’ delegates and cultivate experiences during the summit in the UK, which will be beneficial for the future development of Thailand. He also tasked each of the 24 delegates to come up with ideas of change in the areas they are interested in. 

To be an inspiration to Thai delegates, Suphachai said he wanted to see changes for sustainability in two aspects: 1) All stock exchange markets worldwide should set sustainability indicators and require sustainability reports from all private companies, which would lead to a massive drive in sustainable development from the private sector, and 2) An education reform. The CEO said he believed that the most effective change-makers are today’s youths, therefore a reform in education is a must to prepare next-generation people to become change-makers and drive society forward.

The One Young World 2022 Summit has set five topics to be discussed by young delegates from 190 countries as follows: Conflict Prevention, Gender Equality, Oceans, Ethical Leadership, and Health.

Mr Dinosao Phantharit, 20, an undergraduate student in English major at Thaksin University under C.P.’s scholarship programme, said “I am interested in Oceans topic because in the past several years I have witnessed major changes in my hometown. I believed it is not too late for everyone to work together and find ways to tackle the plastic waste and environmental problems.”

Ms Chanita Sae-ngow, 27, from True Corporation Plc, said she is especially interested in the Health topic and wanted to be a voice of underprivileged people to drive the works of public and private sectors, as well as non-profit organisations, to create equal services in public health for all.  

Ms Tarinee Thongchatchaval, 21, an undergraduate student in Economics at Chulalongkorn University and an intern at CPF, said that she is also interested in the Health topic, as she believed that a good environment, excellent education and quality wellbeing will bring about good health and security to the community.

Ms Thammaporn Kaewmanee, 27, from Charoen Pokphand Foods Plc (CPF), said she would focus on the topic of Ethical Leadership, as she wanted to establish awareness in ethical leadership at organizational and community levels. “When we become the example of change, then we can bring about the changes in other levels,” she said.

Mr Bancha Chawpraknoi, 25, a customer service officer from True Corporation Plc, said that he is interested in the Gender Equality topic, as he believed that everyone is capable of achieving extraordinary goals if they have passion. He also wanted to invite all parties to push for changes to support the LGBTQ community.

Mr Preedit Sukontachard, FR Club assistant regional manager at Siam Makro, said that he is also interested in the Gender Equality topic. “The important moral is to accept each individual regardless of their race, religion, or sexuality, as everyone has the power and value within themselves,” he said. 

C.P. Group under the leadership of CEO Suphachai Chearavanont has been supporting Thai youths to participate in the One Young World Summit since 2015. For seven years, new generation young leaders from C.P. organisations and the general public have been selected to join the summit that aims to drive the sustainable development of the world. This year, 24 delegates came from the Charoen Pokphand Group, CP All, Makro, Lotus, True Corporation, Chulalongkorn and Thaksin universities. So far, C.P. Group has supported 165 young leaders under the One Young World project.

“The world today is facing crises and challenges in the economy, war conflict, pandemic, and environmental issues. I believe that to create a sustainable world, we need to train new generation leaders to be change-makers who possess both passion and a mindset to help the world with shared love and sympathy,” said Suphachai. “C.P. Group realised the importance of supporting young leaders to become a crucial part in solving global issues and bringing about changes for a better future. The One Young World stage will help educate and inspire Thai youths to become new generation changer-makers for Thailand and our world.”

The One Young World Summit is held annually since the first event was organised in 2010 in the United Kingdom. Thailand hosted the summit in 2015. Each year, about 1,300 participants aged ranging from 18-30 years will be invited to participate in the international forum to discuss solutions for global issues including the environment, human rights, and poverty. So far, over 6,000 youths from 196 countries worldwide have participated in the project.
 

Published : September 07, 2022

By : THE NATION

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https://www.nationthailand.com/business/corporate/40019809

Kiatnakin Phatra (KKP) bank is launching a new app called Dime! as a way for middle-to-low income groups to invest in the stock market.

Dime’s CEO Kampol Jantavibool said KPP wants to educate more Thais about financial management and encourage them to invest in equities and mutual funds.

Investment in these assets, combined with proper understanding and information, will yield worthwhile returns, said Kampol at Tuesday’s launch event.

He cited a recent study that found only 3 million Thais had equities accounts and 1.5 million had mutual funds. In comparison, more than 50 per cent of people in countries such as the United States and Singapore have stock market investments.

“More than 75 per cent of Thais save in cash, with only 3 per cent investing in the stock market. In this country, the limited options for saving money widen the gap between rich and poor,” said Kampol.

The study, conducted by the International Monetary Fund (IMF), found that countries with broad access to financial services have significantly lower inequality than other countries.

Although more than 50 million Thais out of the 70 million population now have bank accounts, access to other financial services remains limited.

Dime! was created to bridge that gap and make investment services more accessible, particularly in international markets such as Wall Street, Kampol said.

Initially, the app will offer three services: savings, stocks, and mutual funds.

“The minimum rate for stock investment via Dime! is only 50 baht, while the saving service will collaborate with KPP bank to offer 3 per cent interest and no minimum opening deposit but a maximum limit of 30,000 baht,” explained Kampol.

The app will launch on Thursday, targeting 150,000 users by the end of the year with assets under management (AUM) of 150 million baht. KPP expects the number of users to reach one million by 2025.

“We want to first explore our customers’ behaviour before adding more financial services like insurance and credit loans,” Kampol added.

Published : September 06, 2022

By : Nongluck Ajanapanya