Thai banks face tough competition in digital world Although the Thai commercial banks achieved higher net profits in the first quarter of 2019, they expect a tough year ahead amid aggressive competition in the digital era. The Thai government’s plan to turn Thailand into a cashless society has prompted local banks to remodel their business…
Thailand’s Largest Commercial Bank and State Oil Company Trial Blockchain Payments Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website. Per the announcement, the project, which has been ongoing since mid-2018,…
Thailand’s bank pushes Thai agricultural products to Chinese market BANGKOK, 27 April 2019 (NNT) – The effort of the Small and Medium Enterprise Development Bank of Thailand (SME D Bank) to promote Thai processed agricultural products to markets in China succeeded further when a Chinese company decided recently to pilot the purchase of 16,000 tons…
Tax exemption to be clarified for annual interest less than 20,000 baht The banks will have to submit interest income information to the Revenue Department for consideration BANGKOK, 25 April 2019(NNT) – On the requirement for depositors with an interest income of less than 20,000 baht per annum, officials from the Revenue Department, the Thai…