Thailand launches blockchain letters of guarantee network for 22 banks 22 Thai banks have joined an electronic Letter of Guarantee (e-LG) network on blockchain via BCI (Thailand) Co Ltd with support from the Bank of Thailand (BOT). The e-LG on blockchain is expected to go live in June under the BOT’s regulatory sandbox, before introducing…
April economic and monetary reports (BoT) The number of tourists has grown at 3.3% year-on-year with increased visitor numbers from ASEAN, India, Japan, and Europe, while the number of Chinese tourists is still in decline. Despite the effects of the trade war, the Thai domestic consumption figures, government investments, and the tourism sector still all…
Bangkok Bank and Commerzbank run international trade transaction on Marco Polo blockchain network Two banking members of blockchain trade finance initiative Marco Polo – Bangkok Bank and Commerzbank – have jointly executed an international trade transaction using distributed ledger technology (DLT). Launched in 2017, Marco Polo, which counts over 20 banks from across the globe as its…
China’s Alipay mobile payment platform and TAT sign letter of intent Alipay is the world’s largest mobile and online payment platform operated by Ant Financial Services Group, with over 900 million members. Bangkok, 27 May 2019 – The Tourism Authority of Thailand (TAT) and Alipay (Hangzhou) Information Technology Co., Ltd. today signed a Letter of…
Government Housing Bank (GH Bank) extends low-cost housing project The Government Housing Bank (GH Bank) has launched the one-million-unit low-cost housing project, which provides an opportunity for the general public to buy houses priced below one million baht. BANGKOK, 24 May 2019 (NNT) – The government has a policy to improve the people’s quality of…
Thai bank loans may grow only 5-6 pc this year: central bank BANGKOK: Thailand’s commercial bank loans may grow 5-6 pc this year, less than the 6-7pc increase seen three months ago, a central bank official said on Tuesday. In January-March, lending rose 5.6 pc from a year earlier, slowing from a 6 pc rise…
Thai economy faces heightened political uncertainties: central bank minutes BANGKOK (Reuters) – Heightened political uncertainties in Thailand after an election meant to herald a return to democracy have clouded the outlook for economic policy, the central bank said in minutes of a meeting earlier this month that left interest rates unchanged. No clear winner emerged…
Airbnb and Thailand’s Government Savings Bank partner to support local homestays GSB will help ensure better funding for hospitality entrepreneurs while Airbnb will help build capacity through training and connecting homestay owners to its worldwide platform. Bangkok, Thailand – Airbnb and Thailand’s Government Savings Bank (GSB) have formed a strategic partnership to help promote and empower Thai hospitality entrepreneurs,…
First-home stimulus measure may have limited impact on Thailand’s housing market The first-home buyers who make less than 25,000 baht per month however will not benefit from this scheme. The Thai government has released a housing stimulus measure which grants personal income tax allowance for buyers of first homes worth up to 5 million baht…
Real-time payments : An opportunity for the entire Asian financial ecosystem ? Real-time payments (RTPs) are critical for bringing millions of people into the digital financial ecosystem, enabling the rise in the region’s digital commerce Real-time payments (RTPs) enable money transfer between two different financial institutions with a guarantee of immediate funds availability to the…