Major Thai bank experimenting with decentralized finance Kasikornbank has identified asset-backed DeFi as having the potential to create economic value for Thailand. Kasikornbank, or KBank, one of Thailand’s largest banks, has begun experimenting with DeFi services as part of its business expansion plan. According to a report by Bangkok Post, the bank’s decentralized finance exploration is being…
Can Fintech drive a strong post-COVID-19 recovery in Asia? The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive. To say 2020 has been a challenging year is a massive…
Thai central bank studies option of virtual banking licenses BANGKOK — Bank of Thailand’s deputy governor Ronadol Numnonda said the central bank is studying the pros and cons of virtual banking now that central banks in other countries have granted licenses for digital banking. Banks in Europe, Singapore and Malaysia already offer customer services via…
Thai Banks launch packages for clients affected by COVID-19 Commercial banks in Thailand have offered refinancing services to some 30,000 clients, worth 234 billion baht in total. All commercial banks in Thailand have pledged to offer special financial aid to customers and businesses affected directly or indirectly by the economic implications of COVID-19, ensuring sufficient…
Moody’s outlook for APAC corporates remains negative in 2020 Moody’s Investors Service says in a new report that overall credit conditions for APAC non-financial companies will weaken in 2020 • While positive, the US-China trade agreement will not resolve core differences, dampening business sentiment globally • Easing fiscal and monetary policies by major central banks…
Moody’s Sets APAC Sovereigns Outlook to Negative for 2020 19 of Moody’s 25 rated APAC sovereigns have stable outlooks, while four have negative outlooks and two have positive outlooks Moody’s Investors Service says in a new report that its outlook for APAC sovereign creditworthiness in 2020 is negative, underpinned by slower economic growth, a turbulent…
Kasikorn Bank predicts 4-6% growth in loans for 2020 Despite the expectation of a sluggish economy in 2020, Kasikorn bank aims to grow its loan volume by 4-6% next year. They it say they will achieve this withs emphasis “on services that meet customers’ business and lifestyle needs, effective cost management and using data in…
What goes up must come down – the battle of the baht Newton’s law looms over the Thai baht. Meanwhile, the Thai baht continues to be the best performing currency in Asia. The Thai currency is riding a 6-year high against the USD and, this year, has surged 8% against the US currency. But the strong…
Thailand’s four challenges : Debt, inequality, plastics and climate change Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old. Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the…
BoT trims growth forecast to 3.3% from 3.8% The bank of Thailand while maintaining a policy rate of 1.75 percent per year, announced that in 2019, the economy will expand at the lower rate of 3.3 percent from 4.1 percent in 2018, BANGKOK, 28 June 2019(NNT) – The Bank of Thailand (BOT) announced yesterday that…