Thailand’s biggest debt trap is not Chinese Thai household debt ratio at 78.6 percent is among the top three countries with the highest household debt in Asia. The so called “Chinese debt trap” has drawn a lot of commenting in the media, but Thailand’s biggest debt trap is still home-grown and has reached the value…
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,…
World Bank Slashes Thailand’s 2019 GDP Growth to 3.8 Percent The World Bank projected Thailand’s economic growth rate at 3.8 per cent this year, down from 4.1 per cent in 2018, and 3.9 per cent next year. BANGKOK – A World Bank senior economist for Thailand has trimmed its projection for Thailand’s economic growth this year…
Thailand’s Leading Commercial Bank and State Oil Company effectively piloted Blockchain Payments Leading Commercial Bank of Thailand, Siam Commercial Bank (SCB) and State Oil Company PPT Exploration and Production Public Company Limited (PTTEP) Completed a successful test of blockchain use for cross-border business-to-business payments. The successful pilot has been declared by the bank on its website. According…
World Bank cuts Thailand’s growth rate projection to 3.8% Growth in developing East Asia and the Pacific (EAP) is projected to soften, while growth rate in Thailand is expected to be slightly lower in 2019 Growth in developing East Asia and the Pacific (EAP) is projected to soften to 6.0 percent in 2019 and 2020,…
Bank of Thailand Governor Believes Economy Will Improve in Second Half of 2019 It has been projected that the country’s economy this year would grow 3.8 per cent, he said, adding that if the new government is formed in August or September then it could affect the government’s pending projects. BANGKOK – Bank of Thailand (BoT)…
New land and building taxes will not increase tax rates, says Treasury Department The Treasury Department has reassured that a new method for appraising land and buildings will not result in higher land and building tax rates as several parties have suggested, while the Fiscal Policy Office (FPO) estimates about Bt40 billion per year in…
SCB cuts thai growth forecast to 3.6% The SCB’s Economic Intelligence Center (EIC) has reduced its growth projection for the Thai economy this year to 3.6% from a previous expectation of 3.8%. Trade war puts brakes on exports According to first executive vice-president Yunyong Thaicharoen, this is mainly due to the decreasing trends of the…
Thai, Myanmar Central Bank Governors Endorse Blockchain Remittance Service The governors of two central banks endorsed the Ethereum (ETH)-based remittance system developed by blockchain company Everex, the firm reported in a press release shared with Cointelegraph today, April 5. The service is set up to send payments between Thailand and Myanmar. The system was reportedly…