Banking & Finance

Government agencies are preparing to draw up more stringent regulations for new bank accounts, following the Ministry of Digital Economy and Society’s (DE) announcement on Thursday that more than 300,000 mule accounts have been removed since November.

One of the biggest challenges facing the Srettha II Cabinet after the recent reshuffle is the sliding baht, precipitated by the cut in interest rates offered by state-run and commercial banks in response to the government’s policy of helping vulnerable bank customers.

A niche group of Bank of Ayudhya Pcl (Krungsri) is improving its resources and services to help Japanese corporations invest in or partner with Southeast Asia's potential startups, a senior official said on Friday.

State banks agreed to cut their interest rate by 25 basis points on Friday, a day after commercial banks said they would do the same for vulnerable customers.

The Thai Bankers' Association has reduced interest rates by 0.25 percentage point for prime retail customers identified as vulnerable.

EXIM Thailand joins forces with Wave BCG to promote Thai entrepreneurs and farmers in the reduction of greenhouse gas emissions and using clean energy boosting Thailand's competitiveness in the global marketplace.

Paul Wong Chee Kin, President and Chief Executive Officer of CIMB Thai Bank PCL, provided insights on the unreviewed consolidated financial results for the three months ended 31 March 2024.

SCB X Public Company Limited has reported a consolidated net profit of THB11.3 billion for the first quarter of 2024, a 2.6 % yoy increase. 

With an improvement over last year, TMBThanachart Bank reported a Q1 2024 net profit of THB5,334 million. The bank also lowered its NPL ratio to 2.56%, maintaining a robust NPL coverage ratio of 155%. Committed to enhancing customers’ Financial Well-being, it offers responsible lending and assistance in managing household debt.

Thailand's economy saw growth, particularly in the service sector, driven by increased Chinese tourist arrivals due to visa exemptions. However, exports declined amid subdued global demand, and public spending contracted pending finalization of the fiscal year 2024 budget.

Financial transactions via internet banking in 2023 decreased by 30.7% year on year, covering 28.8 million accounts compared with 41.5 million accounts recorded in 2022, the Bank of Thailand (BOT) reported it its annual online payment statistics published on Friday.

KASIKORNBANK (KBank) has pioneered the launch of a QR Payment service between Thailand and Lao PDR, while also planning to expand its connection to India by the end of this year.

Anticipating a rush for ready money, Thai commercial banks are increasing their cash reserves ahead of the 5-day break over the Songkran Festival from April 12-16 to cater for increased withdrawals as people head off for the long holiday.