Thailand Business News

SET organized first hackathon, focusing on sustainable investing and use of ESG data, with 69 teams and 4 awards granted.

SET Hackathon 2023: Promoting Sustainable Innovation

The Stock Exchange of Thailand (SET) recently hosted its first-ever hackathon open to the public, focusing on the theme of Wealth and Sustainability. Participants showcased ideas on leveraging SET’s database on environmental, social, and corporate governance (ESG) aspects for the benefit of investors and listed companies. The winning team, ESG EZ Invest, proposed an application development based on SET’s ESG data platform to facilitate sustainable investing, earning them the first prize. This competition aimed to promote the use of SET’s ESG database for innovations that contribute to sustainable growth for investors and Thai listed companies.

Empowering Sustainable Growth with SET’s ESG Database

With 69 diverse teams participating in the SET Hackathon 2023, the competition emphasi…

The SEC and SET discussed reviewing rules for collateral in cash accounts, securities settlement cycle, and purchasing securities to ensure fair treatment for investors. They will propose changes to the SEC Board for approval. They also discussed reviewing guidelines for short selling transactions.

The Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) recently held a joint meeting to discuss ways to enhance market confidence. They discussed reviewing rules related to securities trading in cash accounts, collateral placement, securities settlement cycles, and purchasing securities through cash balance accounts in case of abnormal trading activity.

The aim is to ensure fair treatment among different types of investors and maintain stability and efficiency in securities trading. The SET will expedite the review process and propose changes to the SEC Board for consideration. They also discus…

Zipmex Thailand, a digital asset exchange platform, has temporarily suspended digital asset trading until January 31, 2024. This decision has been made in order to comply with the regulations set by Thailand’s Securities and Exchange Commission (SEC).

Key Takeaways Zipmex Thailand has temporarily suspended digital asset trading until January 31, 2024, in order to comply with the criteria set by Thailand’s Securities and Exchange Commission. Customers can still withdraw Thai baht and digital assets from their Trade Wallet during this period, but withdrawals after January 31, 2024, will require contacting Customer Support and may take up to 14 days. Gulf Binance, a joint venture between Gulf Innova and Binance, has obtained approval to start trading cryptocurrencies in Thailand, posing competition to Zipmex and other exchanges.

Zipmex faced accusations last year of operating without SEC permission, and now faces competition from …

Thai nationals repatriated from Myanmar are being investigated for a call center scam by the CIB.

According to a recent report by the Office of the United Nations High Commissioner for Human Rights (OHCHR), released on 29 August, at least 120,000 people in Myanmar and about 100,000 in Cambodia have been forced to work by gangs running fraudulent call centres.

Key Takeaways The Ministry of Digital Economy and Society in Thailand has assigned the Central Investigation Bureau to investigate a call center scam involving Thai nationals repatriated from conflict-affected Myanmar. Measures are being taken by the Thai government to protect its citizens from criminal activities and those responsible for illicit operations. The Royal Thai Consulate-General in Kunming is working with the Royal Thai Embassy in Beijing to facilitate the repatriation of Thai citizens who were stranded in Myanmar after crossing the border into Chin…

According to a survey by Mercer (Thailand), salaries in Thailand are expected to increase by 5% next year, slightly lower than the average of 5.2% across Asia.

Key Takeaways Salaries in Thailand are expected to increase by 5% next year, which is lower than the average in Asia. The automotive, life sciences, and high technology industries are projected to have the highest pay increases in Thailand. The government’s plan to increase the daily minimum wage may affect labor-intensive industries, prompting businesses to adopt automation and digital technology.

The prediction is based on a survey of 617 Thai and foreign companies operating in the country. The salary increases will be driven by the government’s stimulus package, efforts to boost business confidence, and tourism recovery.

The top three industries with the highest pay next year are automotive, life sciences, and high technology. Labour-intensive industries may be affected b…

TAT arranged a special welcome at Suvarnabhumi Airport for IndiGo Flight 6E 1639 from New Delhi, India, as Indian tourists are granted temporary visa exemption for a 30-day stay in Thailand.

TAT Welcomes Indian Tourists with New Visa Exemption

The Tourism Authority of Thailand (TAT) organized a special airport event at Suvarnabhumi Airport for IndiGo Flight 6E 1639 from New Delhi, India. Indian tourists holding passports or travel documents are now granted a temporary visa exemption for a 30-day stay in Thailand for tourism purposes.

Thailand’s Commitment to Ease Visa Procedures

The TAT Governor, Ms. Thapanee Kiatphaibool, led the airport ceremony and expressed Thailand’s invitation to Indian tourists to take advantage of the tourist visa exemption. The Thai government is committed to facilitating visa and immigration procedures for foreign tourists, particularly during the high season.

Temporary Visa Exemption for…

Thailand’s inflation rate has fallen for the first time in 25 months, due to lower energy and food prices.

Thailand’s inflation rate decreased for the first time in 25 months, primarily due to lower energy and food prices. The consumer price index fell by 0.31% in October compared to the previous year, below expectations. Despite the decrease in inflation, the Ministry still expects headline inflation to range between 1.0% to 1.7% for the year.

The consumer price index (CPI) decreased by 0.31% in October compared to the previous year, but the core CPI, which excludes volatile items, increased by 0.66%.

The core CPI, which excludes volatile items, increased by 0.66% in October.

Headline inflation has been below the central bank’s target for six consecutive months. The ministry predicts headline inflation to be between 1.0% and 1.7% for this year. The Bank of Thailand recently raised interest rates, expecting growth and …

The Thai stock market has hit a 10-year low, prompting investment advisors to advise caution when adjusting portfolios.

Key TakeawaysThe Thai stock market has experienced a significant decline, reaching its lowest point in 10 years, partly due to concerns over international situations and bond yields.The increase in US bond yields, coupled with the Thai government’s digital wallet policy, has led to an oversupply of bonds and impacted the Thai stock market.Investors should remain cautious in the coming year, as the potential economic decline in the US and Europe may lead to an economic recession, while the return and recovery of China’s economy pose additional risks.

The market dropped below 1,400 points, close to the level recorded in 2013. The price-to-earnings ratio is considered moderate and tradable. The decline is attributed to concerns over the international situation and bond yields.

The Thai government’s digital wallet policy and increased borrowing have…

The Ministry of Finance in Thailand has revised its economic growth forecast for 2023 to 2.7%, down from 3.5%, due to weaker exports and lower government consumption.

Key TakeawaysThe Ministry of Finance has lowered Thailand's economic growth forecast for 2023 to 2.7% due to weaker exports and lower government consumption.The Thai economy continues to depend on tourism and domestic consumption as exports remain weak.The ministry predicts a 1.8% contraction in exports this year, but expects a rebound with a 4.4% growth in exports in 2024.

However, they anticipate a higher growth rate of 3.2% for 2024, which does not yet include the impact of the government's planned 'digital wallet' handout scheme.

The Thai economy currently relies on tourism and domestic consumption as exports remain weak. Exports are projected to contract by 1.8% this year but are expected to rise by 4.4% in 2024.

The ministry also lowered the expected number of foreign tourists for this y…

According to SCB EIC’s analysis, the current Israeli-Palestinian conflict is not expected to have a significant impact on the Thai economy in terms of tourism and merchandise exports.

Key Takeaways The global economy is experiencing a slowdown, led by a contraction in the service sector and a slower expansion in the manufacturing sector, with the US economy showing clear signs of slowing down in the fourth quarter. The global inflation rate is expected to accelerate in the coming years, with central banks in the US, Europe, and the UK keeping interest rates high until mid-2024 before gradually reducing them in the latter half of the year. Thailand’s economy is expected to recover through private consumption and the service sector, driven by an increase in international tourists from ASEAN, East Asia, and Europe, as well as a resurgence in Thai domestic tourism, while exports are also expected to rebound in the fourth quarter.

The global economy is currently experi…