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Tag: bangkok

  • Siam Commercial Bank and Prudential Thailand announce unit-linked bancassurance partnership

    Siam Commercial Bank and Prudential Thailand announce unit-linked bancassurance partnership

    10 January 2018- Siam Commercial Bank Public Company Limited (“SCB”), a leading bank in Thailand, and Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”), a subsidiary of UK-based Prudential plc, have agreed to establish a bancassurance partnership to jointly develop and provide insurance solutions for SCB’s wealth segment customers.

    Both companies have a long history of providing Thai people with innovative financial products that meet their evolving needs. The partnership, which will be effective from 1 February 2018, will provide SCB’s customers with access to Prudential Thailand’s world class range of unit-linked products through the bank’s licensed financial advisers.

    SCB and Prudential Thailand will initially offer three-unit linked products with both Regular and Single Premium options1, to serve the protection, savings and investment needs of the Bank’s wealth segment customers.

    Ms. Salisa Hanpanich, Executive Vice President of First Division and Segment Management Division for Siam Commercial Bank, said “The alliance with Prudential Thailand supports our strategy to provide our customers with best-in-class unit-linked life insurance products, which are perfectly fit to serve the financial and investment needs of customers in the fast-growing wealth segment, as customers in this segment are looking for investment products that provide them with an opportunity to get higher returns than deposit ones, and at the same time get protection for the peace of mind of their families. We expect that, through Prudential’s unit-linked products combined with strong team of sales, training and customer service support, we can achieve our ambition.” Aman Chowla, Chief Executive officer of Prudential Thailand, said, “We are proud to partner with Siam Commercial Bank, the longest established bank and one of the most successful banks in Thailand. Bancassurance is an integral part of our multi-distribution strategy to reach and serve Thai customers. This partnership with SCB enables us to leverage our expertise in unit-linked products to provide innovative and need-based solutions to SCB’s wealth segment customers. Thailand is one of the largest insurance markets in South East Asia with low insurance penetration, a growing and increasingly prosperous population with significant insurance and savings needs. This partnership will give us further opportunity to reduce the insurance gap in what is an important market for Prudential in Asia.”

     

     

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  • Centara appoints new Business Development VP to support expansion

    Centara appoints new Business Development VP to support expansion

    Centara Hotels & Resorts, Thailand’s leading hotel operator, announced the appointment of Allen Thomas as Vice President Business Development, effective January 1st. Thomas has 28 years of experience developing hotel and resort businesses, a career that includes positions with HPL and Como Hotels and most recently Resorts Holdings International. His appointment marks another significant Centara move in their five year plan to double the company’s size and become a major regional hospitality brand.

    Mr. Thomas will report to Centara’s Deputy CEO Markland Blaiklock. He will be responsible for executing the company’s plan to grow from 58 to 134 hotels over the next five years. Mr. Blaiklock himself was brought on board in October to lead the expansion strategy. In the weeks since then, Centara has already launched its new affordable lifestyle hotel brand COSI; signed a joint venture to take ownership of Centra by Centara Government Complex Hotel & Convention Centre Cheang Watthana; announced a significant upgrade of its technology infrastructure in partnership with Oracle and IDeaS; and finalised an agreement with Nakheel to develop a family lifestyle resort in Dubai.

    Centara’s CEO, Mr. Thirayuth Chirativat commented, “Allen is a tenured industry expert with an impressive track record of growing the brand footprint of hotel and resort businesses in Asia and beyond. We are confident of meeting our expansion targets with a professional of Allen’s calibre leading our Business Development division”.

    With this latest appointment, Centara’s management team is almost complete following its recent reorganisation. The company is building a diverse and experienced leadership structure to set it up for continued future success.

  • Retailers take omnichannel path in preparation for Thailand 4.0

    Retailers take omnichannel path in preparation for Thailand 4.0

    Supaluck Umpujh, chairwoman of The Mall Group, said that Thailand 4.0 is an economic model to promote and transform Thailand into a digital economy.

    Digital economy refers to the widespread use of digital technologies, which are rapidly transforming business practices and social interactions.

    According to the Thai Board of Industries, the strategic framework for digital economy promotion consists of four areas: digital commerce, digital entrepreneurship, digital innovation, and digital content.

    In pushing forward this forward-looking agenda, the Ministry of Digital Economy and Society will promote a new generation of entrepreneurs, as well as commercial and industrial innovations. At the same time, it will assist investors in developing new markets for digital content. Entrepreneurs will be aware of the importance of using ICT in enhancing efficiency and reducing production costs. Implementation of the digital economy plan will need the support and involvement of all stakeholders in achieving its stipulated goals.

    “We realised that retail business played a crucial role in Thailand’s economy, and we are also trendsetters in shopping. The first mission that we seek for our customers is to add some online shopping experience into our stores. But we also offer the experience that customers cannot find through digital channels. Currently, we are working on many digital platforms for instance e-commerce, mobile application, Radio Frequency Identification, Near Field Communication and many more,” she said.

    Nicolo Galante, chief operating officer of Central Group, said the group had integrated omnichannels to improve the customer experience. “We [Central Group] expect to move each of its online business units and will launch major e-commerce initiatives such as major partnerships and joint-ventures,” he said, adding that the e-commerce market will have a significant impact on retailers.

    Galante said the Central Group aimed |to be number one in terms of sales across channels. Central Group has stores, customer data and customer knowledge across many different stores, locations and categories.

    Salinla Seehaphan, corporate affairs director of Tesco Lotus, said the Thailand 4.0 economic model stressed on the importance of adding value to traditional products and services using innovation and digital transformation.

    “In our own business, Tesco Lotus has adopted innovation and digital transformation to improve our product and service offerings, as well as our customers’ shopping experience, for example by allowing customers to be able to trace where their fruits and vegetables come from via QR codes. As our core business revolves around fresh food, we have an opportunity to work directly with farmers across the country and help them to become farmers 4.0 in line with the government’s goal for Thai farmers to transform from being simply growers of food to smart farmers who use effective crop management and a market-led approach to farming,” she said.

    We also focus on equipping them with the knowhow that will help them thrive in Thailand 4.0,” she said.

    Punyapon Tepprasit, chief executive of MVP Consultant and lecturer at Sripatum University’s International Trade Department, said the main idea of the Thailand 4.0 economic model focuses on innovation creativity and sustainability. Thai retailers will change definitely in keeping with consumer behaviour. “I have four suggestions for Thai retailers. First of all, retailers must combine the online and offline channel strategy for creating an omnichannel that can help a business generate brand awareness, market share, and sales growth with big data analysis. Online enjoys competitive advantages as it is the fastest, can be available for 24 hours, has low advertising cost, and can track consumer behaviour. Also, businesses can reduce the cost per acquisition for one customer or groups of target customer,” he said.

    “Second, businesses have to build a talent team to create a new creativity strategy. Their new strategy must attract the attention of customers through newness of products and service innovation, or marketing communication via online and offline channel such as the augmented reality technology with an application on smartphone that can boost the emotional connection by experience and relationship creation with customers or target groups. The winner will be the one who can impress the brand on customers’ minds,” added Punyapon.

    “Third is business transformation. Businesses must reshape their organisations into lean entities to minimise wastage in the working process, as well as total cost and lead time. If companies can adjust agilely, they will have a competitive advantage in the volatile environment, because companies have the ability to address the changes in market demand.

    “The fourth is to become a data driven organisation. Businesses have to undertake market research to know the depth of consumer behaviour. Big data is very important, but the tools and data analysis are more important,” he said.

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  • Nationwide e-payments to push cashless society goal

    Nationwide e-payments to push cashless society goal

    As part of Thailand’s aspiration to become a cashless society, the country will soon adopt a new nationwide e-payment method using the so-called QR Code familiar to social media users.

    The Bank of Thailand has approved plans by five commercial banks to introduce the QR Code e-payment service – Kasikornbank, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Government Savings Bank.

    The addition of the service is expected to help reduce dependence on cash transactions as more businesses are set to accept the new e-payment method.

    During a recent experiment in using the service at Bangkok’s Chatuchak Sunday market, more than 1,000 small vendors as well as service providers including motorcycle taxis accepted payment from customers using their mobile phones to transfer money via the QR Code.

    The method is convenient and carries no additional transaction costs for either sellers or service providers.

    The QR Code e-payment platform was pioneered by China’s e-commerce and social media giants, Alibaba and Wechat, which operate the Alipay and Wechat Pay apps respectively.

    Its popularity makes it possible to live in China today without having to use cash for most goods and services.

    China is now the world’s leader for QR Code e-payments, which has disrupted more traditional payment services such as debit and credit cards.

    The huge number of Chinese tourists in Thailand, totalling nearly 10 million per year, has also prompted the early adoption of the e-payment method among Thai convenience stores and retail operators.

    Earlier, the Thai government launched the PromptPay e-payment service for domestic use, making free of charge small-value money transfers via bank accounts.

    The PromptPay popularity is expected to further grow when the QR Code system is added to the e-payment platform.

    To facilitate nationwide adoption of the new platform, the central bank has taken steps to endorse a single Thai QR Code standard in accordance with the international system for mobile applications.

    In practice, consumers after downloading an app for the service that matches their bank accounts could turn their smartphones or other compatible devices into electronic purses by scanning a seller’s QR code to pay for purchases at various goods and services outlets.

    The money would then be automatically transferred from the buyer’s bank account into the seller’s account based on a similar arrangement with their participating bank.

    The central bank has said that in a future stage it would expand the e-payment platform to cover holders of credit cards so as to make it more versatile.

    Overall, the platform is a crucial element of Thailand’s emerging digital economy and society in which the lifestyle of consumers increasingly is closely tied to mobile phones and other smart devices.

    For the government, any form of electronic payment is useful since it creates electronic records on transactions that make tax collection more efficient. In addition, the economy will benefit from more electronic transactions by increasing efficiency – cash transactions are more expensive due to higher costs.

    For vendors, there is no additional transaction cost since banks are keen to provide the service free of charge at this stage, with some banks even offering additional financial incentives to early adopters without conditions requiring minimum payment per transaction.

    The new service will help banks stay close to both consumers and businesses, big and small. This would allow banks to make use of the huge amount of data generated by both buyers and sellers in multiple ways.

    While electronic transactions offer definite convenience advantages for consumers, experts warn that they should ensure that their personal devices are fully secured.

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  • Huawei aims to ride tech wave to N° 1 brand status in Thailand

    Huawei aims to ride tech wave to N° 1 brand status in Thailand

    Richard Yu, chief executive officer of Huawei Consumer Business Group, said that the firm provides Huawei smartphones as a premium brand to cover mid-tier and the high-end global market. The firm’s new intelligence phone will bring together artificial intelligence (AI), Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR). With the AR technology, the future phone will be paired with an AI processor, an AI camera and an AI operating system. The new intelligence phone will have long battery life and super-fast charging ability.

    “My plan for the next five years: With AI, AR, VR and MR, we will have an intelligent phone. We want to provide the future and next-generation phone. In addition, we will try to improve our marketing, branding, retail and services. Every year, we continue to improve our marketing, branding, retail and services in the Thai market and worldwide. We aim to be the leader in artificial intelligence, VR and MR,” said Yu.

    He said the firm next year would launch its new flagship smartphone with new technology such as improved camera and super-fast charging features.

    The firm now provides smartphone with two brands: Huawei for the mid-tier and high-end market, and Honor for young people, e-commerce, mass market, low-end and mid-tier market. The Honor smartphone is available only in China.

    “We want to enhance our technology and innovation and improve the users’ experience,” said the CEO.

    He said the firm in 2017 gained market share in China, totalling 23.8 per cent. It also became number one in Italy, Spain, and Poland.

    In China, it aims for market share of more than 40 per cent in the next three years. Therefore, the firm wants to build its marketing, enhance branding, build better ecosystem and retail system in the Chinese market.

    He added that Thailand is still a growing market, especially in the premium segment. The overall Thai market is growing. The current market share is around 10 per cent. It aims to be No 1 in market share in Thailand for mid-range and high-end smartphones in the next three years with market share of more than 30 per cent.

    He said the firm plans to invest in Thailand in |marketing, branding, premium stores and shops and services.

    “We have committed to the Thai market for the long term. We want to be the leader as a brand and in market share within three years,” said Yu.

    The firm this year expects 30 per cent revenue growth year on year and expects the trend to continue next year. The firm is targeting 1,000 per cent growth in the global market over the next decade. The firm sees high potential in China, Europe and Japan.

    Regarding upcoming smartphone trends, he said next year consumers will buy smart phones with high storage capacity and memory to support more applications, bigger screen, better camera and processor to support customers who love game. He said AI would become more popular. He said battery life would also become more important for consumers. The firm will come out with smartphone with a battery life improvement of around 20 per cent with super-fast charging and digital single-lens reflex (DSLR) camera features.

    He also said that the smart phone manufacturers would have to consolidate in the future in order to survive.

    The firm continues to cooperate with its business partners to improve its smartphone features and productivity such as Microsoft, Porsche and Leica.

    Last year, the firm invested US$11 billion in research and development.

  • Bangkok’s second IKEA branch opens

    Bangkok’s second IKEA branch opens

    No more taking the expressway across town to shop for affordable furniture at IKEA. The Swedish furniture and home accessories purveyor is opening its second branch in Bangkok in March 2018 in Bangyai, next to gigantic shopping center, Central Plaza WestGate.

    Encompassing more than 50,000 square meters of showroom and retail space, this branch promises to spoil shoppers with endless choices of sofas, chairs, tables and those pretty little things you don’t actually need but are too cute to resist. IKEA Bangyai is the first retail store in Thailand to receive the LEED Green Building certification. Plus, the canteen will offer menu items that are exclusive to this branch.

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  • Chateraise plans to open 200 shops in Thailand

    Chateraise plans to open 200 shops in Thailand

    Japanese patisserie Chateraise, which is known for having its main factory in the middle of a forest, plans to open 200 shops in Thailand and boost overseas sales to 50 per cent of its total revenue in the next 10 years.

    With more than 500 outlets mainly in Japan, it has just opened its second shop in Bangkok, at Gateway Ekamai Shopping Mall, and is seeking franchisees to accelerate store expansion in Southeast Asia’s second-largest economy.

    Its debut shop for Thailand opened in Isetan Bangkok department store in July. Both Bangkok outlets are under franchise.

    In the past two years, Chateraise has moved into eight markets across Asia, opening more than 30 shops. The company sees Thailand as a promising market where sweets consumption is expected to be driven by economic growth coupled with a youthful population, says senior managing director Takako Saito of parent company Chateraise Holdings.

    Based in Yamanashi prefecture, the company produces cakes, pastry, confectionery and beverages at six factories across Japan. It procures raw materials directly from contracted farmers and sells through branded shops.

    Almost all products for Thailand are shipped from Japan, with plans to add ice cream to the lineup. Chateraise plans a third Bangkok shop for next year

    The brand’s first overseas expansion was to Singapore in 2015, and it has since opened stores in Dubai, Hong Kong, Indonesia, Malaysia, South Korea and Taiwan, and plans to head to Hanoi and Manila next year.

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  • AEON and Siam Paragon spread the cheer year end

    AEON and Siam Paragon spread the cheer year end

    Mr. Praphan Rangsiyopas (Right), Executive Vice President of AEON Thana Sinsap (Thailand) Public Co., Ltd. together with Mrs. Jiraporn Srisa-an (Left), Senior Deputy Managing Director for Business Promotion, Siam Paragon Development Co., Ltd. celebrate the 12 years of successful.

    The festive “Siam Paragon the 12 Glorious Years” campaign brings happiness to all special customers of Siam Paragon. Exclusively for AEON credit card members, simply by making a purchase by using AEON credit card at Siam Paragon Shopping Center reach the specified amount, be eligible to receive many special prizes such as gift voucher from participating restaurants, Siam Gift Card worth up to 4,500 Baht and AEON Surprise that give credit cash back up to 10,500 Baht. Your happiness starts now until January 15th, 2018.

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  • Newcomer Xiaomi lays out ambitious Thai plan

    Newcomer Xiaomi lays out ambitious Thai plan

    “We are optimistic about our performance in 2018. We entered Thailand about four months ago, so it is still an early stage, but we have already mapped up an ambitious plan for the Thai market in the year ahead, including expanding sales to more retail locations, introducing new smartphones and a wide range of lifestyle technology products,” Wang added.

    By the end of this year, the company aims to have a presence in over 150 retail locations in Thailand.

    Next year, it aims to have more than 50 authorised sales points, including Authorised Mi Store and Mi Zone store in major Thai cities.

    Currently, the company operates three Authorised Mi Stores: the flagship Authorised Mi Store at Seacon Bangkea , Authorised Mi Store at Imperial World Samrong, and the Authorised Mi Store at Pantip Plaza, Pratunam.

    “We will definitely open more stores and expand to more retail locations in Thailand. Our Authorised Mi Stores, in particular, is a great way for consumers to experience our smart phones and ecosystem products in person,” Wang said.

    VST ECS and Fanslink are Xiaomi’s local partners in distribution and retail, respectively.

    “Since we entered Thailand only four months ago, our partners have been very cooperative and supportive; we value all our partners and potential partners. In Thailand, we work with VST ECS as our distributor, and Fanslink as our retailer. In the long run, we, of course, are open to establishing partnerships with more local players, as we continue to look for opportunities to increase our presence in the market,” Wang added.

    He said that Thailand is the second-largest market for smartphones in Southeast Asia, after Indonesia, with estimated sales of 25 million units in 2017. To date, Xiaomi has entered Thailand, Indonesia, Vietnam, Malaysia, Singapore, and Myanmar.

    “These are all promising markets with high potential, and we will continue our efforts to grow in the region,” he added.

    He said that Xiaomi is a very unique company with a unique business model.

    “We are a smartphone company, but we are also an Internet company and a new retail company. Because of this, we are able to make products packed with great technology available at extremely accessible prices.

    The price factor is not the key here, but the fact that we offer far more to users in all price segments, and across a range of products including lifestyle technology products,”

    When asked about the Thai customers response to the Xiaomi brand, he said: “Thai customers are starting to know us! We will definitely be working even harder to raise the awareness of Thai consumers,”

    The company entered the Thai market with one of its best flagship dual camera phones, Mi 6 , in August and has just announced the launch of Mi MIX 2, its full-screen display smartphone.

    In the local market , its available smartphones include Redmi 4A, Redmi 4X, Redmi Note 4, Mi A1, Mi Max 2, Mi 6, Redmi Note 5A and Mi MIX 2.

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  • Cole Haan Thailand opened Bangkok flagship

    Cole Haan Thailand opened Bangkok flagship

    Continuing its international expansion with its Southeast Asian partner Star360, based in Singapore, footwear brand Cole Haan Thailand has unveiled a flagship at CentralWorld in Bangkok.

    Drawing inspiration from a home, the store comprises a series of rooms that showcase its lifestyle products and allows for more footwear and accessories to be displayed than is available in other other locations in Thailand’s capital.

    Over the past three years the US brand has established itself in more than 40 markets, including the Asia Pacific.

    Its Bangkok opening comes as the brand is ramping up its marketing with its Extraordinary Women, Extraordinary Stories campaign featuring Christy Turlington Burns and Karlie Kloss, photographed by Cass Bird.

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  • SUPERNAP International Celebrates Grand Opening of The Most Advanced Data Center In The ASEAN Region

    SUPERNAP International Celebrates Grand Opening of The Most Advanced Data Center In The ASEAN Region

    SUPERNAP Thailand celebrated the grand opening of one of the most advanced data center in ASEAN region, the Bangkok Campus located at the Hemaraj Industrial Estate 2, in Chonburi.  The event was marked with a formal ribbon-cutting ceremony attended by several government dignitaries as well as business and community leaders.

    The SUPERNAP Thailand data center is designed and built to the specifications of the industry-renowned, Tier IV Gold-rated Switch LAS VEGAS multi-tenant/colocation data centers in the United States. Its advanced design and diverse connectivity options are expected to enable clients to respond to rapid market growth and connect to global economies, while helping the Thai government to transform the country into a high-value based digital economy.

    SUPERNAP Thailand Managing Director Sunita Bottse kicked off the ceremony, featuring board members, executives from the government sector and key vendors, by talking about the impact the project will have on the Thailand 4.0 economy.

    “Thailand is moving towards the “Thailand 4.0” era, when industries will rely on digital innovations and online connections,” Sunita Bottse said.   “This new carrier-neutral data center facility, plays an important role in the region as the critical infrastructure that powers the ability of businesses to succeed in the growing Internet of Things, Cloud and Artificial Intelligence markets. Our capability serve the huge scale of the digital world in an efficient and sustainable manner.

    SUPERNAP data center is expected to be a catalyst for attracting more investment to the region and is poised to become the data center hub for Asia Pacific and to accelerate the digital economy growth in the Eastern Economic Corridor (EEC).    

    “Under Thailand 4.0, digital transformation will be instrumental in the realization of this exciting journey. SUPERNAP data center is the digital backbone that will enhance big data and cloud computing that are increasingly essential for the development of EEC and Thailand.”  said Dr. Pichet  Durongkaveroj, Minister of Digital Economy and Society.

    The world-class SUPERNAP Thailand data center is located 110 meters above sea level outside of the flood zone, and 27 kilometers away from the international submarine cable landing station, which links to national and international telecommunication and internet gateway carriers.

    “At SUPERNAP, we have ensured that our data center is up for the challenges as Thailand moves toward being a leader in the digital economy,” said SUPERNAP Senior Sales Engineer Kasem Nincharoen. “The SUPERNAP Thailand growth model is driven by the country’s need for a purpose-built data center facility bringing assured reliability, availability, security, scaleability and disaster risk mitigation supported by the latest proven and industry leading designs.”

    Currently, the SUPERNAP Thailand data center in Chonburi is expected to include:-

    • 21,000 square meters of data center space with two data halls.
    • 20 megawatts of power distribution.
    • Proprietary tri-redundant UPS power system.
    • Up to 33 kilowatts of power per cabinet.
    • Multi-carrier fiber couples with separate paths.
    • Patented Switch SHIELD: dual independent roof 100% penetration –free decks rated to withstand 322 kph winds.
    • 24x7x365 on-site network operations center (NOC), fire, safety and security.
    • On-site, on-net member resources including conference spaces.
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  • Bangkok could gain THB 126 billion of economic benefits by going cashless

    Bangkok could gain THB 126 billion of economic benefits by going cashless

    Residents, businesses and government of Bangkok could realize THB 126 billion-worth of economic benefits by transitioning from physical money to digital payments, according to an independent study conducted by Roubini ThoughtLab and commissioned by Visa.

    The results examine the economic impact of increasing the use of digital payments in major cities around the world. As a “digitally transitioning” city, Bangkok is among the six global metropolises selected for the study, representing one of the five different stages of digital payment maturity.

    “As more people move from rural to urban areas, cities become the nexus for the adoption of electronic payments. This study is unique in that for the first time it looks at the net benefits associated with adopting digital payments at a city-level. The research shows that a shift to electronic payments will benefit people, businesses and government not just in big cities like Bangkok, but other urban centers such as Phuket and Khon Khaen as well,” said Suripong Tantiyanon, Country Manager, Visa Thailand.

    For Bangkok, widespread usage of electronic payments could generate an estimated increase of THB126 billion to the city’s economy – with consumers, businesses and government to realize net benefits of THB 3 billion, THB 73 billion, and THB 50 billion, respectively.

    Estimated net benefits are derived from factors including time savings while conducting and processing banking, retail and transit transactions; increased sales revenues from extended customer base both online and in-store; increased tax revenues and economic growth; cost savings; and reduced cash-related crime, among others.

    “There are many existing and emerging technologies in payment that will drive wider adoption of electronic payments. In cities like Bangkok, we will see new payments form factors such as standardized QR Code go beyond being just a money transfer tool and mainstream method such as debit chip card becoming widely used and accepted, giving consumers and businesses the choices on how to pay and get paid,” said Mr. Suripong.

    About the Cashless Cities Report

    “Cashless Cities: Realizing the Benefits of Digital Payments”, is a unique study that quantifies the potential net benefits experienced by cities which move to an “achievable level of cashlessness”—defined as the entire population of a city moving to digital payment usage equal to the top 10% of users in that city today.  The study does not look at eliminating cash.  Rather, it seeks to quantify the potential benefits and costs of significantly increasing the use of digital payments.

    By reducing reliance on cash, the study estimates the immediate and long-term benefits for three main groups—consumers, businesses and governments. According to the study, these benefits could add up to combined direct net benefits of approximately U.S. $470 billion or equivalent to 3 percent of the average GDP of the 100 cities that were analyzed:

    • Consumers across the 100 cities could achieve nearly $28 billion per year in estimated direct net benefits. This impact would be derived from factors including up to 3.2 billion hours in time savings conducting banking, retail and transit transactions, in addition to a reduction in cash-related crime.
    • Businesses across the 100 cities could achieve more than $312 billion per year in estimated direct benefits. This impact would derived from factors including up to 3.1 billion hours in time savings processing incoming and outgoing payments and increased sales revenues stemming from extended online and in-store customer bases. The study also found that accepting cash and checks costs businesses 7.1 cents of every dollar received compared to 5 cents of every dollar collected from digital sources.
    • Governments across the 100 cities could achieve nearly $130 billion per year in estimated direct benefits. This impact would be derived from factors including increased tax revenues, increased economic growth, cost savings from administrative efficiencies and lower criminal justice costs due to reduced cash-related crime.

    “This study demonstrates the substantial upside for consumers, businesses and governments as cities move toward greater adoption of digital payments,” said Ellen Richey, Visa’s vice chairman and chief risk officer. “Societies that substitute digital payments for cash see benefits from greater economic growth, less crime, more jobs, higher wages, and increased worker productivity.”

    As cities increase use of digital payments, the positive impacts can extend beyond financial benefits to consumers, businesses, and government. The shift to digital payments also may have a catalytic effect on the city’s overall economic performance, including GDP, employment, wage, and productivity growth.

    “The use of digital technologies—from smart phones and wearables to artificial intelligence and driverless cars—is rapidly transforming how city dwellers shop, travel, and live,” said Lou Celi, Head of Roubini ThoughtLab. “Without a firm foundation in electronic payments, cities will not be able to fully capture their digital future, according to our analysis.”

    “Cashless Cities: Realizing the Benefits of Digital Payments” offers 61 recommendations for policymakers to help their cities become more efficient through greater adoption of digital payments. Recommendations include undertaking financial literacy programs to help move the unbanked into the banking system, implementing incentives to stimulate innovation focused on scaling new payment technologies, implementing secure open-loop payment systems across all transportation networks and more.

    Visa and Roubini Thoughtlab created an online data visualization tool as a companion to “Cashless Cities: Realizing the Benefits of Digital Payments.” Using the data visualization tool, individuals can increase or decrease the level of digital usage in each of the 100 cities included in the study to better explore the benefits of a world, less dependent on cash.  

    Methodology

    Roubini Thoughtlab, a leading economics and evidence-based research firm, surveyed 3,000 consumers and 900 businesses in 2016 across six cities (Tokyo, Chicago, Stockholm, Sao Paolo, Bangkok and Lagos) that represent different levels of digital payments maturity. These surveys examined the use, acceptance, and cost-benefit impact of physical and digital money. Researchers then extrapolated these survey results based on specific demographic and economic data to another 94 cities around the world to determine the net impact of moving toward a cashless economy on consumers and businesses in each location. Through other sources, the research was also able to identify expected impacts on government. Researchers used World Bank, Organisation for Economic Co-operation and Development, and other well-respected secondary data sources to augment the survey results and build the overall findings. An econometric model used by various central banks and other institutions – the National Institute Global Econometric Model (NiGEM) – was used to estimate the “catalytic” impacts (economic growth, productivity, employment and wages) that a move toward digital payments would have on each of the 100 cities analyzed. Visa commissioned the study.  Roubini Thoughtlab independently conducted the surveys, managed the research and developed the analysis.

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  • Toyota facelifts Hilux Revo pickup for 2018

    Toyota facelifts Hilux Revo pickup for 2018

    Brand’s bread-winning workhorse gets a more aggressive-looking face and a new style-led model called Rocco to rival the Ford Ranger Wildtrak and Isuzu D-Max X-Series.

    Toyota Motor Thailand has released the first pictures and details of the facelifted Hilux Revo ahead of its public debut at the year-ending 2017 Motor Expo.

    Featuring in the single- and double-cab models is a new face with a prominent grille to bring the Hilux Revo in line with the US-only Tacoma pickup. The meek looks of the pre-facelift Hilux Revo is alleged to have received a tepid reception from the pickup market.

    And for the first time, Toyota has introduced a new style-led range-topper called Rocco to rival the Ford Ranger Wildtrak and Isuzu D-Max X-Series.

    Available for both single- and double-cab variants, the Rocco features an even sportier grille with plenty of black accents around the vehicle. Other key exterior features are 18-inch alloys shod with 265/60 R18 all-terrain tyres and a sports bar in the cargo bed. The interior also gets the black colour treatment along with leather appointments here and there.

    The 150hp 2.4-litre and 177hp 2.8-litre diesel-turbo engines, plus 166hp 2.7-litre petrol unit, remain unchanged. The same goes for the six-speed manual and automatic transmission.

    As for the Rocco, only the 2.8-litre diesel is available either with manual or automatic and 2WD or 4WD. Depending on body style and transmission, the Rocco is priced between 1.129-1.199 million baht. While the regular single-cab sees prices starting from 572,000 baht, the double-cab kicks out at 672,000 baht.

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  • Mazda launches all-new CX-5 in Thailand

    Mazda launches all-new CX-5 in Thailand

    Mazda Sales Thailand has launched the all-new CX-5 with prices mostly competing with those of the Honda CR-V, one of the most popular SUVs in the Thai market.

    The second-generation CX-5 comes with a completely redesigned exterior and interior, although it still uses the same platform, engines and transmission from its predecessor.

    The CX-5 comes with the same 175hp 2.2-litre diesel-turbo and 165hp 2.0-litre petrol motors, both equipped with a carried-over six-speed automatic driving either the front wheels or all four.

    The entry-level model is the petrol-powered C trim priced at 1.29 million baht, some 100k cheaper than the cheapest CR-V powered by 175hp 2.4-litre petrol engine.

    The higher S spec of the CX-5 goes for 1.33 million baht which, like the C, is 70k more expensive than before. A new grade is the 1.53 million baht SP that comes with the brand’s latest driver-assist technologies. All petrol models are purely front-wheel drive.

    As usual, the diesel-powered is available in just two versions: XD asking for 1.56 million baht and XDL 1.77 million baht, the latter getting those driver-assist tech and four-wheel drive. They are 30k and 80k dearer accordingly than the previous models.

    The CR-V, with 160hp 1.6-litre diesel-turbo, is priced at 1.549 million baht in basic E trim and 1.699 million baht in EL guise.

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  • Siam Paragon Luxury Property Showcase 2017

    Siam Paragon Luxury Property Showcase 2017

    The property market in 2017 and 2018 has a positive outlook thanks to several factors, including indicators of a continued recovery of the Thai economy, good purchasing power – especially for high-end and luxury property, and the government’s economic stimulation measures and policy to promote property development in preparation for an aging society. All these contribute to the emergence of new markets and increased demand for property ownership among the Thais and foreigners.

    Due to demand for superior luxury property, Siam Paragon Shopping Center will organize the Siam Paragon Luxury Property Showcase 2017, bringing together all the leading premium property developers in Thailand to showcase masterpiece and high-end residential projects and holiday homes. The event will be the eleventh edition of this grand expo, showcasing 14 projects of super-luxury houses, condominiums and resorts with more than 3,000 units by Thailand’s leading developers, plus luxury yachts for ultimate luxury living. The showcase, which comes with special offers to welcome the year’s end, aims to meet every need of potential buyers and investors, whether they are looking for opportunities to own high-end property and assets or for long-term investments.

    Chanisa Kaewruen, Deputy Managing Director of Marketing Events and Business Relations, Siam Paragon Shopping Center said, “Both the luxury and super-luxury condominiums and low-rise property markets have experienced continued growth since the beginning of 2017. Thanks to low interest rates and increased loan approval rates, the property market will grow further in the fourth quarter and get even better in 2018. The organizing of this showcase will offer a great opportunity for the developers to reach their target customers and for potential buyers to enjoy special offers, exceptional prices and promotions that will make the decision-making process easier,” said Chanisa.

    The projects to be showcased at this event are all residential and holiday home masterpieces on the best locations. They are ARNA EKAMAI, BLUEPHERE PATTAYA, CANAPAYA RESIDENCES, FOUR SEASONS PRIVATE RESIDENCES BANGKOK AT CHAO PHRAYA RIVER, LAVIQ SUKHUMVIT 57, THE LOFTS SILOM, MOVENPICK RESIDENCES & POOL VILLAS, NARA 9 BY EASTERN STAR, NIVATI, THE PANO, THE RESIDENCES at SHERATON PHUKET GRAND BAY, SWAN LAKE RESIDENCE KHAOYAI and WISH SIGNATURE II MIDTOWN SIAM. Special for this year, luxury yachts by BOAT LAGOON will also join the showcase, responding to demand for luxury assets.

    “Developers have prepared to meet investors and buyers’ demand in this year and next year by offering more mixed-use projects, increased private space, fully furnished units with high-end furniture, and other services and facilities for the best comfort and convenience. Strategies to satisfy the buyers’ lifestyle and special offers to attract investors are expected to be well received like previous years during this 11-day event,” said Chanisa.

    Neti Narumit, a condominium investor, property broker and ultra-luxury condominium specialist, has made interesting comments about the market, particularly for high-end property. According to him, the fact that the luxury and super-luxury property market has been growing every year is because they are not much affected by economic situations. This market still enjoys demand from the Thai upper class and foreigners as well as long-term investors. Luxury properties on great locations with extravagant design and quality materials remain the market that both developers and investors show great confidence in. As prices rise every year, this sector continues to grow with great strength.

    “The property market, especially the upper market, will continue to grow next year in line with the growing economy thanks to the flow of funds from foreign investors, the completed megaprojects that have resulted in high prices for land, the government’s special economic zone development and the growth of important cities across the country. This market receives great attention from investors and developers and is still able to create excellent capital gain, resulting in confidence by both Thai and foreign investors. In particular, the new generation of businesspeople – those who are good at financial management, have great lifestyle and look for a stable investment that offers long-term returns, will invest more in property, especially in the upper market. They feel confident that this market has sourced the best locations with high demand, such as the city center, areas connected to parks and water or the rapid transit systems, commercial districts and travel destinations like the sea and mountains, and that the prices of these properties will only increase. This group of investors also express confidence in brands with luxury design and use of technology and innovations to offer the best service and buyer satisfaction. They feel confident in both the value of property and the brands of high-priced projects.”

    The Siam Paragon Luxury Property Showcase 2017 will take place on November 9-19 at the Fashion Hall and the Fashion Gallery on the 1st Floor of Siam Paragon Shopping Center, where leading developers will showcase superb high-end residential projects and excellent investment opportunities with three special offers. The first offer is discounts and promotions for luxury residential projects and holiday homes on great locations. The second offer is for top spenders at the event. The customer with the highest spending will receive an exclusive yacht trip in Phuket worth 350,000 baht provided by Boat Lagoon Yachting. The prize includes one-day luxury stay on the yacht for ten people with complimentary food, drinks and champagne. The second and third top spenders will each receive a round-trip ticket to Phu Quoc, Vietnam for two people, worth 108,000 baht from Bangkok Airways and three-night accommodation at the Turquoise Suite at the JW Marriott Phu Quoc Emerald Bay Resort & Spa with complimentary meals worth 192,500 baht. The fourth and fifth top spenders will receive a powerful wireless vacuum cleaner from Dyson V8 Animal Vacuum worth 25,900 baht. The third offer is a special privilege for Kasikorn and Thanachart credit card holders. When spending with their respective credit card, Kasikorn customers will receive up to 12,000-baht cashback and an installment payment option with 0% interest for up to ten months while Thanachart customers will receive up to 14,000-baht cashback and an installment payment option with 0% interest for six months. For more information, please call 0-2610-8000.

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