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Tag: southeast

  • Iicombined Unveils Haus Nowhere in Bangkok: Debuts Tamburins’ First Southeast Asia Store and Thailand’s Largest Gentle Monster Outlet

    Iicombined Unveils Haus Nowhere in Bangkok: Debuts Tamburins’ First Southeast Asia Store and Thailand’s Largest Gentle Monster Outlet

    The Seoul-based lifestyle conglomerate, Iicombined, has broadened its retail footprint by launching its multi-brand store, Haus Nowhere, in Bangkok, Thailand.

    Prime Location

    The store, located on IconSiam mall’s M floor, hosts two major brand flagships: the first Tamburins store in Southeast Asia and the largest Gentle Monster location in Thailand.

    ‘Future Retail’ Concept

    The debut of Haus Nowhere in Thailand is part of Iicombined’s ‘Future Retail’ strategy to establish its presence in key global cities. Following Seoul, Shanghai, Shenzhen, and Dosan, Bangkok has become the fifth city to host a Haus Nowhere store.

    Tamburins’ Southeast Asia Debut

    Tamburins, a fragrance and beauty label established by Iicombined in Seoul in 2017, has made its Southeast Asia debut with a full range of products and exclusive items available only in-store. The store-exclusive items include a Blue Hinoki edition of its Egg Perfume and a 2ml fragrance with a Puppy Case.

    Gentle Monster’s Largest Store in Thailand

    The new Haus Nowhere store also hosts the largest Gentle Monster store in Thailand. This is the eyewear brand’s third location in Bangkok, following its previous ventures at EmQuartier and Siam Paragon, indicating that Thailand is one of Gentle Monster’s most active markets in Southeast Asia.

    The flagship showcases the brand’s signature installation-led design and establishes Bangkok as a crucial market for the label. It is expected to draw interest from both domestic and regional shoppers.

    The location also features the ‘Sunshine Giant Dog’ installation, displayed outside of Seoul for the first time ever.

    Questions & Answers

    What is the ‘Future Retail’ concept of Iicombined?
    The ‘Future Retail’ concept is Iicombined’s strategy of expanding its retail presence by establishing stores in key global cities.

    What is significant about the Tamburins store in Haus Nowhere, Bangkok?
    The Tamburins store in Haus Nowhere, Bangkok, is the first Tamburins store in Southeast Asia and offers a full range of its products, including some exclusive in-store items.

    How does the new Haus Nowhere store in Bangkok contribute to the growth of Gentle Monster in Thailand?
    The Gentle Monster store in Haus Nowhere, Bangkok, is the largest store of the brand in Thailand and its third location in Bangkok, indicating the company’s growing foothold in the Thai market.

  • North Face Unveils First-of-its-Kind Concept Store in Southeast Asia, Revolutionizing Outdoor Retail in Bangkok

    North Face Unveils First-of-its-Kind Concept Store in Southeast Asia, Revolutionizing Outdoor Retail in Bangkok

    In a first for Southeast Asia, The North Face has unveiled its innovative concept store in Central Park Bangkok. This move is a result of their collaboration with Thai Outdoor Group (TOG), a local distributor.

    A Novel Design Concept

    The new store showcases a design that embodies the signature ‘Dome Pattern’ of the brand, highlighting themes of resilience, lightness, and technical prowess. This strategic design choice is aimed at reflecting the brand’s core values and product offerings.

    Blending Outdoor Performance and Lifestyle

    The store, characterized as “an urban exploration-focused space,” offers a unique blend of outdoor performance products and lifestyle categories. The setting adopts improved visual merchandising and a streamlined layout, reflecting the brand’s initiative to rejuvenate its retail presence in Asia.

    This development comes at a time when there is an increasing demand for outdoor and athleisure products in the region, signaling a promising future for this market segment.

    Expansion of Thai Outdoor Group

    The Thai Outdoor Group has been making significant strides in the retail sector. The company recently launched the first Southeast Asian store for Icebreaker, an outdoor apparel brand originally from New Zealand. Apart from The North Face and Icebreaker, TOG also manages and distributes several other brands in Thailand, including Gong Cha, Salomon, and Dickies.

    Questions & Answers

    What is the concept behind the new North Face store in Bangkok?
    The store embraces a design that mirrors the brand’s ‘Dome Pattern’, focusing on elements of resilience, lightness, and technical functionality. This aligns with the brand’s mission to blend outdoor performance products with lifestyle categories.

    Why is this store launch significant for the Asian market?
    The launch comes amid a surge in demand for outdoor and athleisure products in the region. By introducing this concept store, The North Face is strategically positioning itself to capture this growing market segment.

    What other brands does the Thai Outdoor Group distribute?
    Apart from The North Face, the Thai Outdoor Group also handles the distribution of several other brands in Thailand, including Icebreaker, Gong Cha, Salomon, and Dickies.

  • OCBC Revolutionizes Digital Banking: Integrates Top Southeast Asian Wallets, Targets 2.72 Billion User Base

    OCBC Revolutionizes Digital Banking: Integrates Top Southeast Asian Wallets, Targets 2.72 Billion User Base

    Singapore’s OCBC bank has significantly advanced its position in the regional payments sector by incorporating eight major Southeast Asian digital wallets into its banking app. This move has established the most inclusive bank-to-wallet ecosystem in the region, according to the bank.

    The decision, facilitated by an expanded partnership with Visa, is designed to simplify remittances, reduce expenses, and bring countless unbanked consumers closer to digital financial services. Now, OCBC customers in Singapore can directly transfer money to top wallets in Indonesia, Malaysia, the Philippines, and Vietnam.

    The recently integrated wallets include the Philippines-based Coins and GCash, Indonesia’s GoPay, LinkAja, and Ovo, Vietnam’s Momo, the Philippines’ PayMaya, and Malaysia’s Touch ‘n Go. This addition builds upon the previous year’s integration of Weixin Pay and Alipay, bringing the total number of wallets to ten. Collectively, these wallets represent a user base of nearly 2.72 billion.

    Addressing the Needs of Singapore’s Foreign Workforce

    This improvement directly tackles the most significant challenges in conventional remittances, namely speed, cost, and accessibility. OCBC points out that a large number of foreign workers still depend on cash agents or manual transfers.

    Through bank-to-wallet connectivity, either the workers or their employers can send funds instantly and without any fees, even if the recipients do not have a bank account or access to physical branches. OCBC anticipates high adoption rates among Singapore’s 1.6 million foreign workers.

    Initial Success: Quadrupled Transfers to China

    OCBC introduced wallet transfers to China a year ago and has since processed more than S$60 million through this feature. Cross-border transfers to China have increased fourfold, with 90% of users avoiding branch visits. Three-quarters of these users are PMETs, primarily Chinese nationals sending money home. This initial success set the groundwork for the current broader rollout across Southeast Asia.

    Visa Partnership to Expand Global Reach

    The expanded capabilities have been made possible by Visa Direct, which links nearly 11 billion endpoints worldwide, including over 3.5 billion digital wallets. According to Adeline Kim, Visa’s Singapore country manager, Visa Direct is helping to “bridge financial gaps”. Moreover, six out of ten Singaporean remittance users anticipate maintaining or increasing their overseas transfers this year.

    OCBC’s Global Ambitions

    Sunny Quek, OCBC’s head of global consumer financial services, has said that the bank is making good on its promise to extend beyond China. He said that “By connecting OCBC accounts to eight of Southeast Asia’s most popular wallets, we are removing friction from cross-border payments and making remittances faster, cheaper, and more inclusive.”

    He further revealed OCBC’s long-term plan to connect its customers to 50 wallets globally, which would make its app “the most comprehensive wallet access of any banking app”.

    Boosting OCBC’s Regional Digital Presence

    This development further solidifies OCBC’s standing as a leading regional financial institution. As one of the world’s most highly-rated banks and one of the largest financial groups in Southeast Asia, OCBC continues to invest in consumer banking innovation in the face of growing competition in the digital payments and fintech landscapes.

    Questions & Answers

    What new capabilities has OCBC Bank added to its banking app?
    OCBC has integrated eight major Southeast Asian digital wallets into its banking app, facilitating direct money transfers to top wallets in Indonesia, Malaysia, the Philippines, and Vietnam.

    What are the benefits of this integration for OCBC customers?
    This integration simplifies remittances, reduces costs, and allows for the instant and fee-free transfer of funds – even if the recipients don’t have a bank account or access to physical branches.

    What is OCBC’s long-term vision for its banking app?
    OCBC aims to connect its customers to 50 wallets globally, with the goal of offering the most comprehensive wallet access of any banking app.

  • South Korean Footwear Giant, Sappun, Makes Strides in Southeast Asia with Exclusive Indonesian Expansion

    South Korean Footwear Giant, Sappun, Makes Strides in Southeast Asia with Exclusive Indonesian Expansion

    South Korean female-oriented shoe brand, Sappun, has drawn out plans to broaden its global presence, beginning with Southeast Asia, Indonesia specifically.

    Expanding Footprints in Indonesia

    The footwear brand, which operates under the management of FNS Retail Co, has embarked on an exclusive alliance with Surya Bumi Retailindo. This Indonesian retail firm oversees over 20 international brands spread across sports, fashion, and lifestyle verticals, Salomon and Dickies included.

    The collaboration gives Surya Bumi Retailindo the exclusive distribution rights for Sappun within Indonesia while also setting a sturdy framework for sustained retail growth.

    Establishing Retail Presence

    Sappun, in accordance with this new partnership, has launched standalone outlets in three of Jakarta’s prime shopping precincts, such as Lippo Mall Puri, Plaza Senayan, and Grand Indonesia. Initial sales at these outlets have been reportedly on par with its flagship stores in South Korea, an indication of the strong demand from Indonesian shoppers.

    FNS Retail has plans to inaugurate five additional Sappun stores inside Indonesia by the conclusion of this year, with a future goal of reaching a total of 30 stores within the next five years.

    The entrance into the Indonesian market marks a noteworthy milestone as the first international expansion of a K-fashion women’s shoe brand. FNS Retail expressed their ambition to extend their presence further across Southeast Asia and Japan.

    The Growth of Sappun

    Sappun was founded in 2014 initially as an online-only brand which later expanded its operations to offline outlets across prominent Korean cities, including Seoul and Busan. To further extend its global reach, the brand continues to exploit e-commerce platforms like Shopee and Lazada.

    Sappun also has plans in the pipeline to launch operations in Vietnam in the near future.

    Questions & Answers

    What is Sappun’s expansion strategy?
    Sappun plans to broaden its global presence starting with Southeast Asia, specifically Indonesia. They aim to establish a robust retail presence through local partnerships and open standalone stores in prime shopping areas.

    How is the brand performing in Indonesia?
    Sappun has launched standalone outlets in three of Jakarta’s prime shopping precincts. The sales at these outlets have been reportedly on par with its flagship stores in South Korea, indicating strong demand from Indonesian shoppers.

    What are Sappun’s future plans?
    Sappun aims to extend its presence further across Southeast Asia and Japan. The brand also has plans to launch operations in Vietnam in the near future.

  • Philippines’ Top Data Centers Unite to Boost Nation’s Rise as Southeast Asia’s Digital Powerhouse

    Philippines’ Top Data Centers Unite to Boost Nation’s Rise as Southeast Asia’s Digital Powerhouse

    The Philippines’ prominent data center operators have officially collaborated to establish the Data Center Operators of the Philippines (DCPH). This unified alliance aims to fortify the country’s standing as the upcoming digital hub of Southeast Asia.

    Forming a New Alliance

    This groundbreaking collaboration was solidified through a Memorandum of Understanding (MoU) which was signed by representatives from leading companies such as VITRO Inc., ST Telemedia Global Data Centres (Philippines), YCO Cloud, Digital Edge Philippines, Digital Halo, and A-FLOW. This last company is a joint venture between FLOW Digital Infrastructure and AyalaLand Logistics Holdings Corp. Collectively, these companies have a shared goal of enhancing the Philippines’ regional competitiveness in the global digital economy. This is achievable through the strengthening of data center infrastructure and industry collaboration.

    DCPH’s Role and Purpose

    The DCPH members, who represent an impressive combined 473 MW of IT power capacity, will act as a united voice for the Philippine data center industry. The alliance aims to encourage collaboration among key sectors to improve infrastructure and innovation. This includes collaborating with the power industry to ensure competitive rates and renewable energy access. Additionally, they aim to partner with telecommunications providers to enhance connectivity. They will also work with the Department of Information and Communications Technology (DICT) to advocate supportive policies, such as data localization. Another goal is to develop local talent and maintain industry growth in the face of increasing demand for hyperscale, AI, and other next-generation technologies.

    The Importance of Data Localization

    The group has highlighted that data localization is crucial for data processed and stored by the public sector. Keeping government data within the nation helps safeguard national security and protect citizen information. Countries such as Indonesia, Thailand, and Malaysia have already introduced robust data localization policies. These countries recognize citizen data as a strategic national asset that supports data sovereignty and economic growth. By implementing similar strategies, the Philippines can enhance infrastructure resilience, attract more cloud and AI investments, and position itself as a top-rated digital hub in the region. This would facilitate the smooth flow of data across borders to support the digital economy.

    Questions & Answers

    What is the goal of the Data Center Operators of the Philippines (DCPH)?
    The DCPH aims to bolster the Philippines’ regional competitiveness in the global digital economy by strengthening data center infrastructure and encouraging industry collaboration.

    What is the significance of data localization?
    Data localization is vital for ensuring the security of data processed and stored by the public sector. It safeguards national security and protects citizen information.

    How can the Philippines position itself as a leading digital hub in the region?
    By implementing robust data localization policies and developing local talent, the Philippines can attract greater investments in cloud and AI technologies. This would enhance infrastructure resilience and support the seamless flow of data across borders.

  • Vietnam Leads In Projected Salary Growth In Southeast Asia, Says Global Study

    Vietnam Leads In Projected Salary Growth In Southeast Asia, Says Global Study

    Vietnam is projected to have the most significant salary increase among Southeast Asian countries in 2025, with an estimated growth rate of 7.7%, according to a recent study by a leading global professional services firm.

    Salary Increase and Turnover Study for Southeast Asia

    The study, which ran from July to September 2025, assessed salary alterations and staff turnover rates from over 700 businesses in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The research indicated that the anticipated salary hikes for Southeast Asia (SEA) are projected to be 5.3% for 2026.

    When examining salaries across various industries per country, the life sciences and medical devices sector is predicted to witness the highest increase in Singapore (4.6%), whereas technology is leading in Vietnam (7.1%) and Indonesia (5.9%). In Malaysia, the consulting, business, and community services sector takes the lead with an expected increase of 4.8%.

    Retaining Top Talent and Reducing Attrition

    Rahul Chawla, the partner and head of Talent Solutions for Southeast Asia at the professional services firm, highlighted the dual challenges organizations are currently grappling with. As companies across SEA ramp up their investments in technology and strategic ventures, they are increasingly concentrating on retaining their best and most skilled employees. According to Chawla, balancing escalating compensation costs with the necessity for agility is paramount. The most successful enterprises are utilizing real-time market data and total rewards strategies to stay competitive.

    The study found that employee attrition rates were in double digits across all countries in the region. The Philippines and Singapore are anticipated to have the highest turnover rates, at 20.0% and 19.3% respectively, followed by Malaysia at 18.2%.

    Attrition rates also differ across industries, with the consulting, business, and community services sector topping the list with a rate of 22.6%. This is followed by the retail sector at 21.6% and manufacturing at 17.5%. The research revealed that 42% of businesses report difficulties in hiring or keeping employees.

    Skills Gap Challenges

    The study also found that 63% of businesses are currently dealing with skills gap challenges, while 12% anticipate short-term gaps, and 16% foresee longer-term gaps. Roles in information technology, engineering, and sales remain the most difficult to fill, while new hire premiums range between 1.3 to 8.2%, which is lower than the previous year, indicating an increased focus on cost control.

    The most sought-after “hot jobs” include sales (24%), information technology (24%), artificial intelligence (AI)/machine learning (ML) (21%), cybersecurity (20%), and engineering (19%). This trend towards digital and risk-focused skills suggests that firms are emphasizing sustained compensation strategies to secure skills that are crucial for the future in an increasingly competitive market.

    Evon Lock, head of data solutions for Southeast Asia at the professional services firm, commented that despite the hiring and retention pressures, most organizations remain cautiously optimistic and plan to maintain or slightly increase their workforce.

    Questions & Answers

    What is the expected salary increase in Vietnam in 2025?
    The expected salary increase in Vietnam in 2025 is 7.7%.

    Which industry is projected to have the highest salary increase in Singapore?
    The life sciences and medical devices industry is expected to have the highest salary increase in Singapore.

    What are the most in-demand jobs according to the study?
    The most in-demand jobs are in sales, information technology, artificial intelligence/machine learning, cybersecurity, and engineering.

  • Gmarket Joins Forces With Lazada For Southeast Asian Expansion: A Strategic Alliance To Ease Global Trade

    Gmarket Joins Forces With Lazada For Southeast Asian Expansion: A Strategic Alliance To Ease Global Trade

    Gmarket, an e-commerce platform owned by Shinsegae, has entered into a strategic alliance with Lazada, a leading online marketplace in Southeast Asia, to facilitate its expansion on the international front.

    Expanding Horizons

    The partnership allows sellers using Gmarket to add over 20 million items directly to Lazada’s platform. This will potentially reach about 160 million users all over Singapore, Malaysia, Vietnam, Thailand, and the Philippines. This signifies Gmarket’s inaugural foray into the Southeast Asian market using a local platform.

    Smooth Integration

    The integration, which is designed for ease and convenience, allows Korean sellers to participate via Gmarket’s ESM Plus system. This system enables synchronized product information, order processing, and logistics on both platforms.

    Sellers only need to ship their products to Lazada’s warehouse in Incheon as product listings are automatically translated into local languages. Both Gmarket and Lazada will jointly manage international shipping and customer support.

    Commitment to Sellers

    A representative from Gmarket emphasized that the cooperation with Lazada aims to assist domestic sellers in their efforts to enter foreign markets in a more stable and straightforward way. They further stressed the platform’s commitment to support its high-quality sellers in tapping opportunities to increase sales in overseas markets.

    Future Expansion

    In addition to its Southeast Asian initiative, Gmarket is planning to expand to Europe, South Asia, Latin America, and the US. The ultimate goal is to reach more than 200 countries and regions within Alibaba’s global network.

    Questions & Answers

    What does the strategic partnership between Gmarket and Lazada entail?
    The partnership enables Gmarket’s sellers to list their products directly on Lazada, reaching its approximately 160 million users across Southeast Asia.

    How will the integration of the two platforms work?
    Gmarket sellers can opt in via the ESM Plus system for synchronized product data, order processing, and logistics across both platforms. Listings are automatically translated, and the products are shipped to Lazada’s Incheon warehouse.

    What are Gmarket’s future expansion plans?
    Gmarket aims to broaden its reach to Europe, South Asia, Latin America, and the US, with the ultimate goal of targeting more than 200 countries and regions within Alibaba’s global network.

  • On Unveils Flagship Store In Singapore: More Than Retail, It’s A Community Hub For Running Enthusiasts

    On Unveils Flagship Store In Singapore: More Than Retail, It’s A Community Hub For Running Enthusiasts

    Swiss-based shoe company, On, has marked its entry into Southeast Asia with the launch of its premier store at Jewel Changi Airport in Singapore. Covering an impressive 9300 square feet over two levels, the retail space is designed to reflect the brand’s ‘Dream On’ ethos, presenting an environment that is simultaneously practical and inviting.

    The Vision Behind the Store

    On’s CEO, Martin Hoffman, expressed that the store is not simply a retail outlet, but rather a fusion of innovation and community. The exterior of the store draws its inspiration from Singapore’s picturesque coastal running tracks, while the interior introduces customers to the brand’s unique technologies through interactive displays.

    Highlights of the store include a modular ‘Magic Wall’ designed for quick shoe try-ons, and an introduction to On’s patented innovations such as their CloudTec cushioning and Speedboard technologies. The ground floor of the store is dedicated to the Performance Zone, which showcases technical footwear and clothing items. This includes popular models like the Cloudmonster and Cloudrunner shoes, as well as the upcoming ‘Zendaya x On’ ‘Zone Dreamers’ collection and the LightSpray material innovation.

    More Than Just Retail

    The upper level of the store houses the Lifestyle and Expansion Zones, offering a diverse range of products. Customers can explore a tennis section co-created with tennis legend Roger Federer, a lifestyle wall featuring popular styles like the Cloudtilt and Cloud 6, and an outdoor section presenting travel-ready designs, including the Cloudultra and Cloudrock models. Customers can also get a sneak peek at On’s upcoming kids’ range.

    In addition to the retail offering, the store aims to become a community hub, hosting weekly group runs, training sessions, and workshops. The store will also serve as the headquarters for the On Run Club in Singapore.

    Hoffman stated that the ambition is to create an environment that not only showcases their cutting-edge products but also fosters a community of running enthusiasts. He believes that this commitment to community connection resonates with Singapore’s dynamic fitness culture and strengthens their presence in the region.

    Questions & Answers

    What is the concept behind On’s new store in Singapore?
    The new store is based on On’s ‘Dream On’ concept. It aims to be more than just a retail space, serving as a place where innovation meets community. The goal is to showcase their innovative products while also nurturing a community of passionate runners.

    What unique features does the store offer?
    The store offers a modular ‘Magic Wall’ for quick shoe try-ons and interactive displays introducing On’s proprietary technologies. It also houses a Performance Zone, Lifestyle and Expansion Zones, and will host weekly group runs, training sessions, and workshops.

    How does the new store align with Singapore’s culture?
    The store’s focus on community connection aligns with Singapore’s vibrant fitness culture. It aims to foster a community of running enthusiasts, thereby strengthening On’s regional presence.

  • Maison Ladurée returns to Philippines with first Southeast Asia flagship

    Maison Ladurée returns to Philippines with first Southeast Asia flagship

    Maison Ladurée, the luxury patisserie based in France, is poised to launch its first flagship store in Southeast Asia, specifically in the Philippines. The move marks an important milestone for the brand as it expands its international presence.

    Flagship Store Location

    The store, christened Ladurée Tropical, will be located at BGC High Street, in Manila. The concept behind its name and design has been meticulously crafted to cater to the Philippine market, a strategic approach to ensure that the brand resonates with local customers.

    Ladurée made its first foray into the Philippines in 2015, when it opened a flagship store in 8 Rockwell, Makati. However, in 2019, the store had to close its doors as a result of the global pandemic.

    The Vision For Ladurée Philippines

    Karan Gopwani, CEO of Gastronova, the company helmimg Ladurée’s revival in the Philippines, said that the goal is to create a uniquely Filipino Ladurée experience. “Our vision is to make Ladurée feel as though it was born in the Philippines rather than imported into it,” he explained.

    The new venue will house both the Ladurée Café, for casual coffee experiences, and the Salon de Thé, which features full-service dining. Gopwani stated that this dual offering was a calculated bold move that goes beyond anything previously attempted.

    A Blend of French and Filipino Flavors

    The menu, masterminded by executive chef Katrina Torres, will be a blend of French cuisine crafted specifically for Ladurée and signature items from its Paris menu. This delightful fusion combines the brand’s famed pastries with savory dishes tailored to local tastes, featuring ingredients from the Philippines.

    Torres expressed enthusiasm about this culinary fusion, saying, “Our aim is to create a blend that beautifully complements both local tastes and the classic elegance of Ladurée.”

    Questions & Answers

    When is Maison Ladurée planning to launch its first flagship store in Southeast Asia?
    Maison Ladurée is planning to launch its first flagship store in Southeast Asia this month.

    What will the new Maison Ladurée store in the Philippines offer?
    The new store will house both a Ladurée Café, for casual coffee experiences, and a Salon de Thé, which features full-service dining. The menu will feature a blend of French and Filipino dishes.

    Who is responsible for the culinary offerings at the new Ladurée store?
    The menu at the new Ladurée store has been masterminded by executive chef Katrina Torres. It will offer a culinary fusion that complements both local tastes and the classic elegance of Ladurée.

  • Thailand Outshines Southeast Asia with Soaring Gold Demand

    Thailand Outshines Southeast Asia with Soaring Gold Demand

    Thailand has emerged as a shining star in Southeast Asia’s gold market, showcasing a remarkable 17% increase in gold demand during the first quarter of the year. A report from the World Gold Council reveals that this surge is the most significant growth among five countries analyzed in the region.

    In total, consumer demand in Thailand reached 9.1 tons, marking a robust trend in the country’s appetite for gold. Meanwhile, neighboring nations such as Singapore, Malaysia, and Indonesia experienced more modest growth rates ranging from 5% to 8%. In a surprising twist, Vietnam faced a decline of 15%, painting a mixed picture across the region’s gold consumption.

    Gold Bars and Coins Shine Bright

    Thailand’s inclination towards gold bars and coins has shown an impressive 25% year-on-year increase, totaling 7.4 tons. This shift underscores the Thai investors’ growing preference for gold as a safe-haven asset amid swirling uncertainties in the global economy. Louise Street, senior markets analyst at the World Gold Council, noted the tumultuous start to the year for global markets—characterized by trade disputes, unpredictable U.S. policy shifts, and rekindled recession fears. All these factors have contributed to a particularly shaky environment for investors.

    In light of such challenges, it’s no wonder that the demand for gold in the first quarter has reached its highest levels since 2016, according to Street. Globally, gold demand—including over-the-counter trades—tallied 1,206 tonnes during the same period, achieving a slight increase of 1% year on year, despite gold prices surging past US$3,000 per ounce. Although the price may seem daunting for some, others see it as an opportunity to invest in a timeless asset.

    In a world where investments can feel as volatile as a rollercoaster ride, isn’t it refreshing to find stability in shimmering gold?

    Questions & Answers

    What was Thailand’s gold demand in the first quarter?
    Thailand’s gold demand rose to 9.1 tons in the first quarter, reflecting a 17% year-on-year growth.

    How did the gold demand in Thailand compare to other Southeast Asian countries?
    Thailand led the growth in gold demand, while Singapore, Malaysia, and Indonesia saw increases between 5% and 8%, and Vietnam experienced a decline of 15%.

    What factors contributed to the increase in gold demand?
    The rise in gold demand is attributed to investors seeking safe-haven assets amidst trade turmoil, geopolitical tensions, and recessionary fears, creating a highly uncertain market environment.

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  • Mastercard focuses on Southeast Asia, LatAm after India ban, Russia exit

    Mastercard focuses on Southeast Asia, LatAm after India ban, Russia exit

    Southeast Asia and Latin America are strong growth regions for Mastercard after its withdrawal from Russia in March and India’s 2021 ban on it from issuing new cards, the company’s co-president for international markets said.

    “Southeast Asia is exciting (due to) the right demographics, the adoption of technology and digitisation, and governments’ focus on financial inclusion,” Ling Hai told the Reuters Global Markets Forum, adding that countries in the region would also benefit as supply chains shift away from China.

    India’s central bank banned Mastercard after declaring it “non-compliant” with the country’s 2018 rules that required foreign card networks to store Indian payments data locally for “unfettered supervisory access”.

    “Our sense is we are getting really close to a resolution,” Hai said on the India ban, adding that the company was working “very constructively” with the Indian government and the Reserve Bank of India (RBI).

    Hai said Mastercard was ready to comply with India’s local data-storage rules. “The goal is to be 100% compliant. Anything we need to localise in India, we are taking tangible steps to get there.”

    Mastercard says India is a key growth market and has invested $2 billion in the country since 2014 to build technology centres and support innovation in digital payments.

    Mastercard suspended operations in Russia – a market that accounted for roughly 4% its net revenue in 2021 – in March, over its invasion of Ukraine.

    In Russia, if an opportunity arose to improve rules and regulations in areas such as financial inclusion, sustainability and data privacy, Mastercard will “work towards changing them together with other stakeholders in the ecosystem, including the government themselves”, Hai said.

    Hai also said that Europe was an exciting market for the company due to its post-COVID economic recovery and the scope of innovation that the continent offers.

    Besides geography, the payment network company is also focusing on high-growth parts of the business, such as business-to-business payments flows, telecommunications and retail.

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