Banking

Hong Kong’s Most popular temple goes cashless

Now Taoism believers or anyone who wants to have their wishes come true can scan a QR code and make a cash payment to the temple of their mighty God

Published

1 year ago

February 19, 2018

Headline Editor

Consider Wong Tai Sin Temple, the place where people in Hong Kong go to make a wish, lining up to light incense sticks in the first hour of the Chinese Lunar New Year.

Although the Great Immortal Wong is famous for saying “what you get is what you request”, many believe he will also make wishes come faster if he sees more donations (which literally means adding incense and oil money).

And that explains why Wong Tai Sin received HK$360 million (US$46 million) in cash donations in its latest financial year, making it a very profitable enterprise that could be compared to a mid-sized listed company in Hong Kong.

On top of this comes the magic of Alibaba Group’s Jack Ma and CK Hutchison’s Li Ka-shing. Alipay Hong Kong, a joint venture between the two richest men in China and Hong Kong, yesterday launched a new feature for donations via mobile phones.

Now Taoism believers or anyone who wants to have their wishes come true can scan a QR code and make a cash payment to the temple of their mighty God.

Peer-to-peer (P2P) payment is not something new

Alipay is the first payment operator to come up with the idea of relaying electronic red packets over Chinese New Year, although WeChat by Tencent is probably credited for making it even more popular.

And Wong Tai Sin is one of the most innovative sacred places. The most popular temple in Hong Kong has gone online and offers services for online blessings, drawing divination and worship.

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Banking

Thai Baht currency control mulled by central bank

The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation

Published

2 days ago

August 16, 2019

National News Bureau of Thailand

BANGKOK, 15th August 2019 (NNT) – The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

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Banking

Thailand’s dangerous debt addiction

Thailand is now a top-ten highest household debt country among 89 countries worldwide and third highest among 29 Asian countries.

Published

5 days ago

August 13, 2019

Olivier Languepin

Thailand’s household debt has steadily increased to 78.6% of the country’s gross domestic products (GDP), or Bt12.8 trillion in the fourth quarter of last year, according to figures from the National Economic and Social Development Council.

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Banking

Thailand’s four challenges : Debt, inequality, plastics and climate change

Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old.

Published

1 week ago

August 8, 2019

Headline Editor

Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok (July 24th), said Thailand faces four challenges that require good governance in businesses to address.

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