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Thailand leads mobile banking penetration

That is well ahead of the global rate of 41% and higher than China, at 61%

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Among Thailand’s internet users, 74% access banking services via mobile devices, according to the annual Global Digital Report 2019 from social media management platform Hootsuite and digital marketing agency We Are Social.

That puts one of Asia’s favorite vacation spots well ahead of the global rate of 41% and higher than China, at 61%.

The trend matches the Thai government’s plan to help the predominantly cash-driven economy go cashless.

The government expects multiple benefits from a digital payments economy. Transaction records would allow small and medium-size enterprises to apply for loans.

They would also make bribery more difficult and put hurdles in front of human and narcotics traffickers.

Source : https://asia.nikkei.com/Business/Business-Trends/Southeast-Asia-eclipses-China-as-world-s-mobile-economy-hot-spot

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Banking

Thailand’s Banking Outlook changed to negative (Moody’s)

Moody’s has changed the outlook for Thailand’s banking system to negative from positive as coronavirus outbreak hurts asset quality and profitability

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Moody’s has changed the outlook for Thailand’s banking system to negative from positive. The operating environment for the country’s banks will deteriorate in the next 12-18 months due to disruptions from the coronavirus outbreak, and this will lead to a weakening of banks’ asset quality and profitability.

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Banking

Thai Banks launch packages for clients affected by COVID-19

Commercial banks in Thailand have offered refinancing services to some 30,000 clients, worth 234 billion baht in total.

National News Bureau of Thailand

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All commercial banks in Thailand have pledged to offer special financial aid to customers and businesses affected directly or indirectly by the economic implications of COVID-19, ensuring sufficient cash for customers to make withdrawals at any time.

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Banking

Thailand raises threshold to 1 million US dollars for repatriation

In a bid to lessen pressure on the Thai baht, the Bank of Thailand has increased to $1M the limit for foreign funds that do not need to be repatriated

Boris Sullivan

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The Bank of Thailand has relaxed foreign exchange regulations by increasing the threshold for proceeds that do not need to be repatriated from current $200,000 to USD 1,000,000 .

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