China is quickly adopting financial technology, as both consumers and businesses are drawn to a slew of handy and efficient services.
However, the troves of data generated could become a formidable surveillance tool in the hands of the central government. The changes to society in the smartphone age can already be seen.
In 1921, noted Japanese writer Ryunosuke Akutagawa wrote of being mobbed by dozens of rickshaw drivers shortly after stepping off the boat on a visit here.
Over the following century, the basic scene remained the same, despite the shift from ships and hand-pulled carts to planes and taxis.
But recently this has changed, and the throngs of drivers at the airport have diminished.
“Getting customers using ride-hailing apps is more efficient than swarming around tourists behind the backs of the police, and the income is better,” said one unlicensed taxi driver recently.
The driver juggles three smartphones to pick up customers, and takes in several hundred yuan — dozens of dollars — via mobile payment apps every day.
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
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.(more…)
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.
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.(more…)
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.
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.(more…)
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