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• SCG Q1/2024 results: Revenue 124,266 MB, an increase of 3% q-o-q.

  SCG Q1/2024 results: Revenue 124,266 MB, an increase of 3% q-o-q.

  SCG reported its operating results for Q1/2024, showing improvement compared to the previous quarter driven by green innovations

  The post SCG Q1/2024 results: Revenue 124,266 MB, an increase of 3% q-o-q. appeared first on The Story Thailand.

  SCG reported its operating results for Q1/2024, showing improvement compared to the previous quarter driven by green innovations, effective cost management, rebounds in tourism and signs of economic recovery in the country. Moving forward, the global economy may be impacted by tensions in the Middle East. SCG is prepared to handle this volatility by adjusting business plans, managing supply chains effectively, and continuing steadfastly along the Inclusive Green Growth strategy. This includes increasing the share of clean energy that helps reduce costs, expediting green innovations to address global megatrends, and expanding into high-potential markets. Additionally, the Vietnam petrochemical complex is set to supply plastic resins to the global market in the third quarter.

  Thammasak Sethaudom, President and CEO of SCG, said, “SCG’s Q1/2024 operating results have demonstrated improvement. Despite global economic fluctuations and downturn of the petrochemical industry, SCG effectively manages costs and consistently delivers green innovations to the market, resulting in revenue of 124,266 MB, an increase of 3% q-o-q. Additionally, EBITDA (Earnings before interest, taxes, depreciation and amortization) stood at 12,623 MB, up 16% q-o-q, with the Profit for the Period of 2,425 MB, an increase of 3,559 MB q-o-q.

  This success is attributed to the development of green innovations that resonate with customers by fulfilling functional needs and contributing to carbon reduction, such as Low Carbon Cement, green polymers and sustainable packaging. This is evident from the sales of SCG Green Choice reaching 65,782 MB, accounting for 53% of total sales, an increase of 1,114 MB q-o-q. At the same time, significant cost reduction has been achieved by employing environmental-friendly production processes, with Thai cement plants increasing the share of alternative fuel usage to 47%. Additionally, The Siam Cement Public Company Limited (SCC) has been listed on the Singapore Stock Exchange since April 1, providing a new avenue for foreign investors to purchase SCC shares. The response has been favorable.

  SCG is accelerating progress towards its Inclusive Green Growth strategy, aiming to lead the green business sector while fostering a Net Zero society by developing green innovations to meet the high demand and further growth in the global market. SCG has recently launched Low Carbon Cement (Generation 2), which can reduce carbon emissions by 15-20% and will be available for sale shortly. Additionally, as economies in many countries and regions are tend to recover, SCG is preparing by expanding investments in high-growth markets, such as SAMEA (South Asia, Middle East, Africa). The Long Son Petrochemicals (LSP) project is set to resume operations at full capacity, gearing up for plastic resin production in the third quarter.”

  • SCGP (SCG Packaging) fosters quality growth throughout the supply chain, starting from the use of recovered paper materials and enhancing the efficiency of raw material management. SCGP promotes comprehensive eucalyptus cultivation to secure quality raw materials and support carbon sequestration across 31,770 rai, capturing 152,181 tons of carbon dioxide equivalent per year.
    
    SCGP continues to add value to eucalyptus woodchip through ongoing research and development, with an investment of USD 3 million in collaboration with Origin Materials, a leading technology company from the United States, to develop “Bio-based Plastic from eucalyptus woodchip.” Additionally, SCGP is enhancing production efficiency by increasing the use of clean energy, incorporating Machine Learning and Artificial Intelligence technologies to optimize production, reducing energy consumption and costs. Furthermore, SCGP is building partnerships across sectors to prepare for the growing trend of the green business.

  • SCG Cement and Green Solutions continues to diversify cement innovations to suit various applications. The adoption of ‘Low Carbon Cement’ has recently increased to 85%, with the introduction of Low Carbon Cement (Generation 2) scheduled for May 5. This innovation can reduce carbon dioxide emissions by 15-20% compared to international standards. This year’s goal is to convert all cement production processes in Thailand to Low Carbon Cement (Generation 2) while further advancing other low-carbon products such as ‘CPAC Low Carbon Concrete,’ which reduces carbon emissions by at least 25 kilograms per cubic meter. This reduction is equivalent to planting 25 trees for every 10 cubic meters of concrete used, while offering properties comparable or superior to conventional products.
    
    Additionally, the ‘Tiger Décor Low Carbon’ is a ready-mix cement low-carbon formula for flooring and decorative wall applications which emits significantly less carbon dioxide by 38% compared to Portland cement. Moreover, cement products are tailored to meet specific customer needs, such as ‘SCG Low Carbon Durable Structural Cement – Southern Coastal Formula,’ customized for the southern region’s terrain; ‘CPAC Coastal Concrete and CPAC Marine Concrete’ designed for the southern, eastern and western regions, which protect coastal structures and buildings from sea exposure; and ‘CPAC Saline Soil Resistance Concrete’ tailored for the northeastern region, an area with saline soil, providing resistance to underground accumulation of chlorides and sulfates. Additionally, cement plants in Thailand have increased the share of alternative fuel usage to 47%, while the Thungsong Cement Plant has improved production processes for greater energy efficiency to support the shift towards alternative fuel use.

  • SCG Smart Living is committed to developing building material products and solutions that meet customers’ needs. Among them are the ‘SCG HEIM High Ceiling house,’ a new modern style home designed for contemporary living with relaxation spaces and a double space central hall, while maintaining the trusted construction quality and residential technology of SCG HEIM; the ‘SCG Metal Roof Clip Lock 700,’ which features clip lock installation and solves the issue of screw head leakage, set to be available in the second quarter; ‘SCG Modeena COFF,’ a decorative wall material made from fiber cement, which incorporates 48% of recycled materials from operational process and waste from other businesses instead of virgin fiber to reduce carbon emissions while maintaining strength, durability, and aesthetics.
    
    Additionally, SCG is set to unveil its new brand, ‘ONNEX by SCG Smart Living,’ at the Architect Expo 2024, aggressively entering the smart solution business for homes and buildings. This effort integrates SCG’s innovations, technologies and expertise to enhance the quality of living, focusing on energy savings, indoor air quality improvement and safety enhancements, including solar roof systems and solutions for managing energy usage in buildings.

  • SCG Distribution & Retail continues to aggressively enter continuously high-potential new markets such as the SAMEA region, which boasts an average GDP of over 70% and accounts for over 40% of the world’s population. SCG International’s office in Saudi Arabia manages end-to-end supply chain operations for the region, leveraging SCG’s entire business network, covering cement, building materials, paper and packaging, as well as raw materials and industrial supplies. Plans are underway to transport goods from Saudi Arabia to countries worldwide and to source products from other regions to Saudi Arabia. In the ASEAN market, it manufactures bagged cement products targeting the high-growth economy segment, including brands like 5-Star Cement in Cambodia, ADAMAX in Vietnam, and Bezt in Indonesia. In domestic retail, SCG has raised awareness for SCG HOME. Recently, a grand opening event was held for the Khon Kaen store branch.

  • SCGC (SCG Chemicals) is advancing to maximize sales of ‘SCGC GREEN POLYMER^TM,’ seizing the opportunity of the petrochemical industry recovery, which shows signs of improvement in the second half of 2024. Sales in the previous quarter reached 38,000 tons, while achieved 218,000 tons of sales in 2023, in line with the target of 1 million tons by 2030. Additionally, SCGC has collaborated with leading partners such as HomePro to introduce ‘Closed-Loop Circular Appliances,’ presenting the first-of-its-kind recycling process for used electrical appliances to transform them into high-quality green polymers for new products. The launch under the company Sirplaste SA in Portugal marks a step forward with ‘SIRPRIME,’ a high-quality, odorless PCR HDPE Resin (PCR HDPE), made from 100% household plastic waste, utilizing efficient recycling technology to eliminate odors and contaminants, certified by EuCertPlast and RecyClass standards in Europe. Meanwhile, the ‘Long Son Petrochemicals Complex (LSP)’ in Vietnam is in the phase of thorough evaluation and inspection of machinery to ensure more safety. It is expected to resume testing of the machinery and be ready for commercial production in the third quarter.

  • SCGD (SCG Decor) highlighting four strategies to multiply its sales growth by 2 times by 2030, in response to the gradual recovery of the ASEAN market. These strategies include: 1) Driving growth in the business of surface decorations for tiles and wall coverings through various operations, such as expanding plant investment in the South of Vietnam; increasing high-value added product portfolio; and channel expansion; 2) Expanding the sanitary ware business in ASEAN and investing in new sanitary ware plant, targeting to increase in sanitary ware sales by 2 times or more than 10,000 MB; 3) Expanding into Complementary products and services, reinforcing its position as a leader in end-to-end solutions, and enhancing opportunities to sell Complementary products; and 4) M&P (Merger & Partnership) within the key business areas domestically and internationally. Furthermore, the Company emphasizes investments to enhance efficiency and reduce production costs, including the Hot Air Generator installation projects that reduce energy costs at 2 plants in Thailand, expected to be completed in May this year, along with a SPC vinyl tile production line project, which will start supplying products to the Thai market by the end of the second quarter, with a production capacity of 1.8 million square meters per year.

  • SCG Cleanergy, the end-to-end Clean Energy Business, continues to grow in line with the global megatrend shifting towards cleaner energy usage, coupled with government support, resulting in expansion in the clean energy market in Thailand. Currently, the total production capacity has increased by 13% from the end of 2023, reaching 511 megawatts, through collaborations with both the public and private sectors in new electricity trading projects. This year, the target is to increase production capacity by 200 megawatts for electricity trading with the private sector. In the area of innovative battery technology for storing heat from clean energy, in partnership with Rondo Energy from the United States, SCG Cleanergy has the potential to handle marketing in ASEAN, thereby providing an opportunity to introduce this technology into the ASEAN market initially and potentially expand to other suitable regions later.
    
    Simultaneously, The Siam Refractory Industry Company Limited has collaborated with Rondo Energy to develop the production of ‘Thermal Media’ for the first time, which is a core material for use in heat batteries. This collaboration has enabled the expansion of Thermal Media production capacity to 12,000 tons per year by the end of last year, to support the growing heat battery business.

  Thammasak concluded, “While the global economy may fluctuate due to conflicts in the Middle East, Thailand’s economy is expected to improve owing to tourism, foreign investment, the approval of the 2024 fiscal budget by the government, set to begin disbursement in April, and economic stimulus measures such as reducing property transfer fees, tax deductions, and releasing credit for home purchases in the real estate sector. It is also pleasing that the government prioritizes green initiatives, including proposing a climate change bill this year, supporting the Saraburi Sandbox project to make it Thailand’s first low-carbon model city. Encouraging green procurement practices will set an example for other organizations to follow suit, further promoting green concepts and mitigating the climate crisis, ultimately benefiting the country’s economy in the long run.”

  KTC announced a consolidated profit for Q1/2024 of 1,803 million baht

  Capturing the full value of open banking: The way forward for banks and financial institutions

  The post SCG Q1/2024 results: Revenue 124,266 MB, an increase of 3% q-o-q. appeared first on The Story Thailand.

  26 April 2024

  Business

  https://www.thestorythailand.com/?p=128497

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• KBank changes Board structure, reducing the size of the Board from 18 to 15 directors.

  KBank changes Board structure, reducing the size of the Board from 18 to 15 directors.

  KASIKORNBANK changes Board structure, adhering to good corporate governance practices according to international standards.

  The post KBank changes Board structure, reducing the size of the Board from 18 to 15 directors. appeared first on The Story Thailand.

  KASIKORNBANK changes Board structure, adhering to good corporate governance practices according to international standards. The Board of Directors Meeting resolved to reduce the size of the Board from 18 directors to 15 directors, by decreasing the number of Non-Executive and Executive Directors. Moreover, after recruiting new directors, the Board will reach a size of not over 15 directors, with the ratio of independent directors over 50% of the Board, in line with international standards.

  Krit Jitjang, Corporate Secretary, KASIKORNBANK, revealed that the Board of Directors Meeting of KBank, held on April 25, 2024, resolved to change the Board structure. The size of the Board will be reduced from 18 directors to 15 directors, by decreasing the number of Non-Executive and Executive Directors. The Bank reduced the Board size by six directors to 12 directors. Moreover, after recruiting new directors, the Board size will reach 15 directors, with the ratio of independent directors over 50% of the Board.

  Six Board members resigned from the Board to reinforce the Bank’s commitment to adhering to good corporate governance practices. These six Board members are: Sara Lamsam, and Suroj Lamsam, who resigned from their position of Non-Executive Director and their Board Committee memberships, whilst Pipit Aneaknithi, Dr.Pipatpong Poshyanonda, Chongrak Rattanapian, and Rungruang Sukkirdkijpiboon resigned from their position of Director (Authorized Signatory) and President. They will hold their current Board positions until April 30, 2024.

  In addition, to ensure continuity of the Bank’s management, at the same Board of Directors Meeting, the Board resolved to appoint all the above four individuals currently holding the title of Director and President to the position of President, effective from May 1, 2024. The Board also approved the designation of the names and the number of directors with signatory authority, i.e., Kattiya Indaravijaya (Director and Chief Executive Officer), Sujitpan Lamsam (Vice Chairperson of the Board), Chonchanum Soonthornsaratoon (Director and Legal Adviser) and Kalin Sarasin (Non-Executive Director). Any two of these four directors shall be authorized co-sign with the company’s seal affixed.

  Krit added that changing the Board structure not only adheres to good corporate governance practices according to international standards, but also helps bring in expertise from various fields. The additional expertise will strengthen corporate governance and enhance the robustness of the Bank to continue to deliver K-Strategy over the medium and long-term, in a rapidly changing operating environment.

  NIA unveils 3 Agri-tech stars: potential 1.7 Trillion-Baht investment.

  Capturing the full value of open banking: The way forward for banks and financial institutions

  The post KBank changes Board structure, reducing the size of the Board from 18 to 15 directors. appeared first on The Story Thailand.

  25 April 2024

  Board structure

  https://www.thestorythailand.com/?p=128488

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• NIA unveils 3 Agri-tech stars: potential 1.7 Trillion-Baht investment.

  NIA unveils 3 Agri-tech stars: potential 1.7 Trillion-Baht investment.

  The National Innovation Agency (Public Organisation) (NIA) focusing on deep technology adoption to spur growth and address entrenched

  The post NIA unveils 3 Agri-tech stars: potential 1.7 Trillion-Baht investment. appeared first on The Story Thailand.

  The National Innovation Agency (Public Organisation) (NIA) focusing on deep technology adoption to spur growth and address entrenched issues in the agricultural sector where agriculturists need to shift from the traditional agriculture to technology-driven.

  Thailand currently has only 81 agricultural startups, with less than 15 categorised as deep tech. Furthermore, the investment value in the agricultural startup market exceeds 51 billion USD (approximately 1.7 trillion baht). This year, NIA continues to drive agricultural startup initiatives through the AGROWTH programme, inviting potential startups utilising deep agricultural technology to join the initiative.

  The programme aims to develop products or services, conduct real-world testing, and transform business models to align with agricultural sector needs, in collaboration with leading agricultural companies. Applications are open from today until 10 May 2024.

  Dr. Krithpaka Boonfueng, Executive Director of National Innovation Agency (Public Organisation) (NIA), commented that the agricultural sector is crucial for Thailand’s economy and society, yet its growth rate lags behind other countries due to predominantly traditional farming practices.

  Therefore, NIA is striving to modernise Thailand’s agricultural sector to compete and meet the increasing global food demand which is projected to rise by 70% by 2050. One key approach is to increase the number of technology developers and innovators, starting from the existing 81 startups, to align with agricultural business needs, creating opportunities for Thai agriculture to add value and offer competitive products and services in the market.

  Furthermore, it was revealed that the investment value in the agricultural startup market exceeds 51 billion USD or about 1.7 trillion baht, and NIA is accelerating efforts to provide Thai startups access to such funding, particularly focusing on three technologies with growth potential and investment opportunities: Artificial Intelligence (AI), robotics and automation, and agricultural biotechnology.

  “Agricultural startups utilising deep technology play a crucial role in driving Thailand’s agricultural sector forward, serving as game-changers that enhance productivity, reduce production costs, and streamline processes from cultivation to harvesting, as well as creating new breeds or products that differentiate from the market. This results in increased income for farmers. Hence, NIA is expediting startup development under the AGROWTH programme to rapidly address the complex challenges of the agricultural sector with deep technology, catering to user needs and aligning with investment interests. By engaging large-scale agricultural businesses to assist in refining business models and providing targeted advice, the programme creates opportunities for hands-on solution development to tackle the challenging issues in the agricultural sector,” Dr Krithpaka added.

  3 emerging deep technology trends

  Moreover, from studying data in Thailand’s agricultural startup market, it was found that there has been continuous capital raising activity to date, totalling approximately 2.5 billion baht from both domestic and international investors. This amount is considered modest and growing gradually. There are three emerging deep technology trends globally that are worth noting and serve as future directions for Thai startups. These trends are:

  • Artificial Intelligence (AI): Leveraging big data in agriculture for forecasting and prediction, AI is revolutionising farming practices by enhancing accuracy and establishing new scientific standards. Algorithms such as Easy Rice aid agronomists in optimising water and fertiliser usage, thereby significantly reducing greenhouse gas emissions. With an anticipated market growth of 4.7 billion USD by 2028 globally, Thailand has embraced this technology, exemplified by startups like Easy Rice, which collaborates with the NIA to improve rice quality assessment. They have had the opportunity to collaborate with a group of rice producers, enabling them to understand the real challenges in rice quality inspection. By harnessing artificial intelligence directly, this has instilled more confidence in users across over 250 facilities nationwide. Their success is evidenced by over 300,000 inspections covering 6 million tonnes of rice, with plans to expand into ASEAN rice-growing nations like Cambodia and Vietnam. This initiative secured over 2 million USD in Pre-Series A funding from AI and Robotics Ventures (ARV), Yip In Tsoi & Jacks, and Innospace (Thailand).
  • Robotics and Automation: Addressing agricultural labour shortages, the demand for robotics and automation continues to rise, aiming to boost efficiency, reduce chemical usage which help to minimise costs and maximise yield. Drones, for instance, are employed for pesticide and fertiliser spraying, replacing manual labour and projected to reach a market value of approximately 265.97 billion USD from 2023 to 2032. Collaborative efforts in developing agricultural robotics between the public and private sectors, along with substantial investments from giant conglomerates, have propelled startups like HG Robotics, which produces drones meeting global standards and develops software for autonomous flight. Their innovation, Tiger Drone, equipped with Thai-language software and interface, which securely and accurately collects data, exemplifies Thailand’s prowess in agricultural robotics, especially in terms of part designs, assembly, and delivery, attracting investments from True Digital Group for drone and robotics manufacturing, paving the way for smart agriculture.
  • Biotechnology in Agriculture: With a focus on environmental protection and consumer demand for safe food, advanced biotechnology plays a pivotal role in enhancing agricultural value and addressing various challenges such as pest, drought, and the need of new breeds. Investments in biotech startups globally amount to 85.80 billion baht, indicating significant potential in the agricultural sector. Currently, there are Thai agricultural startups that have received investment by leveraging the aforementioned innovations. One such example is UniFahs, with their product SalmoGuard, which destroys salmonella bacteria in the gut and digestive systems of poultry. This serves as an alternative to antibiotic and chemical treatments. Drawing from over 15 years of experience and expertise in phage technology, they’ve been able to swiftly design technology to address issues in the poultry farming industry, suitable for users in both domestic and international markets. Their rapid innovation earned them the prestigious title of BioTech Innovation Champions at the world’s largest startup competition, the ‘Global Finalists 2022’.

  Additionally, they emerged as champions in the incubation program with NIA in 2022. With the opportunity to collaborate with companies in the aquaculture business, they’ve expanded their technology to other agricultural products, such as aquatic animal cultivation. This venture has received investments from ADB Ventures, InnoSpace (Thailand), and the Innovation One Fund, amounting to 1.6 million USD or 53 million baht.

  “Agri-tech startups have a vast market awaiting them. Therefore, the attention and funding received by Thai startups underscore a success story, demonstrating how technology can swiftly address user needs and scale up rapidly. However, the challenge for agriculturalists lies in embracing new technologies and being ready to transition from traditional farming practices to smart agriculture. This presents a challenge for agri-tech startups to develop technologies that resonate with real users in Thailand, showcasing the value of investing in technology and innovation for agricultural businesses. This will help agricultural startups realise their potential to make a difference and establish sustainability in the market,” said Dr Krithpaka in conclusion.

  Why Nutanix is sensible option for migration from VMware

  SCB 10X invests in Guardrails AI to advance AI safety and innovation

  The post NIA unveils 3 Agri-tech stars: potential 1.7 Trillion-Baht investment. appeared first on The Story Thailand.

  25 April 2024

  Startup

  https://www.thestorythailand.com/?p=128456

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• Why Nutanix is sensible option for migration from VMware

  Why Nutanix is sensible option for migration from VMware

  As VMware customers worldwide are considering options for technology migration in face of the fallout from Broadcom’s takeover of the US virtualization giant

  The post Why Nutanix is sensible option for migration from VMware appeared first on The Story Thailand.

  As VMware customers worldwide are considering options for technology migration in face of the fallout from Broadcom’s takeover of the US virtualization giant, channel partners of its rival Nutanix have come up with reasons why it is an excellent alternative.

  Resellers and partners of the American technology vendor pointed to the strength and advantage of Nutanix and its products during a recent online roundtable discussion moderated by Michael Magura, Nutanix’s Vice President of Partner Sales for Asia Pacific and Japan (APJ).

  Pedro Duarte, Sales Director of Think Solutions in Australia, said that customers have limited choices when it comes to private cloud computing, specifically the virtualization stack.

  “Nutanix, is a very strong player in that space. Microsoft is pushing everyone towards the Azure stack. There’s really not that much choice anymore. The obvious choice for a customer is Nutanix,” he said.

  He pointed out that although customers know well about Nutanix’s “pedigree”, it’s difficult to transition from a three-tier customer to Nutanix, as that is not an overnight migration. “That’s really a journey. Our job now is really to help navigate that journey that customers are on and hopefully guide them in the right direction.”

  Broadcom’s takeover of VMware

  Soon after completing its acquisition of VMware in November, US semiconductor and software multinational Broadcom started reorganizing its latest subsidiary into four new divisions, stopping the sale of perpetual VMware licenses while offering discounts to entice existing customers to take up software subscriptions.

  Many companies have been looking for alternatives to manage their hyperconverged infrastructure environments. Nutanix is one of the technology vendors that offer solutions to help them navigate the migration from VMware.

  Experts say chief information officers and IT decision-makers are exploring options – stick with VMware, go to the public cloud, or look to alternative technology vendors. They reckon that one of the first challenges involves choosing the right hypervisor or virtualization platform to enable virtual machines (VMs).

  Nutanix CEO Rajiv Ramaswami told Computer Weekly in March that many VMware customers have doubts whether it will remain the right long-term platform for them following Broadcom’s acquisition. He said those customers are uncomfortable with VMware’s direction, noting that although they have relied on its software to run mission-critical systems, they are “not in a happy place”.

  Nick Winch, Chief Executive Officer of Qirx in Australia, which is also a Nutanix channel partner, told the online roundtable that Broadcom is looking at 80% of the value coming out of the top 20% of the VMware clients.

  “It’s very worrying for the industry as a whole. The fact is you took something with 80-90% market share, and there wasn’t anybody mature enough across the three-tier stack to be able to move directly into that void. And that’s the biggest problem I think everybody has got on hand,” he said.

  Praise for ‘less known option’

  Amit Jain, Founder & CEO of Tech9Labs in India, said that having worked with several technology companies, he found a lot of strength in Nutanix technology.

  “I know at the end of the day, Nutanix is going to take the lead, because of the kind of integration, ease, simplicity and agility that Nutanix technology really brings,” he said.

  The CEO also pointed out that industry disruptions such as Broadcom’s takeover of VMware would really give a lot of autonomy to the tech partners. He added that the partners should not be just resellers or service providers, but instead they have to get up as consultants.

  “They really have to come up, deal with the customers’ business, and see what best is being suggested to them. That autonomous element has to be brought within the partner ecosystem. And I think some of the technology companies are really helping those partners. Nutanix is one of them. No hesitation in saying so,” he said.

  In response, Nutanix VP Magura said: “Obviously we’re the smaller, less known option in the market, and have been for 14 years. But having partners like you and everyone on this call, you expose the reality to a lot of the end customers that aren’t familiar with it, and they’re happy and they’re repurchasing.”

  A partner you can count on

  Pranay Anand, Vice President of Innovation & Technology Solutions at NTT in Singapore, said that as a tech resale business, his company prefers to work with alternative technology vendors like Nutanix instead of those with a large market share.

  “If someone has 90% market share, it’s not necessary that I want to join the boat. I should be working with the alternatives to be able to take on some of that market share. Nutanix is a great partner for us to do this, and we’ve got some work to do. It’s not straightforward, let’s not kid ourselves – but it’s an opportunity,” said Anand.

  What he loves about his company’s partnership with Nutanix is the focus on looking after the customers who are in a state of confusion and uncertainty, rather than on exploiting the opportunity at hand.

  “The Nutanix leadership has done a fantastic job. I feel confident that when I embark on this transformation – be giving clients a pathway to migrate, operating a dual stack environment, or whatever the outcome will be – I can count on a partner like Nutanix,” he said.

  Partnership in the true sense

  Duarte said that his company has been a Nutanix partner for 12 years. “What we look at into a partner is essentially, it needs to be a partnership in the true sense.”

  He said customers often look for support they need to resolve their problems. “It’s all good when things are going right, but when things are going wrong, who’s going to be there, holding my hand, supporting me through that issue, and ultimately resolving it. We take great pride in doing that as our business, and we need partners that do the same in return. And you have never disappointed us with that support,” he said.

  “When we introduce a vendor to our clients, we take a leap of faith that this is going to be the right partnership for both us and the client moving forward.  Nutanix has never let us down. I think that’s the most powerful statement I can make,” Duarte added.

  Jain said that among the technology vendors that he has worked with over the past three decades of in the tech industry, “I must admit that Nutanix is really special.”

  He said that he has not seen any customer who is unhappy with Nutanix services. “The kind of evolution which we have seen in the Nutanix technology and business is really commendable. It actually grew along with the business. It grew along with the growth of what customers really look for,” said the CEO of Tech9Labs.

  In his view, Nutanix goes differently in its approach, simplifying each and every aspect of it, rather than making it complex all the time just because it is a technology and hence it needs to be complex.

  Hybrid multi-cloud becomes imperative as businesses plan AI upgrade, Nutanix says

  KTC announced a consolidated profit for Q1/2024 of 1,803 million baht

  Cisco completes acquisition of Splunk

  The post Why Nutanix is sensible option for migration from VMware appeared first on The Story Thailand.

  24 April 2024

  Technology

  https://www.thestorythailand.com/?p=128328

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• KBank teams up with J.P. Morgan launch Project Carina

  KBank teams up with J.P. Morgan launch Project Carina

  KASIKORNBANK, in collaboration with J.P. Morgan, launches Project Carina, harnessing the capabilities of blockchain to expedite cross-border payments.

  The post KBank teams up with J.P. Morgan launch Project Carina appeared first on The Story Thailand.

  KASIKORNBANK, in collaboration with J.P. Morgan, launches Project Carina, harnessing the capabilities of blockchain to expedite cross-border payments.

  Pipit Aneaknithi (on the left of the picture), President of KASIKORNBANK, the leader in financial product innovation and services in Thailand, and Christine Tan (on the right of the picture), Managing Director and Head of Asia Pacific – Financial Institutions Group of JPMorgan Chase Bank, N.A., the first global bank to offer a blockchain-based platform for wholesale payments transactions, jointly announce the launch of “Project Carina,” a pioneering initiative utilizing Q-money (Thai Baht e-Money on blockchain) and JPM Coin. Q-money operates by KASIKORNBANK on Quarix, a blockchain operated by Orbix Technology and Innovation Co., Ltd., a company under KASIKORNBANK financial conglomerate, while JPM Coin is a product where USD deposit accounts are recorded on a private, permissioned blockchain ledger.The solution is designed to provide the following benefits to corporate customers:

  1. Reducing the transaction times from 72 hours to 5 minutes
  2. Providing customers the ability to make payments 24 hours and 365 days a year; and
  3. Improving traceability and transaction monitoring with smart contract technology.

  Project Carina will pilot a cross-border transaction starting May 2024, with funds in Thai Baht using Q-money being ultimately transferred to a US Dollar beneficiary account held at J.P. Morgan on JPM Coin.

  Capturing the full value of open banking: The way forward for banks and financial institutions

  KBank Q1 net profit THB 13,486 Million

  The post KBank teams up with J.P. Morgan launch Project Carina appeared first on The Story Thailand.

  24 April 2024

  Photo Story

  https://www.thestorythailand.com/?p=128336

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• Capturing the full value of open banking: The way forward for banks and financial institutions

  Capturing the full value of open banking: The way forward for banks and financial institutions

  The “The State of Open Banking in Southeast Asia" whitepaper, jointly prepared by Appsynth and Brankas, highlights that Open Banking has the potential to increase competitiveness

  The post Capturing the full value of open banking: The way forward for banks and financial institutions appeared first on The Story Thailand.

  The “The State of Open Banking in Southeast Asia” whitepaper, jointly prepared by Appsynth and Brankas, highlights that Open Banking has the potential to increase competitiveness, innovation and customer choice, while addressing the issue of financial inclusion. Open Banking involves the sharing of financial data between financial institutions and third-party entities via Application Programming Interfaces (APIs). It gives rise to partnerships between banks and non-traditional financial service providers, such as fintech startups, telecommunications companies and e-commerce platforms, paving the way for new business models and revenue streams.

  By leveraging customer-permissioned data, banks can enable improved investment platforms and payment solutions, and reach new audiences by embedding services in third-party applications and increasing financial inclusion through solutions like alternative credit scoring for loan applications.

  Collaboration in the Open Banking framework can lead to the development of novel offerings such as personalised financial management tools, open APIs for developers, and value-added services that provide improved access to personalised products such as in-app payment solutions, microsavings accounts, money transfer services, credit scoring and microinsurance. It also helps tackle the issue of financial inclusion, with around 70% of Southeast Asia’s population currently remaining underbanked or unbanked. This can be achieved through the development of user-friendly mobile applications that can provide basic banking services and low-cost financial products tailored to their unique needs.

  Southeast Asia, as the world’s sixth largest economy with over 500 million people and a collective GDP exceeding USD 4 trillion, presents a highly lucrative environment brimming with opportunities. Appsynth, one of the region’s largest and fastest growing digital consultancies, and Brankas, the leading regional open finance technology provider, have observed increasing recognition of the advantages of open banking amongst regional financial institutions within the flourishing fintech ecosystem.

  While Southeast Asia has adopted open banking principles at varying degrees, the time is now ripe for a comprehensive embrace of this new model, especially as fintech and non-bank digital-first challengers consistently raise the bar for hyper-personalised and convenient services that today’s consumers have come to expect.

  Together, Brankas and Appsynth are committed to accelerating the adoption of open banking in Southeast Asia. Their goal is to assist financial institutions across the region in exploring untapped opportunities and tailoring unique solutions that effectively address local pain points and cater to the true needs of the population.

  “Open banking presents a significant opportunity for Southeast Asia to improve its banking and financial services industry. By embracing open banking principles and leveraging partnerships with fintech companies, the region can extend access to banking services while driving economic growth and prosperity,” said Sarah Huang, Group Product Manager, Brankas.

  Brankas is integrated with more than 100 enterprise partners to connect the top banks and fintechs, while Appsynth has supported digital product development for top consumer platforms like 7-Eleven, Line Man and TrueID, and leading Financial Institutions including SCB, Kasikorn and TMB Thanachart.

  “Financial institutions are still the ones powering many of these services, but consumer platforms are the ones driving wider adoption. Therefore, the degree to which traditional institutions embrace this new model will determine their reach and ongoing success within the ever-evolving financial services landscape.” said Bob Gallagher, CEO, Appsynth.

  Brankas and Appsynth will be exhibiting at Money 20/20 Asia between April 23 and 25, 2024 at Booth 4013 at Queen Sirikit National Convention Center. The companies are also co-hosting an exclusive event Asean Happy Hour: Bangkok After Dark for senior Finance executives on April 24, 2024.

  Leveraging retail automation to reduce food waste in Thailand

  NSTDA with KANEKA join force to level-up clean energy technology

  The post Capturing the full value of open banking: The way forward for banks and financial institutions appeared first on The Story Thailand.

  24 April 2024

  Technology

  https://www.thestorythailand.com/?p=128332

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• KTC announced a consolidated profit for Q1/2024 of 1,803 million baht

  KTC announced a consolidated profit for Q1/2024 of 1,803 million baht

  KTC announced a profit of 1,803 million baht for Q1/2024, up 2.4% from Q4/2023. Total credit card spending volume and receivables portfolio increased slower

  The post KTC announced a consolidated profit for Q1/2024 of 1,803 million baht appeared first on The Story Thailand.

  KTC announced a profit of 1,803 million baht for Q1/2024, up 2.4% from Q4/2023. Total credit card spending volume and receivables portfolio increased slower as the economy grew more sluggish than expected. The Company has remained confident that we can reach the profit growth target by focusing on a marketing strategy with clear operational goals and growing the total receivables portfolio in parallel with asset quality control according to our responsible and fair loan-approval guidelines.

  Pittaya Vorapanyasakul, President and Chief Executive Officer, “KTC” or Krungthai Card Public Company Limited, stated, “The consumer finance industry is growing at a slow pace with pressure from debt repayment ability and a high level of household debt. However, the Consumer Confidence Index in March 2024 was satisfactory and should continue supporting the industry. KTC’s market share of credit card and personal loan receivables (excluding auto title loans) from January to February 2024 was 13.2% and 6.1%, respectively, and the market share of credit card spending volume equaled 12.4%.”

  “KTC’s performance for Q1/2024 did not reach the target as the economy was weaker than our expectations. Nevertheless, KTC made a total net profit of 1,803 million baht on a consolidated basis (+2.4% QoQ) and 1,893 million baht on a separate financial statement basis (+7.4% QoQ). KTC believes that building a high-income credit card customer base, robust screening of credit card and personal loan portfolios and applications, and proactively communicating to target customers to create awareness of KTC loan product, “P BERM Car for Cash,” should enable KTC to achieve its target ultimately.”

  “KTC has increased the credit card minimum payment rate from 5% to 8%, effective January 1, 2024. We found that during Q1/2024, most of KTC’s debtors could pay the minimum payment of 8%, with only a small portion experiencing difficulty. Furthermore, KTC is ready to propose assistance measures to non-NPL debtors, which is a pre-emptive debt restructuring (DR) from an early stage when there are signs that debtors are about to encounter problems in repaying their debts at least once so that they can pay back the debt and they will remain good loans. The Company will also offer assistance measures to NPL debtors quickly, at least once, especially before taking legal actions, transferring debt, terminating contracts, or seizing assets. Those assistance programs are evaluated per the debtor’s ability to repay debts as the measure[s] should not add inappropriate burdens to their original obligations, in line with the Bank of Thailand Notification No. SorKorChor 7/2566 regarding Responsible Lending (RL).”

  “KTC strongly believes that the provision of these assistance measures should not significantly impact KTC’s operations. Moreover, the guidelines regarding persistent debt (PD), which have been effective since April 1, 2024, will lower KTC’s interest income by approximately 18 million baht per month if all eligible KTC debtors participate in the program.”

  As of March 31, 2024, the total loans portfolio grew well, and credit card spending volume increased continuously compared to the same period in 2023. KTC has also been able to maintain its asset quality prudently and appropriately. The total membership base numbered 3,423,147 accounts; total loans to customers and accrued interest receivables equaled 105,347 million baht (a 2.0% increase); the NPL Ratio (% of total NPL) was at 2.0%.

  The credit card business had a total of 2,695,453 cards (a 4.0% increase); loans to credit card customers and accrued interest receivables equaled 69,213 million baht (a 2.3% increase); NPL for credit cards was at 1.2%; credit card spending volume was 69,419 million baht (an 8.5% increase). The personal loan business had 727,694 accounts (a 2.6% decrease), with loans to personal loan customers and accrued interest receivables of 33,149 million baht (a 2.4% increase). NPL for personal loans was at 2.1%. KTB Leasing Company Limited (KTBL)’s lease receivables equaled 2,985 million baht (a 9.6% decrease) as KTBL has stopped granting this type of loan since August 2023. “KTC P BERM Car for Cash” new booking equaled 611 million baht (an 82.6% increase).

  Total revenue in Q1/2024 compared to the same period in 2023 showed a growth of 11.7%, equaled to 6,763 million baht, mainly from interest income (including credit usage fee), fee income, and recovery income, which was increased 5.4%, 14.7%, and 26.7% respectively. Meanwhile, total expenses increased by 20.4%, equal to 4,504 million baht, in response to increased transaction volume, portfolio expansion, work system development, and a higher number of write-offs according to faster write-off timeframe to reflect the genuine situation of the portfolio quality. Total operating expenses equaled 2,369 million baht, expected credit losses (ECL) equaled 1,683 million baht, and cost of funds equaled 451 million baht. The cost-to-income ratio was 35.0%, which increased from 32.8% in Q1/2023.

  As of March 31, 2024, the group’s total borrowings equaled 59,344 million baht, comprising short-term borrowings (including loans and debentures due within one year) 23.3% and long-term borrowings 76.7%. The debt-to-equity ratio was 1.83 times, which decreased from 2.0 times in the same period in 2023 and was lower than the debt covenants, which were 10 times. The available credit line was 24,990 million baht.

  KBank Q1 net profit THB 13,486 Million

  SCBX announced first-quarter net profit of Baht 11.3 billion

  The post KTC announced a consolidated profit for Q1/2024 of 1,803 million baht appeared first on The Story Thailand.

  22 April 2024

  Business

  https://www.thestorythailand.com/?p=128212

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• KBank Q1 net profit THB 13,486 Million

  KBank Q1 net profit THB 13,486 Million

  KASIKORNBANK announces the first quarter of 2024 net profit of Baht 13,486 Million

  The post KBank Q1 net profit THB 13,486 Million appeared first on The Story Thailand.

  KASIKORNBANK announces the first quarter of 2024 net profit of Baht 13,486 Million

  Kattiya Indaravijaya, Chief Executive Officer of KASIKORNBANK, said in the first quarter of 2024, the Thai economy continued to face limitations in recovery. Although it was supported by the rebound in tourism and merchandise exports, industrial production continued to shrink, as did agricultural production that declined due to the impacts of drought. Meanwhile, domestic spending in both the public and private sectors expanded, albeit at a slower rate. Looking into the remainder of 2024, it is projected that Thailand’s economic recovery momentum will be stronger if tourism continues to thrive and there is an additional support from accelerated budgetary disbursements and other measures implemented by the government.

  Amidst the challenges of various factors, KBank deploys strategy 3+1 in this year by reinvigorate credit performance under appropriate risk management, scale capital-lite fee income businesses, strengthen and pioneer sales and service models, new revenue creation in medium and long term, and efficient resource management to deliver sustainable value to all stakeholders, including customers, shareholders, employees, regulators and society at large in unpredictable economic environment.

  In the first quarter of 2024, KBank and its subsidiaries reported operating profit before expected credit loss and income tax expense of Baht 29,439 million, an increase of 9.93% compared with the same period of last year, mainly due to net operating income growth, effective expense management and productivity improvement. KBank set aside expected credit loss (ECL) in this quarter of Baht 11,684 million in alignment with the consistently prudent approach that ECL was suitable level, reflecting the current situation and support uncertainties of various factors that may affect the domestic economic recovery. As a result, consolidated net profit in this quarter was amounting to Baht 13,486 million.

  Net interest income was Baht 38,528 million which net interest margin ratio stood at 3.76% according to market conditions. In addition, net fees and service income was Baht 8,299 million mainly from an increase in fees from fund management, fees from acceptance, aval and guarantee and fees from card business. Total net operating income was Baht 50,152 million, increased 7.68% from the same period last year. Operating expenses was Baht 20,713 million, increased 4.65% from the same quarter last year, mainly due to an increase in various operating expenses in line with an increase in revenue. As a result, cost to income ratio stood at 41.30%, decreased from the same quarter last year, which was at 42.50%.

  Operating performance for the first quarter of 2024 compared with the fourth quarter of 2023, KBank and its subsidiaries reported operating profit before expected credit loss and income tax expense was Baht 29,439 million, an increase of 11.57% mainly due to a decrease in operating expenses partly from marketing expenses due to seasonality. In addition, KBank and its subsidiaries continue to manage expenses effectively, although net operating income slightly decreased from gains on investment in financial instruments according to market conditions. Moreover, ECL was Baht 11,684 million with the consistently prudent approach.

  As of 31 March 2024, KBank and its subsidiaries’ total assets were Baht 4,318,809 million, an increase of Baht 35,253 million or 0.82% over the end of 2023. Most of an increase came from investments in financial instruments based on expectation of interest rate trend. However, net loans decreased according to market conditions. NPL gross to total loans was 3.19% and coverage ratio was 150.35%. In addition, as of 31 March 2024, KASIKORNBANK FINANCIAL CONGLOMERATE’s Capital Adequacy Ratio (CAR) according to the Basel III Accord remained strong at 19.37%.

  SCBX announced first-quarter net profit of Baht 11.3 billion

  BPP unveils business strategy through to 2030

  The post KBank Q1 net profit THB 13,486 Million appeared first on The Story Thailand.

  22 April 2024

  first quarter of 2024 report

  https://www.thestorythailand.com/?p=128184

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• True reports 50% surge in international tourists for Songkran

  True reports 50% surge in international tourists for Songkran

  True Corporation unveiled insights into the Songkran festival through Mobility Data, providing an overview of mobile users' movements.

  The post True reports 50% surge in international tourists for Songkran appeared first on The Story Thailand.

  True Corporation unveiled insights into the Songkran festival through Mobility Data, providing an overview of mobile users’ movements. This year, activities such as water splashing were prevalent across all provinces, attracting both Thai and foreign tourists eager to cool off and have fun.

  The festivities were also enhanced by numerous nighttime events. In Bangkok, there was a significant increase of approximately 19% in outbound travel, compared to Mobility Data from before Songkran and during the festival from April 13th to 15th. Despite this, Bangkok still ranked first in terms of highest data usage. True Corporation continued to enhance signal coverage to support various Songkran events across multiple provinces, catering to mobile users of True and dtac brands nationwide. Additionally, it provided home internet services to accommodate those spending the long holiday at home, who increasingly utilized digital platforms for news, information, and connecting with family and friends.

  Prathet Tankuranun, Chief Technology Officer of True Corporation PLC., said, “This year’s Songkran Festival was exceptionally popular based on festival insights. Main event venues in each province attracted a continuous stream of eager participants, with some locations reaching maximum capacity for activities and concerts by midnight. Our team consistently managed the True and Dtac signals, ensuring that both Thai and international customers could confidently use their services throughout the Songkran Festival.”

  For foreign tourists visiting Thailand during the Songkran Festival, the growth rate of inbound roamers increased by up to 50% compared to the same period last year. Similarly, for Thai tourists traveling abroad, the number of outbound roamers rose by 16% (compared to data from before Songkran). According to data on international data usage, the top five popular destinations for True and dtac customers during the Songkran period, April 12-15, 2024, were China, Japan, South Korea, Hong Kong, and Taiwan

  Approximately 19% of Bangkok residents traveled during the long holiday, revealing the top five most popular provinces (based on Mobility Data from before and during Songkran, April 13-15, 2024):

  1. Buriram
  2. Ubon Ratchathani
  3. Nakhon Si Thammarat
  4. Si Sa Ket
  5. Khon Kaen

  The most crowded areas at night during the Songkran events include:

  • Songkran Midnight, Khaow Tiphya Road, Chanthaburi, April 13, 00:00
  • Khao San Road, Bangkok, April 13, 22:00
  • Patong Beach, Phuket, April 13, 22:00
  • Siam Songkran Music Festival at RCA, Bangkok, April 15, 00:00
  • Summerland Water Fest at RCA, Bangkok, April 15, 00:00
  • ICON SIAM, Bangkok, April 15, 19:00
  • S2O Songkran Music Festival at Live Park Rama 9, Bangkok, April 15, 21:00
  • Bangkok’s Old City Songkran, Phra Nakhon Si Ayutthaya, April 15, 21:00
  • Pre-Sand Pagoda Ceremony, Bang Saen, Chonburi, April 16, 20:00
  • Pak Chong, Mitr Phap Road, Nakhon Ratchasima, April 16, 20:00
  • Khaow Hang Road, Sakon Nakhon, April 15, 20:00

  The top five provinces with the highest data usage during the Songkran Festival (based on data from before Songkran and on April 13th, 2024) are:

  1. Bangkok
  2. Chonburi
  3. Samut Prakan
  4. Pathum Thani
  5. Nonthaburi

  True Corporation has prepared to support mobile signal usage during the Songkran Festival with ongoing events such as:

  • Songkran Tradition at Ko Klang Mae Ping, Sukhothai Province, held from April 1 to 30, 2024
  • Songkran Elephant Parade, Wang Chin District, Phrae Province, held on April 21, 2024
  • Nakhon Thai Songkran Festival, Phitsanulok Province, held from April 11 to 20, 2024
  • Songkran Splashing Festival at Wat Pho Tha Ram, Mueang District, Bueng Kan Province, held from April 19 to 21, 2024
  • Sri Maharaja Songkran Festival and Rice Pagoda Ceremony at Sriracha Municipality Public Park, Chonburi Province, from April 19 to 21, 2024

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  The post True reports 50% surge in international tourists for Songkran appeared first on The Story Thailand.

  19 April 2024

  The Movement

  https://www.thestorythailand.com/?p=128125

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• SCBX announced first-quarter net profit of Baht 11.3 billion

  SCBX announced first-quarter net profit of Baht 11.3 billion

  SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 11.3 billion for the first quarter of 2024, a 2.6 % yoy increase.

  The post SCBX announced first-quarter net profit of Baht 11.3 billion appeared first on The Story Thailand.

  SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 11.3 billion for the first quarter of 2024, a 2.6 % yoy increase.

  For the quarter, net interest income increased by 9.7% yoy to Baht 31.8 billion resulting from an expansion in the net interest margin (NIM) and an increase in investment income. Overall loans grew by 2.1% yoy, primarily from housing loans and corporate loans under SCB Bank, as well as digital loans and auto title loans under portfolio companies.

  Fee and other income declined by 7.6% yoy to Baht 10.2 billion, due to a decrease in bancassurance fees and lending-related fees.

  Operating expenses increased by 8.0% yoy to Baht 18.1 billion, while the cost-to-income ratio was at 42.1%, slightly increased from the previous year’s 41.0%. This reflects our commitment to effective cost management and the ongoing effort to increase operational efficiency.

  The Company set aside provisions of Baht 10.2 billion, a 2.8% yoy increase, amidst ongoing challenges posed by an uneven economic recovery and the impact of an elevated level of household debt on vulnerable retail customers. The non-performing loan (NPL) coverage ratio remained at 160.6%.

  Overall asset quality is well under control. The NPL ratio was 3.5% at the end of March 2024, slightly higher than the 3.3% recorded at the end of March 2023. The capital adequacy ratio remained strong at 18.6% and the Return on Equity (ROE) stood at 9.3%.

  The Company recently announced a dividend payment for the 2023 operating results of Baht 10.34 per share, representing 80% dividend payout ratio, significantly higher than in previous years. This reflects our strong financial performance and our commitment to shareholder value creation.

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  BPP unveils business strategy through to 2030

  The post SCBX announced first-quarter net profit of Baht 11.3 billion appeared first on The Story Thailand.

  19 April 2024

  Finance/DeFi

  https://www.thestorythailand.com/?p=128123

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