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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

  Finance/DeFi

  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

  LINE Thailand Awards 2023, honouring Brands Excelling in Digital Marketing on LINE

  Jobsdb by SEEK unify marketplace platforms, providing “Better Matches”

  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.

  Chaixi Corporation transforms Noodle Legend into “Street Food for All”

  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

  Business

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

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• BPP unveils business strategy through to 2030

  BPP unveils business strategy through to 2030

  Banpu Power Public Company Limited (BPP), has announced its business growth plan spanning from this year through to 2030.

  The post BPP unveils business strategy through to 2030 appeared first on The Story Thailand.

  Banpu Power Public Company Limited (BPP), has announced its business growth plan spanning from this year through to 2030. This plan emphasizes diversifying its portfolio beyond merely increasing power generating capacity, transitioning into a “Sustainable Energy Generation Company”. This shift will enhance business transformation aimed at delivering energy that ensures robust cash flow, in tandem with investments that contribute to lowering carbon dioxide emissions, thereby offering sustainable value to shareholders and all stakeholders.

  Issara Niropas, CEO of Banpu Power PCL (BPP) stated, “With over 20 years of experience in the power generation industry across eight countries in the Asia-Pacific region, BPP is committed to “Powering Society with Quality Megawatts.” Recognizing the shift towards more sustainable and innovative energy needs in the future, we have defined a business growth plan spanning from this year through to 2030, centered on broadening our business portfolio beyond the power generation sector to include ventures in new domains related to energy generation businesses, such as energy infrastructure, carbon capture utilization and storage (CCUS) projects, and battery energy storage systems (BESS).

  Furthermore, BPP continues to focus on reducing the carbon footprint of its operations and expanding into more environmentally friendly gas-fired power plants. We believe these steps will ensure consistent returns for our shareholders and forge sustainable value for our stakeholders, paving the way for a transition to a sustainable, modern energy business aligned with evolving social contexts.”

  The business growth plan according to the new strategy will concentrate on four key areas

  1) Growth in Quality Megawatts CCGT

  Focusing on the US market, BPP aims to grow its quality megawatts by acquiring more combined cycle gas turbine (CCGT) power plants. Two CCGT plants have already been up and running in Texas, namely Temple I and Temple II. CCGT power plants can deliver quality electricity as they not only ensure consistent cash flow generation but also help reduce CO₂ emissions with “high efficiency, low emissions” (HELE) technologies.

  2) Balanced PPA and Merchant Markets

  BPP balances its portfolio between power purchase agreements (PPAs) and the merchant markets. The two-pronged approach provides combined advantages to maximize revenue opportunities from stable income under PPAs and potential high profits in the merchant market. BPP’s expertise in Texas’s ERCOT (Electric Reliability Council of Texas) free electricity market positions it well for exploring opportunities in other merchant markets, alongside expanding into related businesses like power trading and power retail, as an extension of the existing power generation business.

  3) Decarbonization through CCUS

  BPP invested in its inaugural CCUS project, the Cotton Cove project, in 2023. The project is targeting the first CO₂ injection by the fourth quarter of this year, with an initially average sequestration rate of approximately 45,000 metric tons of CO₂e per year. Further projects are under evaluation.

  4) Investment in Energy Infrastructure and BESS

  BPP seeks investment opportunities in energy infrastructure, such as electricity transmission systems, that promise immediate cash flow, as well as projects with the potential to generate strong cash flow in the future. The Company also seeks investment opportunities in battery energy storage systems (BESS) that can utilize space in existing BPP assets. These efforts will support the energy transition towards a sustainable ecosystem.

  “This growth strategy signifies our readiness to venture beyond power generation and distribution, setting a solid foundation for BPP as a sustainable energy generation company in the future,” added Issara.

  “We remain committed to ESG principles to add value to society and for all stakeholders. Moreover, also important are our employees, or “BPP people”, who drive the Company’s robust growth in alignment with power and related energy trends under the Greener & Smarter strategy. This will be achieved through continuous enhancement of skills, knowledge, and expertise to meet future plans, supported by ongoing capacity building efforts.”

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  The post BPP unveils business strategy through to 2030 appeared first on The Story Thailand.

  11 April 2024

  Sustainability

  https://www.thestorythailand.com/?p=127725

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

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

  SCB 10X, announced their participation in the $7.5 million seed funding round for Guardrails AI, a San Francisco-based AI assurance company.

  The post SCB 10X invests in Guardrails AI to advance AI safety and innovation appeared first on The Story Thailand.

  SCB 10X, announced their participation in the $7.5 million seed funding round for Guardrails AI, a San Francisco-based AI assurance company. This round was led by Zetta Venture Partners, with participation from SCB 10X, Bloomberg Beta, Pear VC, GitHub Fund, and AI angels Lip-Bu Tan, Ian Goodfellow, and Logan Kipatrick. Funds will be used to expand the company’s engineering and product teams, and to advance their products, solidifying Guardrails AI as the leading platform for enterprises and developers to build safer, more reliable AI applications.

  Guardrails AI provides tools to measure, monitor, and mitigate AI risks, empowering rapidly evolving AI development. The company has developed a unique approach to address the LLM reliability problem and mitigate risks of unintended consequences, by introducing a governance layer that validates and corrects AI application outputs.

  “The breakthroughs in generative AI have created an inflection point for mass enterprise adoption. As part of a leading technology and financial group that is committed to becoming an AI-first organization, SCB 10X understands how transformative AI is in driving an enterprise’s value. But to reap the impact of generative AI, we need to understand the limitations and risks inherent in the technology – such as the tendencies for large language models to hallucinate – and how to overcome them” said Mukaya (Tai) Panich, Chief Executive Officer and Chief Venture and Investment Officer of SCB 10X. 

  “Guardrails AI is a game-changer, with their suite of validation tools, they have unlocked a critical roadblock for adoption, enabling companies to customize and enforce their safety and compliance standards in their AI workflows. We see Guardrails AI as the blueprint to safe and ethical AI innovation,” added Mukaya (Tai) Panich.

  Guardrails AI has also launched Guardrails Hub, an open-source platform that allows developers to build, share and reuse output validation techniques or “validators”. Today, the Hub has a growing collection of over 50 pre-built validators crowdsourced by the developer community, including by SCB 10X R&D team who is currently developing Typhoon, a series of Thai open-source LLMs, which significantly outperform existing Thai LLMs in the market. SCB 10X contributed a validator to Guardrails Hub to ensure that an LLM output is produced in the intended language.

  SCB 10X’s contributions to the seed round and to Guardrails Hub underscore their conviction in Guardrails AI’s mission to advancing trustworthy and safe AI innovation, and their shared belief in the open-source approach to meaningfully accelerate AI innovation.

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  The post SCB 10X invests in Guardrails AI to advance AI safety and innovation appeared first on The Story Thailand.

  10 April 2024

  Startup

  https://www.thestorythailand.com/?p=127720

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• True boosts network with COWs at Songkran hot spots

  True boosts network with COWs at Songkran hot spots

  True Corporation is prepared for a surge of travelers across Thailand for the Songkran festival by enhancing mobile signals (5G, 4G, and WiFi) for better coverage and faster speeds.

  The post True boosts network with COWs at Songkran hot spots appeared first on The Story Thailand.

  True Corporation is prepared for a surge of travelers across Thailand for the Songkran festival by enhancing mobile signals (5G, 4G, and WiFi) for better coverage and faster speeds. The company is using mobility data to plan for surges in voice and data usage as the country travels for the holidays. Five provinces in the Northeast are expected to welcome the most visitors. And True Corporation is responding to this influx with “cells-on-wheels” (COWs) and nationwide optimization through its 24/7, AI-powered Business Intelligence Network Center (BNIC).

  Prathet Tankuranun, Chief Technology Officer of True Corporation PLC, said, “We continuously develop our 5G and 4G networks throughout Thailand to provide a world-class customer experience for mobile users. For Songkran, which is the Thai New Year and a popular festival for both domestic and international tourists, we are enhancing service capabilities for True and dtac customers. We do so by analyzing mobility data, which shows that the Northeastern region had the most visitors last year, followed by the North and South. This data allows us to plan network optimization accordingly to ensure a great network experience for all travelers.”

  The top five most visited provinces in Thailand according to mobility data from last year’s Songkran festival are:

  • Ubon Ratchathani
  • Buriram
  • Si Sa Ket
  • Nakhon Si Thammarat
  • Khon Kaen

  Special measures to support mobile usage hot spots nationwide during Songkran focus on five types of areas:

  • Key tourist attractions, temples, and locations for merit-making activities
  • Venues for Songkran water splashing
  • Transport hubs (airports, bus stations, train stations)
  • Main road networks connecting regions
  • Major rest stops along roads

  This initiative also supports readiness to provide convenience to the public in collaboration with the NBTC, which has called for cooperation in maintaining the quality and standards of mobile use during Songkran, a time when service usage is expected to be higher than usual.

  Introducing special solutions to enhance True-dtac signals during Songkran:

  • COWs, or Cells-On-Wheels, are fast-moving mobile signal base stations located at popular locations and tourist destinations.
  • Temporary signal poles extended to tourist attractions and main event areas in each province.
  • Event parameter tuning to support usage behavior during the Songkran festival.
  • BNIC, an intelligent network operations center equipped with AI and a War Room, enhances the efficiency of 5G, 4G, and home internet networks, ensuring coverage and management of all services 24 hours a day.

  In addition to preparing 5G, 4G, and WiFi nationwide to support the Songkran festival, True and dtac customers benefit from round-the-clock call center assistance for emergencies and other inquiries. True customers should call 1242, and dtac customers should call 1678.

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  The post True boosts network with COWs at Songkran hot spots appeared first on The Story Thailand.

  10 April 2024

  The Movement

  https://www.thestorythailand.com/?p=127719

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