All information is available in Thai only.

 

Bangkok Bank, led by Director and Executive Vice President Dr. Thaweelap Rittapirom, Senior Executive Vice President Siridej Aungudomsin, and Executive Vice President Pochanee Kongkalai, welcomed Bank of Thailand governor Dr. Sethaput Suthiwart-Narueput, President of Money Expo Santi Viriyarangsarit, and Chairman of the event Pakanee Viriyarangsarit during the opening ceremony of Money Expo 2020 to visit the Bank's booth. The Bank divided its booth into three zones: Smart Lifestyle, Financial Freedom and Investment Plan to support customers’ financial needs in the New Normal era, while reaffirming its motto “puan koo kit” by providing assistance measures to help customers get through the COVID-19 crisis. The 20th Money Expo was held from October 22-25, 2020 at Challenger Hall 1-2, IMPACT Muang Thong Thani.

Director and Executive Vice President Dr. Thaweelap Rittapirom said that the Bank participated in Money Expo 2020 under the concept of “Bangkok Bank Wealth Journey”. During the event, the Bank offered a wide range of financial products and services covering savings, investment and loans to meet consumer needs in the New Normal era, as well as digital financial experiences to serve customers anytime, anywhere in line with current consumer behavior, while enabling them to directly access supportive measures to combat COVID-19 from the Bank’s financial experts and business partners.

This year the Bangkok Bank booth comprising an area of 1,000 square meters was divided into three zones providing financial products and services according to participant interest, promoting a cashless experience to help consumers manage their finances more conveniently and quickly. The three zones were:

• Smart Lifestyle connects consumer lifestyles in the New Normal era with various digital services from the Bank such as Bangkok Bank Mobile Banking on a new system with a more user-friendly experience for a variety of transactions, BeMerchant NextGen which allows merchants to accept payments easily and conveniently, responding to the needs of customers who choose to pay via digital channels, Specialty Coffee Shop which offers special priced coffee when making contactless payments, e-Stamp Collection activities to receive special gifts, and Enjoy Your Journey with our Privileges which offers special privileges for traveling in Thailand with products and services from Bangkok Bank.
  
  
• Financial Freedom brings together a wide range of loan and saving products and services. The services include SME Loans providing expert advice to businesses affected by the COVID-19 outbreak, Bualuang Loans with special interest rates, BIZ iBanking to support the growth of small and medium-sized businesses, Properties for Sales, Deposits / Credit Cards, as well as all types of Be1st Smart Cards for safe cashless spending with great value and privileges for new cardholders and the opportunity to make merit as a “giver” under co-branded credit and debit cards jointly offered by Bangkok Bank and the Faculty of Medicine Siriraj Hospital.
  
  
• Investment Plan offers financial and investment plans to build wealth and financial stability from Bangkok Bank and leading partners including brokerage account opening services from Bualuang Securities, mutual funds from Bualuang Asset Management and Bangkok Capital Asset Management for long term investment with tax benefits, bancassurance from AIA and Bangkok Life Assurance, non-life insurance from Bangkok Insurance, and B-Advice from the Bank for those who want to begin their journey to creating wealth, success and long-term stability.

As a leader in digital payment solutions, the bank organized promotional activities to offer customers top-notch digital experiences such as Special Rewards when applying for the Bangkok Bank Mobile Banking service at the event or receiving a Tote Bag Limited Edition worth 195 baht when applying for BeMerchant NextGen. Customers also got access to e-Stamp collection via QR Code when registering to join Money Expo 2020 or when applying for products and services during the event. They could redeem a drink at a special price via Bangkok Bank Mobile Banking when collecting one e-Stamp or receive additional gifts when collecting three e-Stamps.

Dr. Thaweelap added that in order to ensure the safety of participants during the COVID-19 situation, the Bank had put in place preventive measures by strictly following the rules of the Centre for the COVID-19 Situation Administration and the Money Expo organizers. This included limiting the number of staff at the booth, staff wearing mask or face shield, having partitions between counters, providing hand sanitizers, setting up tables and chairs with social distancing, and cleaning of booth equipment with alcohol, etc.

The Bank has launched measures to help debtors overcome the COVID-19 situation by providing useful advice and guidelines to ease the burden of retail customers and SMEs. Supportive measures for Bualuang Loan and unsecured personal loan customers include a 3-month loan holiday and at least a 30% reduction in installments. The Bank is also helping ease the burden of retail customers by reducing the minimum installment payment rate from 10% to 5% until December 31, 2021 for all types of Bangkok Bank credit cardholders. Customers could ask for advice on the various measures as well as financial planning directly from bank staff and partner companies at the event.

Furthermore, business customers who use loan services of Bangkok Bank and other financial institutions with a credit limit of 50-500 million baht can apply for the BOT’s DR BIZ project. Bangkok Bank joined the project that aims to increase the efficiency of debt management for all financial institutions in an integrated and comprehensive manner. The project, which helps customers to survive the current challenging situation, includes measures such as fixing old debt such as reducing installment payments, extending debt repayment periods, adjusting conditions to suit customer needs, and setting the appropriate grace periods and installment periods. In addition, the project also provides new loans to promising debtors with a clear business plan, intention to conduct business seriously, and good debt repayment behavior to help their business move forward. The DR BIZ project is open for applications until December 31, 2020. Those interested in participating this project can ask for more information at the Bangkok Bank booth at the event.

“The Bank is aware of changes in consumer behavior to adapt to the New Normal, especially the increasing uses of electronic and online banking channels to avoid touching cash. An economic slowdown, political uncertainty and the COVID-19 situation have prompted people to increasingly pay attention to financial planning, which is not only about creating wealth but also ensuring security under rapidly changing global circumstances. Therefore, the Bank and our subsidiaries offer a wide range of products to meet the needs of customers including those who want to save money, to invest in various ways, who need access to credit, and those affected by the COVID-19 situation who want to access banking assistance measures. The Bank also offers real-time access to the same products, services, and promotions on the organizer's website www.moneyexpoonline.com to provide greater convenience to customers while cementing our status as a “Trusted Partner” ready to support customers in every situation.”

Visitors to the Bangkok Bank booth could inquire about products and services, request financial and investment advice, apply for services, and receive promotions and special souvenirs. Money Expo 2020 was held from October 22-25, 2020 at Challenger Hall 1-2, IMPACT Muang Thong Thani.

Bangkok Bank promotes a cashless society at year-end by joining three leading partners from business segments including fashion, furniture and retail to encourage customers to shift their behavior to use digital payments in the New Normal era. The Bank is offering up to 300 baht cash back per person when scanning to pay via Bangkok Bank Mobile Banking at Index Living Mall, Tesco Lotus and Uniqlo according to conditions from today to December 31, 2020.

Bangkok Bank Executive Vice President Prassanee Ouiyamaphan said that the Bank continues to expand its cooperation with partners to cover various business groups to facilitate Bangkok Bank Mobile Banking users to pay for goods and services through a wide range of digital channels. In doing so, the Bank has selected business partners in segments where customers spend on a daily basis to encourage them to shift their behavior to use digital payments instead of cash.

Recently, Bangkok Bank Mobile Banking has joined three leading partners, namely Index Living Mall from the furniture business, Tesco Lotus from the retail business and Uniqlo from the fashion industry, to offer privileges to Bangkok Bank Mobile Banking customers. When customers purchase products under the following conditions and pay via Bangkok Bank Mobile Banking, they will receive cash back, up to 300 baht per person (100 baht per store), credited to the account they used to pay for the products the next day.

• Index Living Mall – Get 50-baht cash back per transaction when customers scan to pay 500 baht or more per sales slip (up to 100 baht per customer)
• Tesco Lotus – Get 20-baht cash back when customers scan to pay 200 baht or more per sales slip (up to 100 baht per customer)
• Uniqlo – Get 50-baht cash back when customers scan to pay 990 baht or more per sales slip (up to 100 baht per customer). (Purchased merchandise using this privilege can be exchanged for a different color or size, but cannot be refunded)
• Customers will receive cash back credited to the account they used to pay for the products the next day. Bangkok Bank and the merchants’ terms and conditions apply. Privilege is limited and on a first come first serve basis.

“This promotion will not only encourage customers to shift their behaviours in products and services payment online, but also create better experiences for them on Bangkok Bank Mobile Banking. The service provides convenience in daily lifestyles and wide coverage of merchant networks in many areas, while reducing worries of those wanting to avoid touching cash during the New Normal era,” said Prassanee.

In the third quarter of 2020, the Thai economy has slightly improved from the previous quarter after the government gradually relaxed measures to prevent the spread of coronavirus disease (COVID-19). The level of Thai exports and imports passed the lowest point after businesses around the world reopened. At the same time, manufacturing production, private consumption and private investment, as well as domestic tourism continue to improve after people gradually returned to their normal lives. The government has also accelerated spending and issued additional measures to stimulate the economy this year, leading to increases in public spending and investment, and becoming one of the key driving forces of economic recovery. Nonetheless the second outbreak of Covid-19 in many countries continues to be the main risk factor for Thailand in the future.

The government and the Bank of Thailand (BOT) have continuously launched a series of measures to mitigate the negative economic impacts from the pandemic on individuals and businesses in various sectors. While some measures will gradually come to an end, the BOT has continued to discuss the situation with financial institutions to systematically and appropriately support various debtor segments facing financial difficulties. In this regard, the Bank continues to maintain its prudent approach towards credit underwriting and risk management, while closely monitor the customer segments situation until the COVID-19 is resolved. The Bank is also committed to be a “puen koo kit” (trusted partner) to get through this crisis and move forward together.

Bangkok Bank and its subsidiaries reported a net profit of Baht 14,783 million for the nine months of 2020

In the nine months of 2020, Bangkok Bank and its subsidiaries reported a net profit of Baht 14,783 million including the net profit of PT Bank Permata Tbk (Permata) since the date of its acquisition on May 20, 2020. The Bank’s net profit decreased from the same period last year primarily due to additional reserves set aside for expected credit losses in line with prudent management. The reserves are to provide a cushion against uncertainty from the economic contraction resulting from the impacts of the COVID-19 pandemic.

Net interest income rose by 7.2 percent resulting from the addition of Permata’s net interest income. The net interest margin stood at 2.28 percent. Non-interest income decreased mainly due to lower net fees and service income and revenue from investments. Operating expenses increased by 17.6 percent from the same period last year due to the consolidation of Permata’s operating expenses and the provision expenses related to Indonesia branches integration. The cost to income ratio was 52.0 percent.

Amid global economic contraction, Bangkok Bank continues its prudent approach toward business management while maintaining a sound financial position, liquidity and capital reserves to support financial sustainability and be prepared to move forward to the “New Normal”

At the end of September 2020, the Bank’s loans amounted to Baht 2,367,296 million, an increase of 0.6 percent from the end of June 2020, due to an increase in loans to businesses and consumer loans. The ratio of non-performing loans to total loans was 4.1 percent while the ratio of loan loss reserves to non-performing loans was at a strong level of 178.0 percent. The Bank continues to maintain close control of credit underwriting and risk management and has set aside an appropriate level of provisions against expected credit loss.

In terms of capital and liquidity, as of September 30, 2020, the Bank’s deposits amounted to Baht 2,821,883 million, a decrease of 1.1 percent from the end of June 2020. The loan to deposit ratio was 83.9 percent, reflecting an adequate liquidity position to cushion against economic uncertainties. Furthermore, the Bank issued USD 750 million in additional Tier 1 Subordinated Notes under Basel III regulations on September 23, 2020, to strengthen the Bank’s capital structure. At the end of September 2020, the total capital adequacy ratio, Tier 1 capital adequacy ratio and Common Equity Tier 1 capital adequacy ratio of the Bank and its subsidiaries were 17.6 percent, 15.1 percent, and 14.2 percent respectively, comfortably above the BOT’s minimum capital requirements.

The acquisition and additional investments of Bangkok Bank

Bangkok Bank conducted a mandatory tender offer (MTO) for the remaining shares in Permata in accordance with the applicable laws and regulations of Indonesia, which was completed on October 7, 2020. The Bank owns 98.71 percent of the total issued and paid-up shares in Permata. On September 17, 2020, Bangkok Bank purchased additional ordinary shares in BSL Leasing Company Limited (the Company), increasing shareholding proportion from 35.9 percent to 90.0 percent, which has made the Company a subsidiary company of the Bank.

Implementation of new financial reporting standards (group of financial instruments)

The Bank and its subsidiaries adopted the TFRS 9 from January 1, 2020 onwards, without restating previous financial statements. The principal changes can be summarized into classification and measurement of financial assets and liabilities, calculation of impairment using the concept of expected credit loss, hedge accounting, and the change in recognition of interest income from loans using the effective interest rate (EIR) method.

Bangkok Bank presented the Royal Kathin 2020 to Wat Mahachai, a Buddhist temple under royal patronage in the northeastern province of Mahasarakham. This marks the 54th year of upholding this tradition to preserve the Buddhist culture through concerted efforts of the government and private sectors. The Bank renovated both interior and exterior parts of the temple as well as the Northeastern Local Culture Museum and built new bathrooms for the temple.

At 10.00 a.m., Sunday October 11, 2020, Bangkok Bank presented the Royal Kathin in 2020 to Wat Mahachai, a Buddhist temple under royal patronage in the northeastern province of Mahasarakham, the 54th time the Bank has presented the Royal Kathin. This year, the ceremony was presided over by Bangkok Bank Executive Chairman Deja Tulananda and accompanied by Director Singh Tangtatswas, Director Amorn Chandarasomboon, Director Pichet Durongkaveroj, Director and Senior Executive Vice President Suvarn Thansathit, Director Charumporn Jotikasthira, Director and Executive Vice President Dr. Thaweelap Rittapirom, and Executive Vice President and Corporate Secretary Apichart Ramyarupa.

Bangkok executives and staff as well as Mahasarakham Governor Kiattisak Trongsiri, civil servants, representatives of government sector, and local people joined the ceremony. Bangkok Bank, its directors, executives and staff, customers and the general public donated 13,675,306 baht to the temple.

Bangkok Bank was the first financial institution to be honored with the commission of taking the Royal Kathin to temples under royal patronage in all regions in Thailand and to other temples in neighboring countries. The Bank began presenting the Royal Kathin to temples in 1967 and 2020 was the 54th year of upholding this tradition to preserve the Buddhist culture.

Wat Mahachai was formally called “Wat Nua”. The temple was established in 1865 in the reign of King Mongkut (Rama IV) by Phra Charoen Ratchadet (Kuad), the first ruler of Mahasarakham, and the people of Mahasarakham, as the city temple. It is located on an area of 10 rai, 3 ngan, 82 square wah. The temple’s first abbot was Phraya Kru Suwannee Srisangworn while Phra Thep Sitthachan (Noi Yannawuthot), the dean of Maha Sarakham Abbot of Wat Mahachai, Phra Aram Luang, is the current abbot.

In 1929, the Chao Khun Phra Sarakham Muni (Saraphut Phawaphutanon Na Mahasakham), the monk dean of Maha Sarakham province and the abbot of the temple at that time requested to change the name from Wat Nua to "Wat Mahachai Mahasarakham" in order to be geographically and historically accurate. On February 23, 1984, Mahachai Temple received His Majesty King Bhumibol Adulyadej’s grace to raise its status to be an ordinary third-class royal monastery under the Mahanikai. HM the King also graciously gave the Kathin robes to government offices, ministries, and departments to present to monks every year.

In 1966, Chao Khun Phra Ariyanuwat (Aree Khemjari), the senior Thera highly respected by the Mahasarakham people, whose dedication to education and religion led him to be regarded as "Philosopher of the Isan region" worked on the construction of the Sarakhamuni Hall as a monument containing relics and enshrining the statue of Chao Khun Phra Sarakham Muni. He was proficient in ancient languages and able to read and write Khmer, Lao and Thai Noi scripts. He also collected stories about Isan traditions and local literature from ancient scriptures and various documents. He founded the Northeastern Literature Conservation Center or the Northeastern Local Culture Museum at Mahachai Temple to be a source of research for those interested in the Northeastern culture.

Bangkok Bank allocated approximately 7.5 million baht for merit-making, divided into 7.2 million baht for the restoration of both interior and exterior parts of Mahachai Temple’s Ubosot, such as repairing the roof structure, Chor Fa Bai Raka and Hang Hong; painting both interior and exterior parts of the Ubosot; making granite floor inside the Ubosot and balcony outside; fixing the floor around the Ubosot; gilding the Buddha image and making a Chukchi base; and renovating a Buddha statue in front of the Ubosot, as well as renovating the Northeastern Local Culture Museum with the temple area; and building new bathrooms for the temple. Last but not least, the Bank donated nearly 300,000 baht to hospitals, schools, as well as clubs and foundations in the province.

 

Bangkok Bank Director and Executive Vice President Dr. Thaweelap Rittapirom welcomed Ruenvadee Suwanmongkol, Securities and Exchange Commission Secretary-General, Nitipat Leelalertlaew, Udonthani Deputy Governor, Santi Viriyarangsarit, President of Money Expo, and Pakanee Viriyaangsarit, Vice President of Money Expo, who attended the opening ceremony of “Money Expo Udonthani 2020” and visited the Bank’s booth. The event features a variety of financial products and services from the Bank and its partners to meet the needs of customers in the New Normal era to help customers get through the crisis.

Bangkok Bank Director and Executive Vice President Dr. Thaweelap Rittapirom said, “Bangkok Bank was proud to join Money Expo Udonthani 2020 under the concept of “Bangkok Bank Wealth Journey” to provide financial products and services for customers in Udonthani and neighboring provinces including savings, investment advice, loans and supportive measures for those affected by the COVID-19 outbreak from Bangkok Bank financial experts and leading partners.”

For the safety of attendees, the Bank organized the event with measures to prevent the spread of COVID-19 in accordance with the rules of the Centre for COVID-19 Situation Administration (CCSA) and the organizer with the support of 35 staff. Everyone inside the booths will wear masks and face shields, and there will be hand sanitizer available. Tables and chairs will be set up in line with social distancing rules and equipment inside the booth will be cleaned with alcohol every 2 hours.

For this year’s highlights, the Bank offers a variety of products and services including loans, insurance, credit cards, deposit accounts and property for sale. The Bank also provides financial experiences for a digital lifestyle in a cashless society that will help consumers manage their finances more conveniently and quickly. These products include Bangkok Bank Mobile Banking which has recently been updated to better respond to the needs of customers, BeMerchant NextGen – an application for merchants that allows their customers to make cashless payments via QR Code, and Bualuang Smart Bill Payment – a solution for SME businesses to offer a one-stop payment service with QR Codes via the Bangkok Bank Mobile Banking system.

In addition, the Bank is offering products that increase the potential for wealth generation and deal with risks in uncertain situations that cover investment, credit, and insurance. These products include mutual funds; Super Savings Fund (SSF) – a long-term investment strategy with tax benefits; Be1st Smart card that allows a cashless society to operate securely; Bancassurance; and Bualuang Property as well as credit card and SME loans.

The Bank has launched measures to help debtors to overcome the COVID-19 situation. The Bank is ready to help customers get through the crisis by providing useful advice and guidelines to ease the burden of retail customers and SMEs. Supportive measures for Bualuang loan and unsecured personal loan customers include a 3-month loan holiday and at least a 30% reduction in installments. The Bank also helps ease the burden of retail customers by reducing the minimum installment payment rate from 10% to 5% until December 31, 2021 for all types of Bangkok Bank credit cardholders. Customers can ask for advice on the various measures as well as financial planning directly from bank staff and partner companies at the event.

Furthermore, business customers who use loan services of Bangkok Bank and other financial institutions with a credit limit of 50-500 million baht can apply for the BOT’s DR BIZ project. Bangkok Bank has joined the project that aims to increase the efficiency of debt management for all financial institutions in an integrated and comprehensive manner. The project, which helps customers to survive the current challenging situation, includes fixing old debt such as reducing installment payments, extending debt repayment periods, adjusting conditions to suit customer needs and/or setting the appropriate grace periods and installment periods. In addition, the project also provides new loans to promising debtors with a clear business plan, intention to conduct business seriously, and good debt repayment behavior to help their business move forward. The DR BIZ project is open for applications until December 31, 2020. Those interested in participating this project can ask for more information at the Bangkok Bank booth at the event.

This year's promotional activities include free Body Composition check-ups from Bangkok Hospital Udon worth 599 baht and e-Stamp collection via QR Code or when applying for products and services at the event. These activities are organized to offer digital experiences in line with the New Normal era while creating a fun atmosphere by providing special prizes and gifts for customers at the event, including:

• One “Welcome Tote Bag” when registering for the event via QR Code and adding Bangkok Bank LINE Official. In addition, get a special gift such as an umbrella or multipurpose box worth 250 baht, when applying for the bank’s products that meet the conditions through e-Stamp collection
• One gift voucher worth up to 1,000 baht when applying and paying for life insurance premiums according to the conditions
• One Blue Bag worth 390 baht, plus a free survey and assessment fee worth 3,210 baht and a credit management fee when booking properties for sale at the event
• More “Rewards” when applying for Bangkok Bank Mobile Banking and entering a special code through the mobile application
• One “Welcome Gift Limited Edition” from LINE FRIENDS worth 890 baht and a discount coupon worth 500 baht every month via Rabbit Line Pay when applying for a Be1st Smart Rabbit LINE Pay Card
• One “Tote Bag Limited Edition” worth 195 baht when applying for BeMerchant NextGen

“The current challenging situation has resulted in consumers adjusting their behavior to the New Normal era, whether it is receiving information through online media or using digital platforms as the main channel for transactions. Studying and understanding consumer data and insights from the past seven years has enabled the bank to target consumers with products that perfectly meet their needs. During the COVID-19 situation, people are increasingly paying attention to financial planning, which is not only about creating wealth but also ensuring security under rapidly changing global circumstances. Therefore, the Bank and our subsidiaries offer a wide range of products to meet the needs of customers including those who want to save money, to invest in various ways, who need access to credit, and those affected by the COVID-19 situation who want to access banking assistance measures. The Bank also offers real-time access to the same products, services, and promotions on the organizer's online website, www.moneyexpoonline.com to provide greater convenience to consumers in Udonthani and neighboring provinces while cementing its status as a “Trusted Partner” ready to support customers in every situation.”

Visitors to the Bangkok Bank booth could inquire about products and services, request financial and investment advice, apply for services, and receive promotions and special souvenirs. Money Expo Udonthani 2020 was held from October 9-11, 2020 at Udonthani Hall, Central Plaza Udonthani.

 

Bangkok Bank received in-principle approval from OJK to integrate its three Indonesian branches into its subsidiary PT Bank Permata Tbk (“PermataBank”), which has more than 300 branches. This reinforces Bangkok Bank’s position as the Thai bank with the largest international network.

Bangkok Bank President Chartsiri Sophonpanich said the bank received in-principle approval from the Financial Services Authority of Indonesia (OJK) to integrate its three Indonesian branches including Jakarta, Surabaya and Medan into its subsidiary PT Bank Permata Tbk (“PermataBank”), which has more than 300 branches in 62 cities across Indonesia and has led Bangkok Bank to be the Thai bank with the largest international network. The contribution of international loans to the bank’s total loans increased from 17% to 25% as a result of the investment in PermataBank. This aligns with the Bank’s strategy for stable and sustainable growth.

“The integration was a condition of OJK’s approval for Bangkok Bank to acquire an 89.12% shareholding in PermataBank on May 20, 2020. The process, which is expected to be completed within December this year, marks a significant milestone in Bangkok Bank’s history and will take its strategy of creating value through regional expansion to another level as well as strengthening the Bank’s foundation. This will not only support Bangkok Bank and PermataBank customers in Indonesia but provide our regional customers with new growth opportunities and a broader range of products and services suited to their needs while delivering value for our shareholders.”

Mr. Chartsiri added that the integration, which is expected to be completed within December this year, will provide Bangkok Bank’s customers in Indonesia with access to a more complete and comprehensive banking experience through PermataBank’s network of more than 300 branches across Indonesia and its retail, Sharia, financial services that comply with Islamic law, and best-in-class digital banking services, as well as wider access to rupiah financing. These services were not previously available through Bangkok Bank Indonesia.

“Bangkok Bank has been present in Indonesia for more than 50 years and opened its first branch there in Jakarta in 1968. Bangkok Bank’s acquisition of PermataBank will enable both banks to leverage each other’s expertise and strengths in areas such as supporting large corporates and SMEs to expand their businesses. In particular, Bangkok Bank’s strong international network and relationships with top corporates across Asia, as well as its expertise in international trade finance services and industry knowledge will enable PermataBank to support its clients with high quality financial products and services and to access markets outside Indonesia through Bangkok Bank’s network in Thailand and other countries. Meanwhile, Bangkok Bank is committed to supporting customers across industries, including the agriculture and automotive sectors, in achieving its business goals and promoting financial inclusion and financial literacy,” Mr. Chartsiri said.

About Bangkok Bank

Bangkok Bank, established in 1944, is Thailand’s largest bank by total assets (Baht 3,806.3 billion or US$123.2 billion as of June 2020) and the 6th largest Southeast Asian bank by total assets. A leading diversified regional bank in Southeast Asia, it has more than 17 million customer accounts and 1,000 branches in Thailand. It is Thailand’s most international bank with more than 300 branches in 14 economies outside of its home market. Bangkok Bank has a presence in nine ASEAN countries as well as branches in Hong Kong, Japan, Taiwan, the United Kingdom and the United States. Its major international subsidiaries are PermataBank, Indonesia’s 12th largest bank by total assets, Bangkok Bank (China), with six branches providing coverage across the major regions in China, and Bangkok Bank Berhad, with five branches across Malaysia.

About PermataBank

PermataBank is Indonesia’s 12th largest bank by total assets (as at December 31, 2019) and Bangkok Bank’s largest investment. Bangkok Bank completed acquisition of 89.12% of PT Bank Permata Tbk (“PermataBank”) on May 20, 2020. It provides comprehensive financial services to more than 3 million customers across Indonesia through its network. Permata is a pioneer of Indonesia’s mobile banking and mobile payment technology, including its PermataMobile X application which has more than 200 innovative features.

 

Bangkok Bank Executive Vice President, Head of Provincial Business Banking Chonganan Anantasak took a team from the Bank of Thailand’s Supervision Group 1 under Banking Supervision Department 1 led by Senior Director Yongsak Seanglaw to visit three of Bangkok Bank’s SME customers to get a briefing about the COVID-19 situation and ideas on how to mitigate its effects on businesses. The customers were Mana Orchid Farm Managing Director Eaknat Kujaroenchaimanatee, representing the large Nakhon Pathom orchid farm, Thailand’s leading source of knowledge and development of dendrobium orchids for domestic sales and export to foreign countries; Sense of Place Managing Director Mitchai Phongnetvilai, operating the riverside café and restaurant, a trendy new check-in destination in Ratchaburi; and Raya Green Coconut Company Limited Managing Director Sanya Jaemjaroon, repersenting Ratchaburi manufacturer of coconut products and processed coconut water for export. These three customers have felt the effects of the COVID-19 crisis but have managed to survive and even thrive despite the situation.

 

Bangkok Bank reached out to the younger generation by joining the CAT TSHIRT7 festival and offering 40 baht discounts for T-shirt purchases from any merchant in the festival when scanning to pay using Bangkok Bank Mobile Banking during September 26-27, 2020. The festival was held at the 2nd and 3rd floors, Airport Rail Link, Makkasan Station from 11.00 a.m. onwards.

Bangkok Bank Executive Vice President Prassanee Ouiyamaphan said Bangkok Bank featured booths at Cat Radio’s CAT TSHIRT7 festival. The festival which is popular among young people has been held annually for seven consecutive years. This year’s festival was in a space twice the size of last year and had many interesting activities including sales of Limited Edition T-shirts designed by more than 100 artists and designers, a fashion show, and exclusive concerts on two stages by 20 bands namely Whal & Dolph, Violette Wautier, Ink Waruntorn, Hugo, Dept, Stamp, scrubb, Slur, Better Weather, Zom Marie, Greasy Cafe, BKC Bas - Kimmon - Copter, kiankailaewanich, Nont Tanont, ALIZ, Moving and Cut, Tilly Birds, CGM48, Safeplanet, Death of a Salesman, TELEx TELEXs, Mew Suppasit, Lomosonic and many more.

Bangkok Bank booths provided an account opening service using a Citizen ID card to verify identity, a lucky draw for gift vouchers from Starbucks, The Mall, Tesco Lotus, and many other prizes. To go in the draw customers simply needed to show an e-slip from a transaction made using Bangkok Bank Mobile Banking (each person can get one draw). Visitors to the Bank’s booth also had a chance to meet the artist Greasy Café, who designed Limited Edition T-shirts for the Bank to give away to lucky persons in the festival. The Bank also offered 40 baht discounts for T-shirt purchases from any merchant in the festival using scan to pay on Bangkok Bank Mobile Banking.

“Bangkok Bank joined the CAT TSHIRT7 festival to gain exposure to a wider group of younger people and enhance the Bank’s Brand Engagement. We want to extend the Bank’s customer base by making it easy for them to open an account and providing a better experience for Bangkok Bank Mobile Banking users through the activities and promotions the Bank offered customers at the festival. The Bank expects good results as 15,000 tickets were sold this year, even more than previous years when about 10,000 tickets were bought”, Mrs. Prassanee said.

 

Bangkok Bank Executive Vice President Pipat Assamongkol (3rd from right), Bangkok Bank Senior Vice President and Trade Finance Center Manager Kajohnsak Manaviriyakul (3rd from left) and Trade Finance Center team members celebrated their success as the Bank won four awards from three world-class publications.

The awards are the Best Trade Finance Provider in Thailand and Best DLT Platform for Trade Finance from Global Finance magazine; the Best Trade Finance Bank in Thailand for the 14th consecutive year from Alpha Southeast Asia magazine; and Thailand Domestic Trade Finance Bank of the Year for the 6th consecutive year from Asian Banking and Finance magazine.

They reflect Bangkok Bank’s excellence and capabilities as a trade services provider, understanding of customers’ needs, and expertise regarding the global trade situation. The Bank’s financial stability and technology innovations support the speed, security, data accuracy and good governance of its trade services.

 

Bangkok Bank received two top awards from Money & Banking Awards 2020 organized by Money & Banking Magazine — “Bank of the Year 2020” and “Financier of the Year 2019” for Mr. Chartsiri Sophonpanich. This is the second time that Bangkok Bank has won both these awards in the same year – the first time was in 2001.

Bangkok Bank Director and Executive Vice President Thaweelap Rittapirom said that it was a great honor for the bank to receive two awards from Money & Banking Awards 2020, comprising “Bank of the Year 2020” and “Financier of the Year 2019” for Mr. Chartsiri Sophonpanich. This is the second time that Bangkok Bank has won both these awards in the same year – the first time was in 2001.

It is the 14th time that the Bank has won the Bank of the Year award since it was first announced in 1985. The Bank’s net profit in 2019 was the third highest among Thai commercial banks at 35.8 billion baht, up 1.4% from the year before, representing the highest net profit of 18.76 baht per share and the highest book value per share of 225.36 baht. In addition to its high profitability, Bangkok Bank was recognized for its prudent and steady approach in allocating reserves for doubtful accounts. The Bank’s allowance of doubtful accounts was the highest among the banks at 8.14% which strengthens its reserves and maintains its Capital Adequacy Ratio at a prudent level. The Bank’s Tier 1 capital adequacy ratio (BIS) was 17.01%, the third highest level among Thai commercial banks. Meanwhile, the Bank still aims to support customers to be strong, competitive, and ready for challenges, especially during the COVID-19 situation. At the same time, the Bank places great emphasis on creating new products and services, developing modern technology to increase the efficiency of its business, and forming partnerships to meet the ever-changing needs of its customers. One of the Bank’s most important milestones in 2020 was the acquisition of Permata Bank, the 12th largest commercial bank in Indonesia by total assets with more than 300 branches in 62 cities across the country.

For the “Financier of the Year 2019” award, the judging panel resolved to give it to Bangkok Bank President Chartsiri Sophonpanich. This is the second time that he has won this award – the first time was in 2001. The qualifications for Financier of the Year award cover four criteria – being a visionary and modern professional financier; being honest to the profession; creating sustainable growth for the organization; and being responsible to society and doing good for the public. The judging panel unanimously agreed that given the global economic slowdown and the digital disruption to the banking business, Bangkok Bank, under the leadership of Chartsiri Sophonpanich, has been able to stand strong amid the turmoil. He combines qualities of strength and resilience with the ability to see opportunities to serve the new generation. Meanwhile, he supports the existing base, including both corporate and consumer banking customers, by working closely with partners to continuously develop financial innovations for the organization’s sustainable growth.

“It's the honor and pleasure of the bank’s Board of Directors, executives and employees who have played an important role in the Bank’s success to receive the awards from Money & Banking magazine – a leading and trusted investment finance magazine which is considered the most read economic journal in Thailand. The Bank is committed to using its knowledge and expertise as well as advanced technology to support customers, shareholders, communities, and society as “a trusted partner and reliable close friend” to provide financial stability. In particular, the Bank aims to help customers and communities get through current and future challenges with the vision of being the Bank that provides quality financial services to meet customer needs with efficient personnel and modern technology as a leading bank in Asia,” said Mr. Thaweelap.

Bangkok Bank would like to apologize for any inconvenience caused by its temporary maintenance on Saturday, September 12, 2020 to enhance service efficiency and better serve customers. Bangkok Bank and other bank customers will not be able to use Bangkok Bank’s services on the dates and times indicated below:

01:30 a.m. - 03:30 a.m.

• Bualuang iBanking and BIZ iBanking

01:30 a.m. - 07:00 a.m. 

• Bangkok Bank Mobile Banking

01:30 a.m. - 04:30 a.m.

• Bangkok Bank ATMs and CDMs
• All types of Bangkok Bank debit cards (cannot be used for financial services)
• All types of Bangkok Bank credit cards (cannot be used for cash advances)
• Online Retail Fund Transfers (ORFT), PromptPay fund transfers from other banks to Bangkok Bank accounts
• Bualuang Phone: cannot suspend transactions or make any financial transaction via the Contact Center
• Sending statements via Telefax
• Mutual funds and government bonds via E-Channels
• eWallet and MyPromptQR
• Payment on the Net and Bill Payment (Online)

We apologize for any inconvenience caused. For more information, please visit Bangkok Bank website, Bangkok Bank LINE Official or call 1333 or 0 2645 5555.

 

Bangkok Bank has joined with Mastercard to launch a contactless feature for “Be1st Smart Rabbit LINE Pay” to provide users with convenience, speed, and safety to serve lifestyles in the “New Normal” age and the dramatic growth in e-payments. Interested persons can apply now to get special privileges for dining, travelling, and shopping. Bangkok Bank Executive Vice President and Credit Card Division Manager Shoke Na Ranong said the bank’s “Be1st Smart Rabbit LINE Pay”, a cooperation between Bangkok Bank and Rabbit LINE Pay, is a debit card to serve the lifestyle of Young Gen. Mobile payments can be made with “Be1st Smart Rabbit LINE Pay” that are not only convenient for users but reduce the risks of infection from touching objects. Since the launch of the card at the end of last year, it has been highly successful with growing numbers of users and continuous growth in e-payments.

To better serve the lifestyle of target customers as well as customers in general, the bank has joined with Mastercard to add more functions to “Be1st Smart Rabbit LINE Pay” including a “Contactless” feature. Users can make payments by just tapping the card and it can be used at any merchant with a ‘Contactless’ sign anywhere in the world to pay instantly for products or services. The card is equipped with Be1st Smart Card's unique 6-digit CHIP & PIN technology that ensures maximum security for cardholders. As part of the Mastercard network it can be used both domestically and internationally. In addition, it can be used for e-commerce via the leading platforms used for online shopping in the New Normal age.

“According to Bank of Thailand data the use of e-payments by Thai people has risen by 72% during COVID-19. Over the past 2-3 years it has grown 3-fold, rising from 49 transactions per person per year in 2016 to 151 transactions per person in 2020 (information as of April, 2020). As people become more familiar with e-payments this exponential growth is expected to continue, amplified by worries about COVID-19 due to concerns about touching cash and the ongoing trends of online shopping, and food ordering via digital platforms. With the collaboration with Mastercard, a partner that has a network and technology suitable for the New Normal age, the bank can better serve its target customers. This collaboration will help the bank to achieve its target of one million Be1st Smart Rabbit LINE Pay cardholders”.

“As people in Thailand increasingly adopt a digital-first lifestyle, there is a pressing demand for solutions that enable more interconnected, frictionless, and seamless experiences. To keep up with the way people now live and work, Mastercard is proud to partner with Bangkok Bank to collaborate on a unique smart debit solution for Thai consumers. Mastercard cardholders will now be able to digitally top-up their BTS transit cards and enjoy a more convenient, seamless and touch-free everyday living,” said Aileen Chew, Country Manager, Thailand and Myanmar, Mastercard.

Vithaya Topoyossakul, CEO of Rabbit-LINE Pay said “Concerns about COVID-19 and usage data in the past 2-3 months reflect changes in customers’ online behavior. Many people who have never done online shopping or ordered food via delivery platforms, started to use these services for the first time during COVID-19. We believe these customers will continue making online payments as it is more convenient. The collaboration with Mastercard and the outstanding design of LINE Character Limited Edition from LINE FRIENDS as well as payments through Rabbit LINE Pay enable customers to make faster transactions more conveniently. Customers also get special discount coupons and privileges from many partner merchants. This is in line with its policy regarding cashless payment to fulfil the needs of urban lifestyles and the current situation”

“Be1st Smart Rabbit LINE Pay” debit card via Mastercard Network comes with outstanding designs to attract the young generation featuring four LINE FRIENDS limited-edition characters - Brown, Cony, Sally and Choco. Customers applying for this debit card can link the card to the Rabbit LINE Pay functions, allowing the card to be used as a debit card (money withdrawal, transfer and payment), while money top-up can be done via the Rabbit LINE Pay system, so customers can use the card for traveling via BTS, BRT Express and Chao Phraya Express. Customers can pay for any products and services at more than 6,000 partner merchants nationwide via Rabbit LINE Pay’s e-Wallet. Therefore, the new contactless function will provide more convenience, speed, and safety while reducing the risks from touching surrounding objects and ensuring maximum security for all spending transactions.

Interested persons can apply for a debit card with "Be1st Smart Rabbit LINE Pay", via the Mastercard network, and link the card to the Rabbit LINE Pay function from today – December 31, 2020. New customers will receive a Welcome Gift Limited Edition from LINE FRIENDS worth 890 baht and a discount coupon from leading Rabbit LINE Pay’s merchants worth a total of 500 baht every month throughout the year, totaling a maximum value of 6,890 baht and more privileges from Bangkok Bank and Mastercard such as: A discount of up to 100 baht every month at Shopee, GrabFood, and Dolfin Wallet. (Today - December 31, 2020) according to the Bank’s terms and conditions.

To apply for “Be1st Smart Rabbit LINE Pay” debit card via Mastercard Network, please visit Bangkok Bank’s participating branches. For more information or checking the participating branches, call Bualuang Phone at 1333 or (66) 0 2645 5555.

Bangkok Bank and GC Marketing Solutions Limited (GCM), a company under GC Group, the chemical flagship of PTT Group, have successfully studied and developed L/C transactions between Thailand and Vietnam using the latest technology on the Beta Network of “Contour”, a company which was co-founded by Bangkok Bank and other leading global banks and organizations, to provide trade finance services using the Enterprise Blockchain Platform and cut the time for opening L/C to only one hour.

Bangkok Bank Executive Vice President Pipat Assamongkol said the Bank is developing innovative services that will support customers in the digital era and this is another successful milestone. Bangkok Bank joined with GC Marketing Solutions Limited (GCM), a company under the GC Group, the chemical flagship of PTT Group to co-study and develop Letters of Credit or L/C transactions between Thailand and Vietnam using the latest technology on the Beta Network of “Contour” on the Enterprise Blockchain Platform to enable OPEC Plastics Joint Stock Company in Vietnam, a trade partner of GCM, to open digital L/C via Bangkok Bank Hanoi branch and send it to Bangkok Bank Thailand. This enables GCM to export goods as agreed in the L/C. Bangkok Bank is the first bank to succeed in developing this kind of service. This also reinforces the Bank’s success in being the leader in studying and developing L/C transactions between Thailand and Indonesia as well as other countries in Asia in 2019.

“This success underscores the strengths of Contour – a company that was established and registered in Singapore with 11 leading global banks and organizations, including Bangkok Bank, the first Thai bank to become a shareholder and join the Contour project. Bangkok Bank has worked with R3 since it was established to jointly revolutionize trade finance using the Enterprise Blockchain Platform. They have been working together to develop a network of trade finance information that is reliable and efficient and helps reduce trade restrictions between trade partners. The strength of Bangkok Bank’s network, that covers the world’s major economies, and is concentrated in Asia and ASEAN, has helped connect the trade finance network of the Contour project to all major regions of the world, including Asia, facilitating customers in the import and export business in every region in the world.”

Mr. Pipat added that customer transactions can be done quickly by adopting digital formats throughout the process allowing all partners to see information at the same time on the same Enterprise Blockchain Platform. This has made L/C opening easier, agile, and faster. It is also transparent and highly secure, with information able to be examined at every step. With this development, the operation time and the use of documents was reduced. Reconciliation was no longer needed as all involved parties collected the same data and acknowledged the change in status at the same time, increasing the efficiency of both the customers' business and banking services.

PTT Global Chemical Public Company Limited Executive Vice President – Finance and Accounting Miss Duangkamol Settanung said PTT Global Chemical Public Company Limited and its subsidiaries are using Blockchain to drive business efficiency and strengthen leadership as a sustainable petrochemical business. The company realizes the importance of and benefits of adopting Blockchain which will be fast, efficient and accurate, enhancing the efficiency of the company’s internal and external management system. The Blockchain transaction was made by the company’s Trading Flagship GCM and it enables trade partners to easily check transaction details which are transparent. The latest transaction was trade digitization under Blockchain using the Contour platform with a Letter of Credit from its trade partner in Vietnam OPEC Plastics Joint Stock Company to Bangkok Bank, The operating time was reduced from three weeks to only 24 hours, meeting the need for fast and secure transactions, both today and in the future. Blockchain is an innovative technology that benefits the environment and conserves natural resources. The company will make huge cuts in its paper use as the current process of Letters of Credit requires the seller to present paper documents in order to collect money from the Bank that opens the Letter of Credit.

Mr. Thitipol Artsanchorn, Managing Director of GC Marketing Solutions Company Limited said this is another step forward for GCM in their collaboration with Bangkok Bank in using the latest technology to empower the business according to the vision and mission of the company.

“The transaction between Thailand and Vietnam on the Contour application has given an extremely satisfactory result. The L/C document issuing process can be completed in one hour because of the revolutionary digital transaction model where all information is updated in real-time, reducing documentation and administrative costs. Conditions can be agreed or amended between the partners instantly on the same platform, giving all parties the visibility of information and better financial planning”.

Bangkok Bank Director and Executive Vice President Dr. Thaweelap Rittapirom and Executive Vice President Pochanee Kongkalai welcomed Ittipol Khunpluem, the Culture Minister, Surasak Charoensirichote, Rayong Provincial Governor, Santi Viriyarangsarit, President of Money Expo, and Pakanee Viriyaangsarit, Vice President of Money Expo, who presided over the opening ceremony of “Money Expo Rayong 2020” and visited the Bank’s booth. The event features financial experiences in the New Normal era with a variety of financial products that meet the needs of all customers, from investors wishing for loans to those affected by the COVID-19 outbreak seeking support measures from the Bank.

Bangkok Bank Director and Executive Vice President Dr. Thaweelap Rittapirom and Executive Vice President Pochanee Kongkalai said that “Bangkok Bank was proud to join Money Expo Rayong 2020 under the concept of “Bangkok Bank Wealth Journey” to provide financial products and services for consumers in Rayong and nearby provinces including investment advice, loans and supportive measures for those affected by the COVID-19 outbreak from Bangkok Bank financial experts and leading partners.”

For the safety of the attendees, the Bank organized the event with measures to prevent the spread of COVID-19 in accordance with the rules of the Centre for COVID-19 Situation Administration (CCSA) and the organizer by arranging 35 staff to ensure that the event will adhere to the measures. Everyone inside the booths will wear masks and face shields, and there will be hand sanitizer available. Tables and chairs will be set up in line with social distancing rules and equipment inside the booth will be cleaned with alcohol every 2 hours.

For this year’s highlights, the Bank offers financial experiences for a cashless society. These include modern products and services for a digital lifestyle that will help consumers manage their finances more conveniently and quickly. These new products include Bangkok Bank Mobile Banking which better responds to the needs of customers, BeMerchant NextGen – an application for merchants that allows customers who prefer to go cashless to make payments via QR Code, and Bualuang Smart Bill Payment – a solution for SME businesses to offer a one-stop payment service with QR Codes via the Bangkok Bank Mobile Banking system. There are also products that increase the potential for wealth generation and deal with risks in uncertain situations that cover investment, credit and insurance. These products include mutual funds, Super Savings Fund (SSF) – a long-term investment strategy with tax benefits; Bualuang Extra Savings Account – a deposit account that offers both money savings and accident insurance coverage; Be1st Smart Card that allows a cashless society to operate securely; Bancassurance; Bualuang Property as well as credit card and SME loans.

In addition, the Bank launched measures to help debtors during the COVID-19 situation. The Bank is ready to help customers get through the crisis by providing useful advice and information and guidelines to ease the burden of retail customers and SMEs affected by the COVID-19 situation. Supportive measures for Bualuang loan and unsecured personal loan customers include a 3-month loan holiday and at least a 30% reduction in installments. The Bank also helps ease the burden of retail customers by reducing the minimum installment payment rate from 10% to 5% until December 31, 2021 for all types of Bangkok Bank credit cardholders. Customers can ask for advice on various measures as well as financial planning information directly from bank staff and partner companies at the event.

This year's promotional activities include e-Stamp collection via QR Code or when applying for products and services at the event. This activity, which was well received in previous years, is organized once again to offer the Digital Experience in line with the New Normal era while creating a fun atmosphere by providing special prizes and gifts for customers at the event, including:

• The right to buy one drink from “Lukwah Coffee” worth 45 baht for just five baht when paying via Bualuang mBanking after registering for the event via QR Code and adding Line Bangkok Bank Official as a friend. You can also collect e-Stamps by applying for the bank’s products to get one free gift such as an umbrella or multipurpose box worth 250 baht, according to conditions
• Starbucks or Tesco Lotus gift vouchers worth up to 1,000 baht when applying and paying for life insurance premiums according to conditions
• More “Rewards” from Tesco Lotus worth 50 baht when applying for Bualuang mBanking
• One “Welcome Gift Limited Edition” from LINE FRIENDS worth 890 baht and a discount coupon worth 500 baht every month via Rabbit LINE Pay when applying for a Be1st Smart Rabbit LINE Pay Card
• One cool “Tote Bag Limited Edition” worth 195 baht when applying for BeMerchant NextGen

“The current situation has caused consumers to adjust their behavior to the New Normal era, whether it is receiving information through online media or using it as a main channel for transactions. Consumers have also focused on planning their lives to cope with future risks. Learning about consumer insights and studying the data from the last year's successful event enables the Bank to target consumers with products that perfectly meet their needs, especially working people focused on building stability and cautiously taking on risks such as home loans and insurance. These measures include postponement or reduction of credit card installments and a reduction in the minimum installment rate for each period by more than half for credit card customers. The Bank has prepared staff to provide information at the event and also offers access to products, services and promotions on the organizer's online website, www.moneyexpoonline.com. The Bank believes that it will receive good feedback from consumers in Rayong and nearby provinces while cementing its status as a “Trusted Partner” who is ready to support customers in every situation. Meanwhile, it will emphasize Bangkok Bank's leadership in Digital Payment Solution,” added Dr. Thaweelap.

Visitors to the Bangkok Bank booth can inquire about products, request financial and investment advice, apply for services, and receive promotions and special souvenirs. Money Expo Rayong 2020 is being held from September 4-6, 2020 at Promotion Hall, 1st Floor, Central Plaza Rayong.

Bangkok Bank joined the BOT’s "DR BIZ” project to increase financial partnerships and Thai business stability. The project kicked off on September 1, 2020 and aims to increase efficiency, reduce redundancy, and provide benefits to customers. The Bank is closely monitoring business customers with credit limits of 50-500 million baht to provide them with assistance and supportive measures to help in any situation. The Bank is ready to be a “trusted partner” to help customers get through the crisis.

Bangkok Bank Senior Executive Vice President Suvarn Thansathit said that the BOT has launched the “DR BIZ” project to assist business debtors with many creditors among financial institutions to receive debt relief through an integrated mechanism among all financial institutions for debt management. As one of the financial institutions participating in this project, Bangkok Bank is ready to facilitate and assist business customers through this project from September 1, 2020 onwards.

Regarding the supportive measures under this program, banks and financial institutions participating in the project have the following tools and guidelines:

1. Debt Restructuring – Mitigate the current debt burden of each debtor, such as by reducing installments, extending the repayment period and/or adjusting the debt payment conditions to fit with the debtor’s business situation, and setting an appropriate grace period and repayment period with a review of the remaining credit limit.
   
   
2. New Loans – Financial institutions may jointly consider making new loans to potential debtors with a clear business plan, the intention of doing business, and good repayment behavior so their businesses can move forward.

This project illustrates how financial institutions and regulators can work together to help customers solve their problems quickly and comprehensively. It is a practical way to solve problems and will reduces redundant documentation and negotiations, resulting in a quick mutual settlement between all financial institutions. Financial institutions can also consider providing additional assistance to customers if they see that they have a clear plan to solve their problems and the potential to do so. Customers will have more options while financial institutions can manage their debt more effectively, providing a solution that is beneficial for all parties.

To participate in the “DR BIZ” project", you must be a business customer with a credit line with Bangkok Bank or other financial institution of 50-500 million baht. Eligible customers  can contact their business relationship officer, contact a bank branch nationwide, or call Bualuang Phone 1333 or 0 2645 5555. You can join the project from September 1, 2020 - December 31, 2021.

The Bank is closely monitoring the situation of all customer groups. If the Bank considers that a customer may need supportive measures, the Bank’s staff will immediately contact them to provide them with assistance and advice so that they can adjust their installment plan in line with their income and manage their financial structure to suit their business situation.

“Bangkok Bank is ready to take care of customers and help all groups of entrepreneurs, especially SMEs, with a variety of supportive measures. We emphasize SMEs as they play an important role in the Thai economy and are the main source of employment. Since they often have limited capital they may be badly affected by the economic situation. As a “trusted partner”, Bangkok Bank is ready to help customers get through this situation safely,” said Mr. Suvarn.

Ricult Inc. (“Ricult”), an AgriTech startup, has successfully concluded a Pre-Series A fundraising session which attracted the attention of two venture capital firms – Bualuang Ventures Company Limited, a subsidiary of Bangkok Bank Public Company Limited, and Krungsri Finnovate Company Limited, a subsidiary of Bank of Ayudhya Public Company Limited. With this investment, Ricult will use the funds to expand its presence in the Thai market and further develop its products to be able to meet more diverse needs.

Mr. Aukrit Unahalekhaka, Co-Founder & CEO (Thailand) of Ricult, said the company had launched its fundraising session to raise money to support their market expansion and product development. Ricult is a pioneer in the development of agricultural technology in Thailand and Pakistan by combining in-depth expertise in weather analysis with satellite technology to develop a platform to help farmers and agribusinesses manage their farms more effectively, increase yield from their cultivation, and access online markets to sell their agricultural products.

Ricult uses Deep Tech, AI and Machine Learning to help process and manage agricultural work with efficiency and accuracy, with an aim to improve the quality of life of Thai farmers who comprise about one-third of the country’s population. At the same time, it aims to increase the competitiveness of agriculture as one of Thailand’s main industries worth several hundred billion baht while creating business models that can be expanded to overseas markets going forward. Ricult is recognized as a startup that will benefit society, help increase the income of farmers and increase the effectiveness of agriculture by at least 15%.

Mr. Aukrit said, "In addition to business, we want to create a platform that can leverage technology to help people in society, especially farmers who are the backbone of our country. Often, many farmers are still using natural farming where it is impossible to assess productivity or various environmental factors. However, with the detailed and in-depth expertise of Ricult, farmers will be able to assess risks more accurately as it can forecast up to nine months in advance. In addition, data is analyzed via satellite images on a single platform that provides product price information and chat service about cultivation with experts which will help develop the country’s agricultural knowledge as a whole.”

Ricult aims to develop technology to drive and change Thailand to be able to compete with other countries. Not only committed to helping agriculturists, Ricult also benefits entrepreneurs throughout the agricultural supply chain including banks which can better consider information in an approval process for loans to farmers and agricultural businesses, agricultural products insurance or life insurance businesses, and merchants selling agricultural products who can reach agriculturists on the platform through Data Solutions services. This benefits relevant businesses, creates holistic growth, and strengthens Thailand’s agricultural sector.

Ricult currently collects the information of 200,000 Thai farmers and 100,000 global farmers on its platform, with the number of Thai farmers expected to reach 1 million and those worldwide to reach 4 million in the next three years. In addition, it also creates business models which can scale up and expand into neighboring countries such as Laos, Vietnam and Indonesia. Thailand’s top listed agricultural companies have signed an agreement to use Ricult services where Ricult has already offered initial positive results to help reduce businesses’ operational cost.

The success of Ricult has stemmed mainly from the gathering of tech talents in Thailand and worldwide to build and manage a modern platform with in-depth analysis capability. This will lead to knowledge transfer and enhance Thailand’s competitiveness in the future.

Bualuang Ventures Managing Director, Mr. Krit Phanratanamala said the company got to know Ricult in 2019 at Techsauce. He said, “Ricult was one of the leading startups which is using technology to solve structural issues present in Thailand’s agricultural industry. It has consistently won many awards for its innovation development. Bualuang Ventures is confident that Ricult will provide great benefits to Thai society – not only in the agricultural sector but also in other relevant industries such as the insurance and financial industry.”

“Investing in Ricult not only improves the production quality of Thailand and Pakistan’s agricultural industry but also increases financial inclusion and access to loans among farmers, who serve as the foundation of the country’s economy. Ricult’s Big Data technologies can be further developed to apply to many other products in the future which will enhance the efficiency of agricultural and other industries.” Mr. Sam Tanskul, Krungsri Finnovate Managing Director, said Agricultural Technology, or AgriTech, is now playing an important role in driving the progress of the agricultural sector in Thailand towards a new way of agriculture. It helps grow and maintain Thailand's leading position in the global agricultural industry with farmers who know how to use technology to accurately calculate their production and a good database system that predicts crop yields and weather conditions. These are essential factors for cultivation development and opportunities to grow both small and large Thai agriculture businesses with Ricult’s technology and expertise.

“Ricult also has a clear vision and goals in enhancing and developing services to credit businesses and supporting supply chain and crop insurance with AI/Machine Learning technology and algorithms by assisting on providing credit information and credit scoring in the Thai agricultural sector. Consequently, it will connect Thai farmers to access financial systems and funding sources while expanding opportunities for financial inclusion in line with Krungsri's vision of sustainable banking. Moreover, Krungsri is also committed to supporting expansion into foreign markets including Vietnam, Indonesia, and Cambodia through MUFG's strong network thanks mainly to Ricult in-house management that has a strong and efficient team well-recognized throughout Asia.”

Ricult was founded in 2015 by four entrepreneurs who graduated from the Massachusetts Institute of Technology (MIT). It received seed round funds from angel investors and venture capitals including the Bill and Melinda Gates Foundation. Ricult is currently a growing startup, expanding its market (Pre-Series A) and expecting to raise additional funds in 2021 (Series A).

About Ricult Inc.

Ricult is an early-stage agricultural technology company based in Thailand and Pakistan. The company provides platforms to help farmers and agribusinesses improve productions yields and manage farms using satellite images and weather analysis to enable access to insights from plant species supplying to irrigation and harvest planning. In addition, Ricult has expanded into financial services to help build and keep credit information that will benefit banks when they consider credit for agricultural businesses.

About Bualuang Ventures

Bualuang Ventures is a venture capital company of Bangkok Bank Public Company Limited, which currently invests in startups and SMEs with growing potential. The company is interested in businesses with high growth potential namely in E-Commerce, Automation & AI, Agritech, Fintech, Health Tech and Smart Living with aims to provide business consultancy and capital structure development and enhance corporate governance. The company not only focuses on leveraging cooperation to grow together with Bangkok Bank and subsidiaries, but is also committed to be a long-term partner with companies that have competitiveness and ability to achieve sustainable growth under the slogan "Your Lifelong Partner".

About Krungsri Finnovate

Krungsri Finnovate is the Corporate Venture Capital (CVC) arm of Krungsri Group. It has a mission to support fintech startups and related banking technologies in Thailand and Southeast Asia to grow through three main activities: investing to create new startups and a startup incubation program, strategic cooperation and joint investment with support from various agencies of Krungsri.

All information is available in Thai only.

Thammasat University has appointed Bangkok Bank Public Company Limited to develop the TU GREATS app to provide students and university personnel with services ranging from student ID card creation to student registration payment starting in the academic year 2020. The MoU signing ceremony took place on July 22, 2020 with an objective to drive the university toward a cashless campus to create a complete digital ecosystem in line with the digital way of life.

Associate Professor Gasinee Witoonchart, President of Thammasat University, said that this cooperation between Thammasat University and Bangkok Bank is an important step in line with the university’s strategy to become a university of the future and to be one of the leading universities meeting international standards with an ability to adapt and compete in the 21st century. Bangkok Bank will play a part in supporting the university’s digital transformation to lay the foundation and further complete Thammasat University’s digital ecosystem.

Meanwhile, the collaboration will support the move to a cashless society within the university under the concept of a “cashless campus” in line with the university's vision that emphasizes both learning and facilitating students and university personnel through development in the following five dimensions:

1. Creating graduates with GREATS characteristics which are essential elements of leaders who succeed in the 21st century, including:
   G: Global Mindset – Modern and able to keep abreast of a changing world in various dimensions
   R: Responsibility – Have a sustainable sense of responsibility towards oneself, other people, society, and the environment
   E: Eloquence – Able to communicate creatively and efficiently
   A: Aesthetic Appreciation – Appreciate the beauty and value of art, music, and architecture
   T: Team Leader – Able to collaborate with others both in the roles of leader and team member
   S: Spirit of Thammasat – Have the spirit of Thammasat and confidence in democracy, rights and freedom, and accept different opinions and fight for fairness.
2. Conducting research and innovation that bring developmental changes to Thai society and the world.
3. Creating a sense of globalism and a collaborative network both domestically and internationally.
4. Focusing on being the university for people providing academic and health services that meet international standards.
5. Aiming for stability and sustainability with modern management.

“With this cooperation, Thammasat University and Bangkok Bank share a common goal of implementing beneficial projects for students and university personnel through the TU GREATS app, including student ID card making and payment of registration and fees via the digital bill payment system to drive the university to become a cashless campus. We will also initiate new projects and support current projects that will benefit up to 49,615 people consisting of 41,010 students, 2,207 lecturers and 6,398 university personnel, to improve the quality of teaching and learning, deliver knowledge and provide greater convenience to university students and personnel,” said Associate Professor Gasinee.

Bangkok Bank Executive Director Charamporn Jotikasthira added that under the collaboration Bangkok Bank will continue to develop more services to support the digital lifestyles of Thammasat University students and personnel. New services under the TU GREATS app will be developed for a wide range of needs including academia and knowledge, digital payment for tuition fees and other expenses, as well as facilitating life on campus. The app will be an important gateway to a digital world where Thammasat University students and personnel are connected on the same platform with the following services:

1. The TU GREATS app is developed by Thammasat University and Bangkok Bank for students and their parents, faculty and staff. The app works on both iOS and Android operating systems and uses a Face ID technology to enhance security as well as Live Watermark technology for virtual student ID cards. The technologies make using the app convenient, quick and secure as it has an anti-forgery and anti-spoofing system. The app is connected to students and the university’s database to provide convenience on many fronts.
   
   
   • Teaching and learning – The app facilitates access to information. Students can check their class timetable, academic results, information about their university advisor and course information. The app promotes teacher-student engagement and communication allowing for taking attendance and class participation, enables university advisors to provide advice to their students who can make appointments via the app, and provides access to online study resources and other information 24 hours a day.
   • Payment – The app supports payment of registration fees, and other products and services of the university including payment to vendors on campus and surrounding areas. Payment can be done via the app in a convenient, quick and secure fashion which reinforces the university’s vision to be the cashless campus.
   • Lifestyle – The app enables users to create events and accepts online registration. It is also a channel to receive information and communication from the university and faculty, helping to build a digital society between students and the university.
     
     
2. Student card (plastic card) – The Bank will create a student ID card with functions in conjunction with the Be 1st Smart TPN Mastercard Debit Card, which can be used for financial transactions similar to Bangkok Bank debit cards, withdraw cash from ATMs and swipe to pay for goods. The card also has a distinctive style and design on the front, showcasing the work of a student who won the first prize in a card design contest and received the highest votes from Thammasat students.
   
   
3. Expand collaboration to build Thammasat University into a completely cashless campus. The university and the Bank have co-developed a digital ecosystem with payment systems and equipment installed on campus and in surrounding areas to support e-payment and QR Code systems, as well as accelerated the development of more diverse transactions including bill payments systems and connecting with Bangkok Bank Mobile Banking App. Moreover, the Bank has launched campaigns to encourage students and personnel to continuously use and transact on the TU GREATS app.

“The TU GREATS app will help Thammasat students, faculty and staff to live their lives more conveniently on campus, where various services have been developed from surveying the opinions and needs of Thammasat people. The app is a real central platform to unite Thammasat people – not only in teaching and learning, but also supporting today's digital lifestyles, as it will be an important channel for transactions and access of university information. It is also an electronic wallet that connects to the Bangkok Bank Mobile Banking application for payments. In the future, the Bank will continuously add useful services for Thammasat people to knit the TU GREATS app into Thammasat people’s digital lifestyles both in the university campus and in everyday life,” said Charamporn.

In the first half of 2020, the Thai economy declined sharply due to the impact of the containment measures to combat the coronavirus (Covid-19) pandemic, global lockdown measures, and international travel restrictions which led to the collapse of tourist arrivals. Thai exports and imports slumped on weak demand from trading partners, which also dampened domestic economic activity. Private consumption plummeted with a sharp drop in car sales and disruption to service activities. Manufacturing production and investment contracted in line with the drop in external and internal demand. Nevertheless, government spending and investment rose as the government accelerated disbursements to stimulate the economy.

Since the outbreak of the Covid-19 pandemic, which has had an adverse economic effect on individuals and businesses across various sectors, the government and the Bank of Thailand (BOT) have launched a series of financial and fiscal relief measures to help businesses and individuals to get through the crisis. The Bank has supported the government and the BOT policies by promptly issuing measures to assist business customers such as additional credit lines and loan holidays, and to help retail customers by lowering minimum payment rates and extending credit limits. The Bank also lowered interest rates for both business and retail customers. Aware of the difficulties facing businesses and individuals, the Bank is committed to be a “puen koo kit” (trusted partner) by looking after and assisting customers, so they have sufficient funds and liquidity to recover from the pandemic. Moreover, the Bank prioritizes health, hygiene and the wellbeing of customers, employees and the public, and has strictly implemented safety and protection standards to prevent and control the spread of the Covid-19. The Bank is a trusted partner supporting everyone to get through this crisis together.

Bangkok Bank welcomed Permata into its financial group in May 2020

On May 20, 2020 Bangkok Bank completed the acquisition of its 89.12 percent shareholding in PT Bank Permata Tbk (Permata) in Indonesia. Permata is now the newest member of Bangkok Bank's financial group and will enhance the capability of the Bank to meet customers’ needs in operating their businesses in ASEAN. The acquisition was in accordance with the Bank’s strategy to strengthen its foundations for stability and sustainable growth. The consolidated financial statements of Bangkok Bank and its subsidiaries in the first half of 2020 include the performance of Permata since the completion of the acquisition. Permata’s total assets and liabilities as of June 30, 2020 amounted to Baht 336,964 million and Baht 285,022 million, respectively, which accounted for 9 percent of the Bank’s total assets and 8 percent of the Bank’s total liabilities.

Amid the severe global economic downturn and uncertain prospects of the Thai economy due to the impact of the Covid-19 pandemic, Bangkok Bank continued its prudent approach toward business management while maintaining a strong financial status and capital reserves to support financial sustainability and to move forward to the “New Normal”.

At the end of June 2020, the Bank’s loans amounted to Baht 2,353,848 million, an increase of 14.2 percent from the end of 2019. When excluding Permata, loans grew by 3.4 percent from increases in loans to businesses in line with the projection late last year. The ratio of non-performing loan (NPL) to total loans was 4.1 percent. The ratio of loan loss reserves to NPL was 170.5 percent. The Bank continues to work closely side by side and take good care of customers to help them withstand the economic crisis and move forward to the “New Normal”, while maintaining close control of credit underwriting and risk management. The Bank also set aside an appropriate level of expected credit loss in accordance with its conservative business management approach across business cycle.

In terms of capital and liquidity, as of June 30, 2020, the Bank’s total deposits amounted to Baht 2,852,295 million, an increase of 20.3 percent from the end of 2019. When excluding Permata, total deposits increased by 8.9 percent from all types of deposits. This is due to customers’ focus on quality in their asset management. The loan to deposit ratio was 82.5 percent, reflecting an adequate liquidity position to cushion against economic uncertainties. The total capital adequacy ratio, Common Equity Tier 1 capital adequacy ratio and Tier 1 capital adequacy ratio of the Bank and its subsidiaries were 16.6 percent, 14.0 percent, and 14.0 percent respectively, comfortably above the BOT’s minimum capital requirements.

Bangkok Bank and its subsidiaries reported net profit of Baht 10,765 million for the first half of 2020

In the first half of 2020, Bangkok Bank and its subsidiaries reported a net profit of Baht 10,765 million including Permata’s net profit since the date the acquisition was completed. The Bank’s net profit decreased from the first half of 2019, primarily due to additional reserve made for expected credit losses in line with prudent management. The reserves are to provide a cushion against the increasing uncertainty from the economic contraction due to the impacts from Covid-19 which are still difficult to predict the final outcome given it is a widespread public health crisis affecting the global economics which is different from economic crises happened in the past.

Net interest income increased by 5.6 percent from the first half of last year. When excluding Permata, the Bank’s net interest income increased by 1.8 percent, in line with an increase in loan volume. The net interest margin stood at 2.31 percent. Non-interest income decreased mainly due to lower gains on investments and net fees and service income. The main reason for the decrease in net fees and service income was the change in recognition of fee income from loan-related services in accordance with the TFRS 9. Operating expenses were similar to the first half of 2019, and the cost to income ratio was 45.0 percent. The Bank continues to take a well-disciplined approach for cost management focusing on spending to enhance public health, improve working efficiency, as well as slowdown discretionary spending during the period of economic stagnation.

Implementation of new financial reporting standards (group of financial instruments)

The Bank and its subsidiaries adopted the TFRS 9 from January 1, 2020 onwards, without restating previous financial statements. The principal changes can be summarized into classification and measurement of financial assets and liabilities, calculation of impairment using the concept of expected credit loss, hedge accounting, and the change in recognition of interest income from loans using the effective interest rate (EIR) method.