As she officially assumed office, Paetongtarn Shinawatra, the daughter of controversial billionaire former Prime Minister Thaksin, pledged to strengthen the faltering Thai economy. After a court dismissed the former premier and disbanded the main opposition party, Paetongtarn, the youngest prime minister in the Kingdom’s history at 37, took over, causing further unrest in Thailand’s already fragile political landscape.

She will attempt to avoid the fate of her father and aunt Yingluck, both of whom were overthrown in military coups, despite being the third Shinawatra to hold the position of prime minister. Paetongtarn has urged all Thais to cooperate in order to support the nation’s economy, which has had a difficult time recovering from the COVID-19 outbreak.

“As head of the government, I will work with parliament with an open heart, open to all ideas to help develop the country,” she said during the investiture.

Alongside Paetongtarn’s husband in the front row, 75-year-old Thaksin was a notable guest during the event.

He said, “She must work hard. She’s young, she can ask anyone for help, and she’s humble. Twenty-three years ago, she was standing behind my back, but today I was standing behind her.”

Her Pheu Thai party, the most recent iteration of the political movement her father started in the early 2000s, leads Paetongtarn’s coalition government, which also includes several pro-military organisations that have long opposed Thaksin.

Following the dismissal of former Premier Srettha Thavisin for violating ethical regulations by choosing a Cabinet minister with a criminal conviction, she was promoted to the top position. The Kingdom’s conservative, pro-military, pro-royalist elite and Thaksin and his supporters have been engaged in a power struggle over Thailand for more than 20 years.

Despite winning elections on multiple occasions, parties associated with the former telecom mogul and former Manchester City owner have had their administrations overthrown by coups and court decisions.

Running the hotel division of the family business until late 2022, Paetongtarn is a relative novice. She entered politics before the 2024 general election, in which the progressive upstart Move Forward Party (MFP) unexpectedly defeated Pheu Thai to take second place.

A controversial father

Despite gaining the majority of seats in the previous election, conservative senators nominated by the junta prevented MFP from establishing a government because they were alarmed by its pledge to dismantle strong corporate monopolies and change rules pertaining to royal insults.

This paved the way for Srettha’s rise by enabling Pheu Thai to reach an awkward coalition agreement with pro-military groups that had previously been adamantly opposed to Thaksin and his supporters.

He was removed by the Constitutional Court less than a year later, making him the third prime minister from a party supported by Thaksin. Her father, the most powerful and divisive politician in contemporary Thai history, will be closely observed for indications of his influence over Paetongtarn.

At a press conference, she acknowledged that she would consult Thaksin when necessary but maintained that she had her own thoughts and objectives and was not dependent on him.

“It is not required. I’m becoming older. Since I am 75 years old, she is free to ask me anything,” Thaksin responded when asked if he would formally serve as her adviser.

In the early 2000s, he changed the political landscape of the Kingdom by implementing populist measures that garnered two electoral victories and the long-term allegiance of the rural populace. The conservative establishment and Thailand’s powerful elites, however, hated him because they believed his leadership was corrupt, autocratic, and socially unstable.

When the army ousted Thaksin as prime minister in 2006, he went into exile two years later, but his detractors claim he never ceased making comments about or interfering in national matters. He returned in 2024 on the day Srettha was appointed prime minister, and he was promptly imprisoned on allegations of bribery and abuse of office related to his tenure.

He was given a royal pardon when the King swiftly reduced his eight-year sentence to one year and granted him release due to his advanced age and ill health. However, it is still unclear what kind of policies the ruling Pheu Thai Party will enact and what impact her father, Thaksin Shinawatra, will have.

Following Srettha Thavisin’s removal as prime minister due to an ethical transgression, the Shinawatra family has returned to the position of head of state. Experts, however, questioned Paetongtarn’s level of independence almost immediately.

Thaksin, a highly controversial but significant figure in Thai politics, is the father of Paetongtarn. He has served as prime minister twice and created the Pheu Thai Party. However, he left Thailand in 2008 and lived in self-exile for 15 years after being accused of wrongdoing. In 2023, he returned.

“How can we be sure that Paetongtarn, as prime minister, answers to the Thai public and not her father?” Napon Jatusripitak, a visiting fellow at Singapore’s ISEAS-Yusof Ishak Institute, told VOA in August.

Political scientist and international relations professor Thitinan Pongsudhirak of Bangkok’s Chulalongkorn University thinks the elder Thaksin’s function is clear.

“After 15 years in exile, he is now like an overseeing chairman running the country with his daughter Paetongtarn as chief executive and prime minister. 2024 was another wasteful year following a much-anticipated election that installed Srettha as prime minister, who got the boot for uncompelling reasons,” he stated to VOA.

After the Move Forward Party, Thailand’s election victor, was disqualified from holding the position of prime minister in 2023, Pheu Thai took control. After the Constitutional Court determined that the Move Forward Party’s pre-election campaign promises were intended to overthrow the monarchy, the party was disbanded in August 2024.

On August 7, in Bangkok, former Move Forward Party leader Pita Limjaroenrat arrived at the party headquarters following the ruling of Thailand’s Constitutional Court in a case that sought to dissolve the opposition group for calling for lese-majeste reform.

The People’s Party, which was established in 2024 as Move Forward’s replacement, will likewise have difficulties in the coming year. Similar to its predecessors, the People’s Party has pledged to alter Thailand’s royal defamation statute. The development of this newly established opposition party will be monitored by political analysts in the run-up to Thailand’s 2027 elections.

However, Thitinan stated that Thailand’s attention must now be on the policies of the ruling Pheu Thai Party due to the recent political unrest and nine years of military administration.

“Despite shortcomings behind a heavily doctored government formation, 2025 could see a semblance of stability amid anti-government noises that allow the Thai economy and Thailand’s international standing to perk up to a point after years of mismanagement under a military-based regime,” he added.

The second-biggest economy in Southeast Asia, Thailand, will once more be closely examined. Compared to many of its regional neighbours, it grows more slowly each year.

According to the finance ministry, the country’s GDP is expected to expand by 2.7% in 2024, up from the initial 3.0% estimate.

Since thousands of enterprises have shuttered in recent years, Thailand’s manufacturing sector—one of its core economic sectors—is struggling. Some Thai companies, such as the baby clothing retailer Pretty Baby in Bangkok, are worried about inventory problems.

The economic difficulties were described by Kiatanantha Lounkaew, a lecturer in economics at Bangkok’s Thammasat University.

“Our competitiveness has been declining since 2000 because our economy has been running with the same framework. Compared to our regional partners, we are unable to compete in the municipal [foreign direct investments] market,” he told VOA earlier in 2024.

Thaksin even offered his opinion on the matter due to the economic concerns. The former prime minister outlined a 14-point plan to improve the nation’s economy, which included employing locally produced goods, promoting tourism, building entertainment complexes, and overhauling the public debt and farm sector.

According to Thitinan, Thailand has to focus on digitisation.

“The dial has moved on; they have to be talking about much more digitalisation, digital economy, AI, machine learning, education reform,” he stated to VOA in August.

The introduction of the contentious Digital Wallet programme, which gives around 50 million citizens a one-time distribution of $280 in digital currency to spend locally to boost the economy, has been one of the main economic initiatives.

Experts have questioned the programme’s potential benefits, but Paetongtarn has carried on Srettha’s approach.

The Paetongtarn government’s policies seem to be more rapid-fire than Srettha’s. Tita Sanglee, an associate fellow at the ISEAS Institute, told VOA that although both are intently focused on the economy, Paetongtarn has the advantage of a larger team and more resources because she is the leader of the Pheu Thai Party and Thaksin’s daughter.

“This seems to have allowed her government to push Pheu Thai’s initiatives more actively, things like cash handouts, a three-year debt suspension for farmers, discussions on casino legalisation, and efforts to boost tourism and attract foreign investments,” she stated.

However, experts predict that because of Thailand’s evolving social policies, the country will experience a historic year after the marriage equality bill was enacted by parliament and went into effect on January 24.

“Even social programmes with obvious economic effects include the marriage equality law and the plan to provide stateless people permanent residency and nationality. The former strengthens Thailand’s standing as a pioneer in LGBTQ inclusion, increasing its allure as a travel destination,” Tita continued.

The economy has historically relied heavily on foreign travel, and the upcoming year is predicted to bring historic outcomes.

At its height in 2019, 11.5% of the nation’s GDP came from tourism. A record-breaking 40 million visitors are expected to arrive in Thailand in 2025, up from 34 million in 2024. Making it simpler for foreign visitors to enter the nation is the goal of easing visa entry requirements and introducing new visa programmes.

Experts predict that Thaksin will have an impact on Thailand’s New Year plans regardless of the outcome. Once an adversary of Thailand’s conservative and royal regimes, Thaksin is now 75 years old and has re-entered Thai politics, albeit in an unofficial capacity.

“The year 2025 could see a reset in motion as Thaksin is allowed to run Thailand from the back with Paetongtarn as figurehead with the royalist establishment’s uneasy approval, due to fears of reform-minded People’s Party succeeding the dissolved Move Forward,” Thitinan stated.

Tita said, “I would pay close attention to Thaksin’s involvement in Thailand’s foreign relations.”

Concerns over conflicts of interest may be heightened by the fact that he has personal connections to numerous regional leaders. Any intervention by Thaksin is significant given the current geopolitical unrest and mounting criticism of Thailand’s foreign policies.

Experts chart the road ahead

Thailand’s economy is at a pivotal moment as it battles sluggish growth and structural issues that are expected to cap GDP growth at 2.7% in 2025. Despite strengthening tourism and agriculture sectors, a vast informal economy, declining exports, and global headwinds remain threats to the Southeast Asian country’s progress.

Supavud Saicheua, chair of the National Economic and Social Development Council (NESDC) and advisor at Kiatnakin Phatra Financial Group, said that while inflation remains low, the economy’s growth languishes at below 3%, creating difficulties in maintaining stability within acceptable parameters. The best bet would be to cap the policy rate at 2% to ease borrowing constraints and stimulate growth.

“I believe the policy rate, which is described as neutral and not overly aggressive, is high—particularly given that our GDP growth is less than 3%. While inflation is expected to return to target, it has not and will not do so due to low inflation in larger countries, such as China, and a negative producer price index for 18 months. Plus, banks are not issuing loans, so where will the inflation come from?” he stated.

Pipat Leuangnaruemitchai, chief economist at KKP Financial Group, said the newly appointed United States President Donald Trump’s potential policies would have both negative and positive implications for Thailand’s economy.

Notably, he said, the absence of Long-Term Equity Fund (LTF) measures diminished the Thai market’s appeal. While acknowledging strong investor interest in this initiative, he emphasised the need for balanced policies to ensure social harmony while exploring economic opportunities.

At the heart of Thailand’s economic challenges lies its huge informal economy, which accounts for a staggering 48% of the GDP. Household debt, meanwhile, has soared to 104% of the GDP, with informal loans further exacerbating the issue.

Dr. Pacharapoj Nantaramas of Krungthai Bank warned that this shadow economy requires urgent integration into the formal sector to enhance the nation’s economic potential. While the automotive industry faces declining production by more than 15% from historical averages, Thailand’s agriculture and tourism industries have good growth potential.

Supavud further stated that China’s limited agricultural capacity, less than 10% of global arable land, presents an opportunity for Thailand to enhance its agricultural and food production capabilities and exports.

As per Pacharapoj, efforts to create “man-made destinations” will help attract high-spending tourists, potentially increasing pre-visitor spending by 19% to 58,300 baht per person per trip. Exports are projected to grow by just 2% in 2025, down from 4% in 2024. Both Krungthai and KKP experts say that this decline reflects global trade tensions and tariff risks. The return of Trump as the Republican president could worsen the situation, with increased barriers for Thailand.

The government has introduced tax cuts and targeted financial aid to stimulate consumption, though experts warn that these may only have short-term effects. Public investment is expected to grow by 5.1%, contrasting with private investment, which lags at 3%. The global minimum tax on multinationals poses further hurdles to foreign investment.

To overcome these economic challenges, experts have said Thailand should prioritise the integration of the informal economy, while innovating tourism to attract high-value visitors. Semiconductor industries should also prioritise competitiveness, manage debt, and create a favourable environment for foreign investment under global tax regulations.

The post Thailand’s economy in focus for 2025 appeared first on International Finance.

Automechanika Dubai, an official networking event with the theme “Strengthening Collaborations: Southeast Asia and UAE,” highlighted the anticipated growth of the UAE’s automotive aftermarket industry.

According to the report, growing car ownership, technological developments, and a strong regional demand for auto parts and services were all contributing to the UAE’s projected significant growth.

Southeast Asian automakers are becoming more involved and now account for 5% of the market, which is a major factor.

“These businesses are growing in significance in the UAE’s automotive aftermarket, contributing a plethora of knowledge, affordable fixes, and superior goods that are revolutionising the industry,” the study continued.

“As vehicle ownership continues to rise in the UAE, driven by economic recovery and infrastructure development, the demand for aftermarket parts and services is expected to surge,” remarked Vishal Pandey, the Director of Glasgow Research & Consulting, while chairing the networking event, as reported by Zawya.

“With Southeast Asian companies playing a critical role, the market is well-positioned to address the needs of the evolving automotive landscape. The focus of these companies on sustainability and advanced technologies will also help shape the industry’s future, aligning with the UAE’s vision for a greener, more efficient automotive sector,” Vishal Pandey added.

Mohammad Al Kassim, Investment Attraction Director, Dubai Chambers, gave the opening keynote address and other presentations. He focused on bolstering the UAE-Southeast Asia economic corridor for sustainable growth and innovation.

In an overview of Southeast Asia’s automotive innovation, Bakri Bin Alias, Senior General Manager, Malaysian Automotive, Robotics and IoT Institute, shared insights into the region’s sustainability focus and expertise.

As part of the regional focus event for Automechanika Dubai this year, visitors will have the chance to experience the automotive landscape of Southeast Asia, according to Messe Frankfurt Middle East, the exhibition’s organiser.

The post UAE’s automotive aftermarket to hit USD 1.9 billion by 2028: Report appeared first on International Finance.

According to Huynh Trung Khanh, vice chair of the Vietnam Gold Traders Association (VGTA), the government and the association have been in lengthy negotiations regarding how to address the disparity between the supply and demand of gold.

In 2012, the Vietnamese government essentially assumed complete control over imports and domestic bullion sales, allowing only a few big businesses to import precious metal as long as it was used to make jewellery that would be exported.

“The government said they will start official gold imports by July or August. We hope that by July they will allow gold companies to import directly,” Khanh said on the sidelines of the Asia Pacific Precious Metals conference, as reported by the Zawya.

He stated that the State Bank of Vietnam, the country’s central bank, would have the last say over whether or not to permit businesses to import gold. That would be a major change from the way things are now done, where the central bank strictly regulates imports.

The domestic gold market continues to trade at persistently high premiums to global prices, despite efforts to reduce the difference with international benchmarks by holding auctions and permitting four local banks to sell gold in an effort to increase liquidity.

According to Vietnam Gold Traders Association, the country’s gold demand is expected to soar this year, so premiums on domestic prices must be immediately reduced. Among the top 10 consumers of gold is the Southeast United States.

Khanh in his presentation at the conference stated that during the first half of this year, gold purchases are expected to increase by 10% annually to 33 million metric tons.

In the roughly 100 million-person economy of Southeast Asia, retail buyers make up the majority of gold purchases. These buyers see gold as a means of protecting wealth and fending off economic uncertainty.

Meanwhile, talking about the Vietnam economy, Singapore-based United Overseas Bank (UOB) has projected the Southeast Asian country’s economic growth rate at 6% in Q2 2024 and for the entire year. The growth in Q1 2024 was 5.66% and is expected to be 6.4% in 2025.

The reason cited was a rise in demand for chips, the recovery of Chinese and regional economies and ongoing supply chain drifts. Inflation will be controlled at 3.8%, the bank noted further.

The manufacturing purchasing managers’ index (PMI) remained unchanged at 50.3 in May 2024, signalling a second consecutive marginal monthly improvement in business conditions in the industry.

Industrial production rose by 8.9% in May, marking the third consecutive month of growth. Exports, on the other hand, posted two-digit growth for the third consecutive month, at 15.8% in May, up from 10.6% in April. Imports rose by 29.9% in May from 19.9% in April.

The trade surplus was USD 7.8 billion in the first five months of 2024, while foreign direct investment rose by 7.8% to reach USD 8.3 billion during the period—the fastest pace since 2018.

The post Vietnam to allow companies to import gold for first time in years appeared first on International Finance.

While sharing his story with Aljazeera, Benedikt Becker appreciated Singapore’s efficiency, “amazing” skyline, verdant flora, and architecture. In 2020, he accepted a position with a marketing agency there. The German national paid 2,800 Singapore dollars ($2,072) per month to live in a stylish one-bedroom condo in Singapore’s east, where he could go to the beach every morning.

However, when living expenses rose, Benedikt Becker started to reevaluate his circumstances. For example, he noted that the price of his Grab rides to the office had increased from 12 to 14 Singapore dollars ($9 to $10) when he initially came to 22 to 25 Singapore dollars ($16 to $18). In addition, friends complained that their landlord was increasing their rent by 20–30%.

According to the international real estate firm Savills, rents in Singapore’s affluent residential market will increase by more than 26% in 2022, more than twice as fast as the growth rates in London, Sydney, and New York.

Before a scheduled increase to 9% the following year, the city-state’s government increased the Goods and Services Tax (GST) by one percentage point to 8% in January.

Benedikt Becker, 33, decided to relocate to Kuala Lumpur, the capital of Malaysia, in 2022. He took a wage reduction to work remotely for a German computer start-up looking to grow into Southeast Asia.

He claimed that since the career and city changes, he has been able to save “so much more.”

He currently pays 800 Singapore dollars ($592) a month for a flexible room rental in a co-living facility, orders GrabFood for most of his meals for roughly 30 Malaysian ringgit ($6.55), and works from various co-working facilities.

“A proverb goes, ‘If you don’t like the rules, alter the game.’ So to keep living expenditures down, I changed the game by moving from Singapore to Malaysia,” he said.

Aside from saving money, Benedikt Becker’s current top objective is to visit other Asian cities like Bangkok or Ho Chi Minh City.

What’s happening in the city-state?

Benedikt Becker is one of many expats who have moved from Singapore to less expensive Southeast Asian towns due to a substantial increase in housing prices as the country’s economy recovers from the COVID-19 outbreak.

Although there is no official data on the number of foreign workers leaving Singapore, recruitment agencies claim that multinational corporations are increasingly looking to relocate staff outside the city to save money.

According to Nic Chambers, Managing Director of Michael Page Malaysia, there has been a “strong hunger” to move personnel from Singapore to the neighbouring country of Malaysia because of its proximity, English-speaking population, lower cost of living, and significant presence of back-end office operations.

“Singapore continues to play a crucial role. Due to Singapore’s proximity to investors, private equity firms, and venture capital firms, CFOs and CEOs of listed companies will still want to stay in the city-state. But over time, I fully anticipate that even some C suite positions will start to go to Malaysia,” Nic Chambers said, adding that he has also noticed an increase in talent asking for remuneration packages in US dollars to offset volatility in the ringgit’s value.

Will Fong, an American software developer, has also started to feel the strain of Singapore’s soaring rent prices. When Will Fong’s landlord suggested raising the rent to 3,500 Singapore dollars ($2,591), he was already renting a one-bedroom condo in Jurong East in western Singapore for 2,600 Singapore dollars ($1,924) monthly. However, he was able to reduce the rent to 3,000 Singapore dollars ($2,220) with the aid of his agent.

“I’ve heard that things are becoming insane. If I agreed to such a rental amount, it would be simply too expensive,” 41-year-old Will Fong said.

He decided to start working from home in Vietnam. He first visited Ho Chi Minh City for two weeks before moving on to Da Nang for a month. In the long-term, Will Fong wants to lease a space in Singapore that he can use as a home base while exploring and working remotely in Southeast Asia.

Will Fong, who is also a permanent resident of Singapore, said, “I can have two places, and it’ll still be less expensive than me going out and eating out in Singapore. I’m pretty quiet… Just a location for me to sit down, enjoy a beer, and work from any place would be a lot more relaxing. For the time being, I’m still playing outside of Singapore. I feel like I’m going camping.”

While there has been an exodus of foreigners from Singapore as a result of the city’s high housing and living expenses, this has been “offset by large numbers of foreigners from other regions and a shift to C-suite foreigners taking advantage of the new Overseas Networks & Expertise (ONE) Pass” – a visa that allows qualified candidates to work for multiple companies simultaneously, according to staffing firm TENTEN Partners.

Mid-level to senior-level employees in financial services, fintech, and consultancies are among TENTEN Partners’ clients. The company has offices in London, Singapore, Hong Kong, and, shortly, Dubai.

“Western hopefuls seek employment in nations with lower tax rates and more excellent living standards. However, the infrastructure, cheap taxes, and family-friendly atmosphere in Singapore make it still appealing,” according to Luke Archer, managing partner, and co-founder of TENTEN Partners.

“However, pay for B-level executives are frequently insufficient to entice people to move up. So instead, we’re increasing the number of foreigners living there. Singapore continues to be a more desirable option, making it difficult for candidates to choose Hong Kong,” the official commented further.

According to management professor Sumit Agarwal, who specializes in finance, real estate, and economics, those on the edges may feel more likely to be priced out of the Singapore rental market and could think twice about migrating here for work.

Sumit Agarwal said that while there is some level of departure, the intake of expats is relatively more because Singapore is still very much viewed as a “safe haven.”

The 2023 scene

The Southeast Asian city-state’s economy expanded by 0.4% in the January-March 2023 quarter, which was better than expected but fell short of the 2.1% growth recorded in the previous quarter.

The Ministry of Trade and Industry (MTI) however warned about a rise in “downside risks”, including rising interest rates and escalations in the Ukraine conflict, but maintained its growth forecast for 2023 at between 0.5 and 2.5%.

The INSEAD Global Competitiveness Index 2022 places Singapore at the top of Asia for luring and supporting talent, and the ECA International 2023 Location Ratings Survey confirms that Singapore is the most livable city for expatriates from East Asia.

The Singaporean government has downplayed claims that the city-state’s reputation as a magnet for top talent may be in jeopardy, claiming that COVID-related imbalances in the rental market have begun to ease.

According to a joint statement from the Ministry of National Development (MND) and the Economic Development Board (EDB), “The rent increases in 2022 reflected an exceptional supply tightness, arising from severe COVID-19 disruptions to the construction industry, as well as strong demand from expats and locals.”

“Due to residents renting throughout the epidemic as they awaited the development of their properties, rental demand surged. In addition, foreign rental demand swiftly recovered once border restrictions were relaxed last year, exerting additional pressure on the rental market,” the statement added further.

Given that a significant supply of new housing units will be built in 2023 and in the upcoming years, the MND and EDB predicted that rental pressure would lessen in the forthcoming quarters.

The government predicts that this year, the most significant number in the previous five years, would see about 40,000 homes finished in the public and private residential markets.

Additionally, the government anticipates that between 2023 and 2025, close to 100,000 new general and private residential properties will enter the market.

“We continue to attract major investments from businesses, founders, and investors seeking a stable foundation to tap into Asia’s growth and generate new goods and services for the global market as well as jobs for Singaporeans,” The MND and EDB noted.

Even though Benedikt Becker is content with his relocation, he visits Singapore every two to three months for work and misses some aspects of the city.

The marketing expert stated that he missed Singapore’s thriving start-up and business culture, where he could meet entrepreneurs and marketers at numerous networking functions. In that regard, Singapore has much more to offer than Kuala Lumpur.

The post Rising cost to hurt ‘Singapore Dreams’? appeared first on International Finance.

Ascend Money recently received an award as ‘Fastest Growing Digital Payment Solution Provider’ at the International Finance Award 2022.

Ascend Money has always been a purpose-driven company. Its goal is to make it possible for everyone to have access to cutting-edge financial services that improve lives. The primary motivation is to enhance the accessibility, affordability, and impact of financial services in the region.

The company currently has operations in six Southeast Asian countries which include Thailand, Cambodia, Myanmar, Vietnam, the Philippines, and Indonesia. Through the network of 88,000 agents spread throughout the area and the TrueMoney Wallet application, it services 50 million users and clients. In addition to digital payments, Ascend Money offers digital loans, digital savings, digital investment, and digital insurance.

Although financial inclusion has advanced significantly in Southeast Asia’s economy in recent years, millions of people in the region are still underbanked or unbanked today. They have only a few options because they cannot access banking services. In order to help individuals improve people’s lives, Ascend Money wants to grow into the biggest digital financial platform connecting them to cutting-edge payment and financial solutions. The company is facilitating improvements by transforming how people and businesses pay, enjoy, live, and grow their lives.

Services Ascend Money Provides

The company provides various services when it comes to digital payments, some are as follows:

TrueMoney Wallet: TrueMoney Wallet is a superapp for digital payments and financial services that makes it simple and convenient to access different financial services. Users of TrueMoney Wallet can purchase insurance, apply for BNPL and loans, open saving and investment accounts, and more while earning more TrueMoney Rewards. These activities are in addition to topping up mobile phone and internet packages, shopping online and in physical stores, paying bills, transferring money, and other activities.

TrueMoney Agent Network: Millions of Southeast Asians still have restricted access to financial services because they don’t have bank accounts or live in distant places. TrueMoney agents give them the ability to transact in a more convenient and safe manner by providing one-stop financial services including cell top-ups, bill payments, and remittances at local shops. Most TrueMoney representatives are small-town business owners and entrepreneurs who are struggling to make ends meet. In addition to increasing their income, they have made a significant contribution to increasing the community’s financial inclusion, accessibility, and simplicity.

TrueMoney Transfer: TrueMoney Transfer, a hassle-free international remittance service, enables migrant employees to safely and affordably remit money to their relatives back home. The service is now offered for cross-border money transfers between Thailand and Cambodia and Myanmar.

Pay Beyond Border

In order to provide a simple and safe method of making cashless payments abroad without incurring additional costs, TrueMoney Thailand recently expanded its cross-border payment service. Popular tourist locations like Japan, South Korea, Singapore, Malaysia, France, Italy, Germany, the United Kingdom, and more are covered by the service. The service allows Thai travelers to dine, travel, and shop more easily, using secure cashless payments. The payments are made possible using TrueMoney at convenience stores, retail stores, and department stores in Thailand.

In doing so, travelers can avoid finding currency exchanges and using ATMs to get cash. In the end, they can access the programme to view the currency rates prior to transactions. The currency rate simply depends on the daily foreign exchange rates and is not subject to daily variations. Users can pay at checkouts by just scanning the QR code, or they can open a QR code on the TrueMoney Wallet app and have the cashier staff scan it to finish the transaction.

TrueMoney: Thailand’s First Mobile Fintech’s Risk Intelligence

In addition to service expansion, TrueMoney is the first fintech business in Thailand to use industry-leading Mobile Risk Intelligence. The cutting-edge solution, which makes use of device and network intelligence, is the outcome of TrueMoney’s technical cooperation with SHIELD, the world leader in risk intelligence. It uses artificial intelligence (AI) to continuously safeguard the TrueMoney platform. In order to maintain user confidence and enable the TrueMoney platform’s continuing growth in Southeast Asia, the technology secures it from beginning to finish.

The post Ascend Money: Southeast Asia’s most sought-after unicorn appeared first on International Finance.

Investors such as EDBI, White Star Capital and Jungle Ventures participated in the funding round for Sleek. According to the startup, it will also use the funds to hire new talent, expand its presence in the existing markets and also enter new markets.

Adrien Barthel, chief growth officer and co-founder of Sleek told the media, “Since day one, our mission has been to allow anyone to start a business quickly and easily. With the latest addition of the business account feature, now more than ever, we are enabling ideas to become great businesses, without the friction and inefficiency that paper based and offline processes bring.’

Sleek has developed a back-end operating system platform that handles everything from incorporation, government, accounting, taxes and visas to regulatory compliance.

Sleek manages a portfolio of more than 5,000 companies. In 2020, the startup handled over 1.4 million bookkeeping transactions and recorded around $700 million of revenue.

In November, Sleek revealed that the funding will be used to enter new markets such as Australia and the UK.

Last year, Sleek raised $4 million in venture funding for its efforts to take on the traditional corporate services industry. The funding round was led by SEEDS Capital, the investment arm of Enterprise Singapore.

The post Singaporean fintech Sleek raises additional funds for product development appeared first on International Finance.

The JV set up by Binance and MDI will set up a new Indonesia-based digital asset exchange where Binance will pitch in with the infrastructure and support for the new exchange.

It is also reported that Binance is in talks with PT Bank

Central Asia, which is controlled by billionaire brothers Budi and Michael Hartono about a possible venture.

Recently, Binance withdrew its application for a license from the Monetary Authority of Singapore (MAS) to operate a cryptocurrency exchange and will shut down its trading platform in Singapore by February 13. Binance Singapore will contact its users via email to see what steps they need to take since the platform will cease to function.

Richard Teng, Chief Executive Officer of Binance Singapore told the media, “We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”

Earlier this year, Binance launched a $1 billion growth fund to help fast-track the adoption of digital assets and blockchain technology.

Nearly $500 million from the funds will be invested for the development of blockchain-based financial services, gaming and virtual reality. Around $300 million will go to a builder programme whereas the remaining $200 million each will be steered toward liquidity incentives and talent development, Binance revealed.

The post Binance and a MDI-led consortium will launch a crypto exchange in Indonesia appeared first on International Finance.

Investors that participated in the funding round for Fuse include East Ventures (Growth Fund), GGV Capital, eWTP, and Emtek. The insurtech startup has raised nearly $50 million in the last six months.

Established in 2017 by Andy Yeung and Ivan Sunandar, Fuse operates under various business models. One of the most notable business models adopted by Fuse include partnerships with agents or marketers, collaborations with other companies, and direct-to-consumer offerings.

So far, Fuse has entered into partnerships with over 30 insurance companies and offers more than 300 products. The insurtech startup offers its products and services both directly to end consumers and through the over 60,000 agents on its platform.

Earlier this year, Andy Yeung, founder and chief executive officer at Fuse told the media, “We have been very focused on product and platform innovation and will continue to invest into developing products and platforms that make insurance accessible and affordable for everyone in Southeast Asia.”

“We will expedite to replicate our successful experience on agent partner and micro-insurance model to other parts of Southeast Asia, on top of Indonesia and Vietnam,” he added.

In September, Indonesian insurtech Rey Assurance launched its services after raising $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF).

Founded by Evan Tanotogono, Rey addresses the low penetration of life and health insurance in Indonesia.

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The acquisition is part of WeLab’s broader plan to expand in Southeast Asia. It is being reported that WeLab will launch a digital bank in the country.

The funding round concluded by the WeLab led consortium could potentially be the largest funding round by a fintech company in Indonesia this year.

As per the deal, the consortium, called WeLab Sky, will acquire the stakes of Bank Jasa Jakarta to become its sole controlling shareholder. Previously, WeLab Sky bought a 24 percent stake in the bank, while the remaining shares for majority control will be transferred upon securing regulatory approvals.

Simon Loong, founder and group chief executive officer of WeLab told the media, “We continue the journey that we started in 2018 to build one of the first pan-Asian digital banking platforms, first in Hong Kong and now in Indonesia. WeLab combines its advanced digital banking technology with the BJJ network to further grow the bank’s business towards a bright digital future.

“BJJ has earned an excellent reputation for being a trusted retail bank in the market over the last 40 years. We look forward to building on this foundation with our fintech expertise, and success of operating a licensed digital bank in Hong Kong, to build a tech-driven digital bank that will be financially inclusive for the people of Indonesia.”

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Asia Aviation owns a 51 percent stake in Thai AirAsia X. After the restructuring, Asia Aviation will hold 40.7 percent of the shares. Bijleveld will own 18 percent of the shares.

Bijleveld further said that the carrier had to switch its wide-body Airbus A330 jets to cargo service to stem financial losses. AirAsia X had 11 aircraft in its fleet, however, now it is reduced to seven.

“Border closures should not be an option to prevent the spread of the Omicron variant as the national economy and cash-strapped tourism sector, in particular, cannot afford to survive another lockdown,” he told the media.

Recently, the carrier received shareholder approval to raise $415 million through a mix of shares to be issued to new and existing investors as well as convertible bonds.

Last month, Thai AirAsia X announced its decision to further reduce its workforce and also extend furloughs despite the country’s reopening on November 1st.

In this regard Tassapon Bijleveld told the media, “Even though we’ve negotiated with suppliers and banks to help offload aircraft leasing costs, and we may get additional liquidity after restructuring this month, our balance sheet cannot be strong enough if those expenses still run. We have to permanently cut the fleet for at least two years or until international and domestic flights fully recover.”

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