Founded in 2013, International Finance has grown into a leading provider of business media services, driven by a distinctive mission: to recognise and celebrate exceptional talent, visionary leadership, significant industry contributions, and outstanding skills on a global scale.

In 2014, International Finance gained international recognition with the launch of its inaugural flagship programme in London. Supported by the rigorous work of its research and development team, the organisation distinguished itself by identifying top-tier corporate talent. Award recipients were selected based on the strength of their applications and their proven record of achievement.

During the nomination process, International Finance focuses on eminent C-suite executives and senior management leaders across sectors, including finance, banking, asset management, brokerage, insurance, energy, oil and gas, logistics, and utilities. Nominees are drawn from key markets across the Middle East, Asia, Europe, and Africa.

Previous recipients of the International Finance Awards include prominent companies such as La Trobe Financial, Security Bank Corporation, Asialink Finance Corporation, East West Banking Corporation, Krungthai Bank, SOCAR, Alistithmar Capital, QNB Egypt, Al Qassim National Hospital, The Access Bank UK Limited, Standard Chartered Bank (Singapore) Limited, Chung Hwa Bank Taiwan, stc Saudi Arabia, SAL Saudi Arabia, Saudi Ground Services, Alinma Bank Saudi Arabia, ROSHN – Saudi Arabia, BEEAH Group, MODON Saudi Arabia, United Real Estate Company Kuwait, Real Estate Registry – Saudi Arabia, stc Kuwait, Zain Kuwait, and Saudi Water Partnership Company (SWPC).

In 2016, the scope of the International Finance Awards expanded to include Southeast Asia as a second venue. By 2018, the ceremonies had attracted over 400 distinguished dignitaries. These awards served as powerful motivators for corporate entities, inspiring them to become industry leaders and facilitating growth through the extensive networking opportunities provided by International Finance.

With a vision of a future where passion seamlessly merges with excellence, International Finance is driven by a relentless conviction. To all business talents poised for greatness, seize the opportunity to have your name etched onto the prestigious winner’s board of the International Finance Awards.

The post 13th Annual International Finance Awards: A global celebration of excellence in Thailand appeared first on International Finance.

Realising the challenge, Chubb Life Thailand, which places its customers at the heart of everything in its operations, has now committed itself to developing innovative products and services that meet the needs of Thai citizens at every stage of life.

“We have designed our critical illness insurance products ‘CI Extra Plus 90/10’ and ‘CI Extra Plus 90/20′, which provide comprehensive lifetime coverage for both life and critical illness to address customers’ needs for long-term protection planning and financial security for themselves and their families,” the company told International Finance.

The “CI Extra Plus” product, uniquely tailored to address diverse consumer needs, segments the market into three distinct groups: Working Adults (individuals who seek to plan and secure life insurance and critical illness coverage for themselves and their families), Parents/Guardians (individuals who wish to establish life insurance and critical illness protection to secure their children’s future), and Individuals Concerned About Critical Illness (people seeking a lump sum payment of money to prepare for future uncertainties).

CI Extra Plus offers long-term coverage for life and critical illnesses until age 90. The product also covers 65 critical illnesses, including five diseases for Critical Illness Group 1 (as declared by the Office of Insurance Commission), 45 diseases for Critical Illness Group 2, and 15 juvenile diseases.

“When diagnosed with a disease in Critical Illness Group 1, customers receive a 25% payout of the initial sum assured and can claim up to four times. If a significant illness is identified in Critical Illness Group 2, customers will receive a one-time payment of up to 100% of the initial sum insured and will no longer need to pay premiums, while still enjoying ongoing coverage,” Chubb Life Thailand noted.

Medical treatment expenses for Group 2 diseases are covered, and those who maintain their insurance throughout the contract period receive an additional payout of 10% of the initial sum. The premium remains the same throughout this period. Customers can also select their premium payment period, with options of either 10 years or 20 years. In terms of covering critical illnesses affecting juveniles, CI Extra Plus provides a special lump sum of 100% for the diagnosis of these diseases between the ages of 31 days and 15 years.

“The maximum coverage is up to 115% of the initial sum assured, while in cases of critical illnesses found in juveniles, this can increase up to 215% of the initial sum assured,” the company added.

To vividly promote and communicate the transformative aspects of CI Extra Plus, Chubb Life Thailand chose popular actor Chaiyapol Julian Poupart and his family. His portrayal of the story about protecting loved ones created an authentic advertising campaign that reflected the brand’s deep understanding of modern consumers, who value health security and family care. The warm and relatable presence of Chaiyapol Julian Poupart added credibility and created an emotional connection between Chubb Life Thailand and its customers.

“The campaign strategically emphasises the importance of insurance while instilling a sense of ‘need’ by comparing life to the familiar game of Monopoly. This clever analogy drives home the point that in real life, there is no ‘Get Out of Jail Free Card’ to escape the challenges of a critical illness without cost. Instead, ‘CI Extra Plus’ serves as an essential tool that enables you and your family to move forward confidently, reducing financial burdens and offering peace of mind at every stage of life,” Chubb Life Thailand asserted.

Ultimately, by truly understanding consumer needs, Chubb Life Thailand has successfully proven that a “great idea” can evolve into a product that allows Thais to plan long-term protection against life’s uncertainties, serving as a financial shield for themselves and their loved ones.

The post Chubb Life Thailand targets youth health risks with new cover appeared first on International Finance.

The latest “OECD Economic Survey of Thailand” projects the nation’s GDP to grow by 2.0% in 2025, followed by 1.5% in 2026. Increasing domestic demand and exports, as the peak impact of higher tariffs passes, will lift output growth to 2.6% in 2027, while inflation is expected to remain low.

“After decades of impressive economic and social development, further reforms are needed for Thailand to maintain strong growth momentum. Lowering fiscal deficits and public debt, together with measures to tackle informality and boost productivity – by strengthening competition, reducing restrictions on foreign direct investment and scaling back public ownership – are key for strong, sustainable growth as well as social development,” OECD Deputy Secretary-General Frantisek Ruzicka said, while presenting the study report in Bangkok alongside Thailand’s Minister attached to the Prime Minister’s Office Supamas Isarabhakdi and Secretary-General of the National Economic and Social Development Council Danucha Pichayanan.

“With population ageing, public spending is set to rise, driven by increasing expenditure on pensions and healthcare. Raising retirement ages and enhancing the contribution of taxes, for example, value-added or personal income taxes, to deficit reduction and quality public services will help ensure sustainable public finances. Further regulatory reforms, including easing restrictions on foreign direct investment and removing barriers to competition, would boost productivity. Creating a level playing field by reducing the dominant role of state-owned enterprises is also key to strengthening productivity in Thailand,” the report noted.

More efforts are needed to tackle informality, one of the Thai economy’s key challenges. Lowering the cost of formal job creation, including through reforms to social protection systems, can create more formal jobs. Strengthening human capital through education reforms, such as updating school curricula and enhancing vocational training, will further contribute to the formalisation of employment.

“Extreme weather events, such as floods and droughts, cause significant damage to Thailand’s economy and communities. Advancing climate adaptation in agriculture, infrastructure resilience and early warning systems would reduce the cost of climate change, while expanding renewable energy sources is important to meeting the country’s climate change mitigation ambitions,” the OECD report concluded.

The post Thailand’s economy shows progress but needs reform: OECD appeared first on International Finance.

Recently, International Finance recognised TPI as the “Most Innovative Diverse Energy Business Company – Thailand – 2025.” The company follows a simple business philosophy: T-echnology, P-roduct, and I-nnovation, and this rule has been codified into the company’s efforts.

TPIPP has broadened its operational portfolio, extending beyond waste-to-energy (WTE) fuelled principally by municipal solid waste (MSW) to utilities (oil/NGV petrol stations/EV charging stations), solar farms and roofs, and Alternative Fuel Resources (AFR) based on municipal waste.

Power has become TPIPP’s largest revenue-generating division (c.90%). The energy produced here runs on highly diversified fuel, with most of it in the form of renewables, such as recycled waste heat (WH) captured from the cement plant of the parent company TPI Polene, WTE using municipal solid waste, and solar farms and roofs.

“After multiple years of experimentation and fine-tuning of processes, our WTE-MSW power plants have arrived at a highly profitable cost curve. The current focus of our technical and engineering ingenuity is on the conversion of our 150MW coal-fired power plant into 100% MSW. Once completed, it will be the first conversion of its kind and scale in Southeast Asia. By 2026, TPIPP will be 100% fossil-free and will expand its pool of carbon-related merits from the current level of 2.5 million tCO2eq T-VER certified credits and 3.1 million Renewable Energy Certificates (RECs),” the venture told International Finance.

The conversion of the 220MW coal-fired power plant is ongoing. The project has been divided into six phases, and TPIPP is now at the tail end of phase six, with a 2025-end targeted completion timeline. TPIPP aims to make its power generation completely coal-free by 2026.

“So far, the modification programme is going smoothly. We are confident that we will be successful, and this would classify TPIPP as avant-garde in the conversion of coal-fired power plants to MSW. It would be a feat, the first of its kind. The know-how and learning accumulated from the experience can make TPIPP a resource for other power generators currently operating coal-fired power plants in the region, especially in Southeast Asia,” TPIPP noted further.

TPIPP, which believes that coal-fired power plants need not become stranded assets amidst the global push towards ESG (environmental, social, and governance) and sustainability, continued, “Our solar power farms and roofs are cost-minimising programmes and also assist TPIPL in its strategic move towards Green Cement & Building Material Products. With solar power, TPIPL’s offtake from the national grid will be reduced, enhancing its green credentials.”

The issue of battery storage for the solar farms has been installed. This installation extends the solar power supply into the night, further reducing offtake from the main grid, apart from enhancing the green credentials of the cement and building materials produced. TPIPP, in April 2025, entered into a agreement with Jinko ESS (a globally leading PV module manufacturer and energy storage system integrator) to set up a 25MWh energy storage plant.

“Our Utilities division mainly supports TPIPL’s logistics and distribution capabilities. TPIPL is electrifying its logistics and distribution vehicles, and TPIPP’s petrol/NGV and EV charging stations are strategically located along the regular routes of TPIPL’s vehicles,” the business remarked.

Alternative fuel resources have become a natural extension of TPIPL’s MSW operations. One of the many moves TPIPL is pursuing to produce “Green Cement” and “Building Materials Products” is to substitute coal in its clinker production with MSW.

“These further drive increases in MSW. Currently, TPIPP processes close to 10,000 tons per day of raw waste. When the various programmes are completed, the daily drawdown of waste will rise to 14,000 tons per day. With our power plants and AFRs, TPIPP will be a significant contributor to addressing the ever-growing problem of household waste. This is another pathway where we contribute to the betterment of society,” the company said, continuing, “Because our daily intake of municipal waste is high and our power plants are in a single location, we can support the livelihoods of residents in many communities. Where landfills are becoming an issue, we also assist the local government by supporting the efforts of its indigents to gather garbage from which calorific values can be extracted. We now have documented cases showing the benefits we can bring to communities.”

TPIPP has also started the rollout of its two WTE-MSW capacities (c.10MW). One will be in Songkhla (south), with Mukdahan (northeast) being the other. Each project will use the municipal waste produced in the area, about 500 tons per day, thus eliminating the need to allocate space for a landfill. These projects will be completed in 2025 and 2026, respectively.

The post TPI Polene Power: Leading Thailand’s AFR efforts through municipal waste appeared first on International Finance.

President Donald Trump, during his visit to Kuala Lumpur to attend a summit of the Association of Southeast Asian Nations (ASEAN), signed reciprocal trade deals with his Malaysian and Cambodian counterparts, apart from sealing a framework trade pact with Thailand that will see the countries work to address tariff and non-tariff barriers.

According to joint statements released by the White House, the United States will maintain a tariff rate of 19% on exports from all three countries under the deals, with the levy to be reduced to zero for some goods. Washington also announced a similar framework deal with Vietnam, which has levied a tariff rate of 20% on its exports to the United States.

The Southeast Asian nation, which recorded a trade surplus of USD 123 billion with the world’s largest economy in 2024, has pledged to vastly boost its purchases of American products to reduce the trade gap between the two countries.

Under the separate deals signed with Thailand and Malaysia, the Trump administration will seek cooperation to diversify critical minerals supply chains amid competing efforts from Beijing in the rapidly growing sector. The Xi Jinping administration is in talks with Kuala Lumpur on rare earths processing, with Malaysian sovereign wealth fund Khazanah Nasional expected to partner with a Chinese firm to build a refinery in Malaysia.

China, the world’s top miner and processor of rare earths, has imposed increasingly stringent export controls on its refining technology, sending global manufacturers scrambling to secure alternative supplies for critical minerals used widely in semiconductor chips, electric vehicles, and military equipment.

Malaysia, which has an estimated 16.1 million tonnes of rare earth deposits, has banned the export of raw rare earths to prevent the loss of resources as it looks to develop its downstream sector. However, Washington will get an exemption here, as Kuala Lumpur will now refrain from banning or imposing quotas on exports to the US of critical minerals.

While under the deals the four Southeast Asian countries pledged to remove trade barriers and provide preferential market access to various American goods, the commitments also covered areas like digital trade, services, and investments, as well as promises by the Southeast Asian countries to protect labour rights and strengthen environmental protections.

Thailand, Malaysia, and Vietnam agreed to accept vehicles built to US motor vehicle safety and emissions standards. Talking about Thailand, it would eliminate tariff barriers on approximately 99% of goods and relax foreign ownership restrictions for US investment in its telecommunications sector.

Both sides also took note of several forthcoming commercial deals between Thai and American companies, including the purchases of agricultural products such as feed corn and soybean meal worth an estimated USD 2.6 billion per year.

Thailand has also committed to purchases of 80 US-made aircraft totalling USD 18.8 billion and energy goods, including liquefied natural gas and crude oil, of around USD 5.4 billion annually.

The post Trump’s Malaysia visit: US pulls off trade, rare earth deals with Southeast Asian nations appeared first on International Finance.

The company delivers a full spectrum of ground services, ranging from passenger assistance and baggage handling to cargo operations and flight support. Every process is carried out in line with global standards set by ICAO (International Civil Aviation Organisation) and IATA (International Air Transport Association), supported by robust systems and tools designed to ensure precision and efficiency. The goal is not only to offer comprehensive services, but also to consistently uphold the highest standards so that airlines can operate with complete confidence.

The brain leading PATTAYA Aviation towards excellence is its CEO, Nat Boonyavichkanont. With a strong vision to build trust and set new benchmarks in aviation services, he has guided the company’s growth from its early beginnings into a nationwide network serving multiple international and domestic airlines.

Under his leadership, PATTAYA Aviation has strengthened its reputation for safety, innovation, and people-first values. Passionate about sustainability and community impact, Nat Boonyavichkanont continues to drive the company forward by balancing international standards with Thai expertise to deliver excellence across the venture’s operations.

“For us, success is not measured by the number of flights we handle, but by the trust our airline partners place in us every single day,” said Nat Boonyavichkanont while interacting with International Finance.

Innovation has always been a cornerstone of PATTAYA Aviation’s growth. The company actively adopts digital solutions and modern systems to enhance accuracy and timeliness, in addition to exploring future investments that will reshape service standards. From harnessing data insights and optimising logistics to introducing clean-energy practices, every initiative reflects the company’s determination to continue advancing—not just keeping pace with the industry, but shaping a more efficient and sustainable future.

“While technology and innovation are increasingly vital in ground handling, people remain the true heartbeat of our organisation. They are the ones who drive and connect every solution to real operations. That is why we continue to invest in our workforce by building a highly skilled team, empowered by technology, and ready to deliver the best quality for our airline partners,” Nat Boonyavichkanont emphasised.

Supporting this people-first approach is the PATTAYA Aviation Training Centre (PATC), which is an affiliate of the PATTAYA Group. PATC offers internationally aligned training programmes in safety, service, and logistics management, thereby equipping ground-handling professionals with the skills and mindset to work effectively with technology and consistently meet global standards. PATTAYA Group itself has been transformed into a diverse Thai business network spanning aviation, logistics, transportation, and hospitality.

“Our strength comes from the collective synergy of the PATTAYA Group. From cargo and security to training, airport technology, ground transportation, and hospitality, every company in the Group contributes to delivering a seamless experience for our partners,” the CEO noted.

This ecosystem includes PATTAYA Air Cargo (PAC) and PATTAYA Airways (PTW), which expand air freight capabilities; PATTAYA Aviation Security (PSEC), which ensures operational safety; PATTAYA Ai Terminal (PAI), which delivers airport technology solutions; TBJ TRANS (TBJ), which provides nationwide ground transport; and PATTAYA Hospitality Management (PHM), which extends service quality into hospitality through properties such as the Serene Pla Resort & Restaurant in Rayong. Together, these businesses position PATTAYA Aviation not just as a ground handling provider, but as part of Thailand’s end-to-end travel and logistics ecosystem, he stated.

Looking ahead, the company is determined to advance modern and environmentally responsible services, with initiatives focused on reducing carbon emissions and promoting clean energy. This vision is not only about maintaining competitiveness, but also about contributing to a sustainable future for Thailand’s aviation industry and society at large.

“What truly sets PATTAYA Aviation apart is not only its operational expertise, but also the enduring trust it has built with airlines and partners. With international standards, a dedicated team, a culture of innovation, and the collective strength of the PATTAYA Group, the company is ready to grow alongside Thailand’s aviation industry,” Nat Boonyavichkanont concluded.

The post Trusted by airlines, PATTAYA Aviation sets new service benchmarks appeared first on International Finance.

According to The Washington Post, the United States Federal Aviation Administration (FAA) is reportedly preparing to cancel its $2.4 billion deal with Verizon and shift the work to the SpaceX subsidiary.

While the above development may look a controversial one, given the fact that Elon Musk, the self-styled “reformer” of the American bureaucracy (under the Donald Trump administration), also owns Starlink, thereby potentially raising the “conflict of interest” allegations, this copy will discuss something else (another controversy) related to the Starlink, as the satellite internet constellation has now found itself powering Myanmar-based cyber-criminals, with the latter making billions from scam compounds located in the Southeast Asian country. To make matters worse, these “compounds” have allegedly enslaved tens of thousands of people.

Scam compounds exploit links

In the words of Matt Burgess, a senior writer at WIRED focused on information security, privacy, and data regulation in Europe, “The plea for help arrived last summer. ‘I am in Myanmar and work for a fraud company,’ a Chinese human-trafficking victim wrote in a short email sent from within the Tai Chang scam compound. Like thousands of others in the region, they were promised legitimate work only to find themselves tricked into modern slavery and forced to scam people online for hours every day. Tai Chang, which is located on the Myanmar-Thailand border, has been linked to incidents of torture. ‘I’m not safe, I’m chatting with you secretly,’ they said. Despite the risk, their first request wasn’t to be rescued.”

As per the reports, over 200,000 people in Southeast Asia have been forced to run online scams in recent years, often being enslaved and brutalised, as part of criminal enterprises that have earned billions in stolen funds from these heinous acts. These scams, often known as “Pig Butchering Operations,” have largely been concentrated in Myanmar, Cambodia, and Laos, with China-based crime groups efficiently exploiting instability and poor governance in the Southeast Asian region.

“Though they come at great humanitarian cost, pig butchering scams are undeniably lucrative and, perhaps inevitably, similar operations are now being uncovered on multiple continents and in numerous countries around the world,” WIRED reported in 2024, while adding, “Pig butchering operations that are offshoots of the Southeast Asian activity have emerged in the Middle East, Eastern Europe, Latin America, and West Africa. Many of these expanded operations apparently have links to Chinese-speaking criminals or have evolved in parallel to Chinese Belt and Road Initiative investments, the country’s massive international infrastructure and development initiative.”

In 2023, the FBI had reports of nearly $4 billion in losses from the scams, with some researchers even putting all-time total global losses at $75 billion or more. While Beijing has made a concerted effort in recent months to crack down on pig butchering schemes and human trafficking to scamming centres in the Southeast Asian region, the activity has proliferated around the world nonetheless.

Pig butchering involves building seemingly intimate relationships with victims, following which attacks start by texting potential targets out of the blue and getting them talking. Then, attackers build a rapport and introduce the idea of a special or unique investment opportunity. Finally, victims send funds, typically cryptocurrency, through a malicious platform meant to look like a legitimate money management service, and attackers must launder the money from there.

The entire crime racket operates through careful planning from a large workforce. As per the experts, people from more than 60 countries have been abducted and trafficked to Southeast Asian scamming compounds that typically operate with massive numbers of forced workers. And in recent months, scam centres have been detected around the world as well, in different configurations and sizes, but with the same goal.

Talking about the Tai Chang scam compound, the facility’s internet connection had recently been cut off from Thailand, the person (the Chinese human-trafficking victim as mentioned by Burgess) wrote in the messages to the anti-scam group GASO in June 2024. However, instead of scamming within the compound grinding to a halt, the organised criminals have reportedly found another way to stay online.

And that’s where Starlink is coming into the picture, as the person wrote, “Elon Musk’s Starlink is installed above all the buildings in the campus where we are now. Now the fraud work is running normally. If the fraud network here is down, we can regain our freedom.”

However, the messages from the Chinese human-trafficking victim soon landed on the desk of Erin West, the then-deputy district attorney for Santa Clara County, California. West, a longtime advocate for victims of so-called pig butchering and other types of cryptocurrency scams, wrote to a SpaceX lawyer.
“Starlink connections appeared to be helping criminals at Tai Chang to scam Americans and fuel their internet needs,” West alleged at the end of July 2024. She offered to share more information to help the company in “disrupting the work of bad actors.” However, according to West, SpaceX and Starlink never replied to her communications.

Starlink: Haven for scammers?

As per Burgess, reports of Starlink’s use at Tai Chang are not the work of a one-off criminal. There are multibillion-dollar empires across Southeast Asia that appear to be widely using satellite internet. At least eight scam compounds based around the Myanmar-Thailand border region are using Starlink devices, according to mobile phone connection data.

“Between November 2024 and the start of February, hundreds of mobile phones logged their locations and use of Starlink at known scam compounds more than 40,000 times, according to the mobile phone data, which was collected by an online advertising industry tool,” Burgess mentioned.

The eight compounds, spread around the Myawaddy region of war-torn Myanmar, would likely have installed multiple Starlink devices. As Burgess and WIRED reviewed the photos of Tai Chang, it appeared to show dozens of white Starlink satellite dishes on a single rooftop, while human rights watchdogs and other experts say that Starlink use at the scam compounds has increased since 2024.

“I believe that SpaceX must have the capacity to stop this problem,” says Rangsiman Rome, an opposition member of the House of Representatives in Thailand who chairs a parliamentary committee on national security and border issues.

At the start of February 2025, Rome tagged Elon Musk in a post on X, saying criminals are “exploiting Starlink for massive fraud” at scam compounds in the region. He did not get a reply.

SpaceX can terminate services to users if they participate in “fraudulent” activities or if a system is used in unauthorised locations. It has previously emailed users in locations it doesn’t officially offer services to and threatened to shut down accounts.

“Our own technology is being used against us. Starlink is an American company, and it is the backbone for how these bad actors can access Americans,” said Erin West, who founded the non-profit “Operation Shamrock” to take action against investment scammers.

“If SpaceX obtains knowledge that a Starlink terminal is being used by a sanctioned or unauthorised party, we investigate the claim and take actions to deactivate the terminal if confirmed,” the company said previously. However, on the alleged links with pig butchering scams, the satellite internet provider has decided to remain silent till now.

The KK Park example

Let’s talk about the KK Park Scam Compound to make things clear. In the words of Burgess, “the green, mountainous border separating Myanmar and Thailand runs for 1,500 miles. Around 200 miles of the border follow the Moei River, where dozens of compounds have replaced valley fields over the past five years. Rome, the Thai MP, says officials have identified 75 compounds across Myanmar, Cambodia, and Laos, with 40 of those being in Myanmar’s Myawaddy region.”
“From the outside, the compounds resemble hotels or apartment blocks, but they are surrounded by high fences, watch towers, and armed guards. People have been trafficked from more than 60 countries. Around 120,000 people are likely held in scam compounds across Myanmar, according to one United Nations report from 2023, with another 100,000 captives in Cambodia,” he noted.

Starlink has recently agreed to increase its availability in Cambodia, according to local reports. Within the compounds, victims are typically forced to work day and night to scam hundreds of people at a time. This includes carrying out long-running investment scams that have netted criminals up to $75 billion over the past few years. If the trafficking victims don’t comply, they face torture, with either escape or paying a ransom becoming the only way out.

Stable internet connections are crucial for the operations to be successful, from the initial targeting of potential human trafficking victims with false job postings to daily scamming and ultimately money laundering.

Palm Naripthaphan, an executive adviser at Thailand’s National Broadcasting and Telecommunications Commission (NBTC), said that scam centres along the Myanmar-Thailand border have historically used mobile connections from cell carriers based in either of the two Southeast Asian countries. They can also connect to fibre-optic cables in Thailand or run them across the river Moei. Increasingly, Naripthaphan believes, Starlink has played a role.

“The Musk-owned satellite system is composed of multiple elements. More than 6,000 Starlink satellites orbit Earth and beam down internet connectivity to white, rectangular Starlink dishes (dubbed Dishy McFlatface). Some are portable and easy to set up, and they provide internet connections in areas where there are little or no other options, including war zones such as Ukraine,” Burgess continued.

Starlink is not officially licensed in Myanmar, which has been embroiled in a civil war since the 2021 coup, with the service being reportedly banned by the military junta. The company’s coverage map doesn’t list any availability in the country. But this hasn’t stopped Starlink terminals from working and being frequently used in Myanmar to combat frequent internet shutdowns.

Across eight known scam compound areas, KK Park, Tai Chang, Dongmei, Huanya, UK Compound, Gate 25, Apolo, and Shwe Kokko, mobile phones have logged thousands of occurrences of getting online using Starlink’s networks in recent months, according to data.

“At least 412 devices listed Starlink as their internet provider at the compound locations between November and February, according to an analyst with access to location data from the online advertising industry. In total, 40,800 instances were logged,” the media outlet noted.

Tough task for law enforcers

According to a United Nations Office on Drugs and Crime report published in October 2024, Thai officials seized 78 Starlink receivers that are believed to have been heading for scam compounds in Myanmar. Myanmar’s government also seized other Starlink devices.

At the start of February 2025, Thailand cut internet connections, electricity, and fuel supplies to some areas around the compounds. Thousands have since been rescued by officials in one of the most widespread crackdowns on the compounds so far. However, the results have been mixed.

According to Mechelle B Moore, the CEO of anti-trafficking nonprofit “Global Alms Incorporated,” some shelters are struggling to cope with the number of people being freed. Also, past efforts to disrupt scam operations by shutting off internet connections have not been effective, partly due to Starlink connectivity.

About 7,000 people were rescued from Myanmar-based illegal call centre operations and were waiting to be transferred to Thailand, Prime Minister Paetongtarn Shinawatra said on February 18. While the country has started its large-scale crackdown on scam centres operating on the Myanmar border, the road is too long, given the fact that Cambodia and Laos, which also share borders with Thailand, have in recent years become havens for transnational crime syndicates operating online scam operations.

“It’s massive, and there are thousands of people in there that have been brought in, typically through Thailand, so it’s a huge move if they clean the compounds and scams out,” said Jeremy Douglas, from the United Nations Office on Drugs and Crime (UNODC).

Myanmar’s border area, Myawaddy, has emerged as one of the largest single clusters of scam compounds in the region, and possibly the world, said Douglas. And the victims were mostly from Asia, Africa, and the Middle East, being tricked into enslaved work. Scams generated from Myawaddy resulted in financial losses between $18 billion and $37 billion in 2023, as per the United Nations, which also highlighted that at least 120,000 people across Myanmar and another 100,000 in Cambodia may be held in situations where they are forced to execute lucrative online scams.

“Thailand has renewed efforts this year to crack down on the operations after a high-profile kidnapping of a Chinese actor in Myanmar in January. The 22-year-old man, Wang Xing, was abducted after arriving in Thailand for what he believed was a casting call with film producers,” The Guardian reported.

Douglas noted the Myanmar military’s Border Guard Force (BGF), which controls Myawaddy, has been under immense pressure to crack down on the compounds. About 200 Chinese nationals were flown back to China on a China Southern Airlines flight recently, as reported by the Bangkok Post. On the other hand, about 260 people from scam operations were deported from Myanmar in February. The group represented 20 nationalities, including 138 Ethiopians.

Mechelle B Moore said, “We have not heard of any companies shutting down or suspending operations because they don’t have access to the internet. Victims will all confirm that they’re flipped over to Starlink or they use cellular dongles with SIM cards in them. When one doesn’t work, they just flick over to the other. It doesn’t stop operations at all.”

It seems as clear as daylight: Starlink’s “easy-to-access” and cost-friendly satellite internet model has gone terribly against the company, especially in Southeast Asia. Being involved in things like “Pig Butcher Scam” and “Forced Slavery,” even though unknowingly, will likely affect the company’s prospects in this part of the world in the coming days, unless and until the Elon Musk-led venture gets serious on the compliance front.

The post Starlink at heart of scam empire appeared first on International Finance.

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.

Founded in 2013, International Finance has become a prominent provider of business media services with a unique mission. The objective is to recognise and celebrate exceptional talent, outstanding leadership, significant industry contributions, and remarkable skills on a global scale.

In 2014, International Finance captured attention by launching its inaugural flagship programme in London. Thanks to the dedicated efforts of its research and development team, the organisation excelled in identifying top corporate talent. These individuals were recognised and awarded based on the strength of their applications and notable past accomplishments.

During the nomination process, International Finance prioritises distinguished C-level executives and senior management representatives in the fields of finance, banking, asset management, brokerage, insurance, energy, oil and gas, logistics, and utilities from the Middle East, Asia, Europe, and Africa.

Previous recipients of the International Finance Awards include prominent corporations such as AlBawani Holding, Bahrain Development Bank, Emirates Islamic Bank (P.J.S.C.), SOCAR Capital, Abu Dhabi Commercial Bank, Saudi Telecom Company, Sharjah Asset Management, Oman Oil Corporation for Exploration and Production, Emirates NBD Egypt, BIDV, OCBC Bank, Barwa Bank, Saudi Enaya, and Kuwait Aviation Services Company.

In 2016, the scope of the International Finance Awards expanded to include Southeast Asia as a second venue. By 2018, the ceremonies had attracted over 400 distinguished dignitaries. These awards served as powerful motivators for corporate entities, inspiring them to become industry leaders and facilitating growth through the extensive networking opportunities provided by International Finance.

With a vision of a future where passion seamlessly merges with excellence, International Finance is driven by an unwavering conviction. To all business talents poised for greatness, seize the opportunity to have your name etched onto the prestigious winner’s board of the International Finance Awards.

The post 12th Annual International Finance Awards: Expect a night of excellence in Thailand appeared first on International Finance.

ACI’s airfare study, which looked at airfare trends on about 60,000 routes in 19 countries between 2019 and 2024, gave a comprehensive picture of the region’s recovery from the pandemic.

There were notable increases in airfare in several markets. According to the study, domestic airfares increased significantly in the first half of 2024 compared to 2019.

Even though the number of international seats in these nations is expected to increase, airfares are still higher than before the pandemic.

Most Middle Eastern countries had traffic volumes that were higher than they were before the pandemic by Q2 2024. The United Arab Emirates (+39%), Saudi Arabia (+30%), Bahrain (+24%), and Qatar (+27%) have all seen strong traffic increases. However, international airfares in certain nations are still high despite this recovery.

The UAE saw a 22% increase in fares, while Oman experienced a 10% increase. Significant growth was observed in important domestic markets that mainly depend on domestic air travel, including Australia (+21%), Vietnam (+63%), Malaysia (+36%), Thailand (+26%), and India (+43%).

International fares increased by 16% in Vietnam and India, 21% in Malaysia, 14% in Australia, and 7% in Thailand. The largest increases were caused by low-cost carriers (LCCs).

According to the report, LCCs in the Asia-Pacific area have shown increased resilience to the COVID-19 pandemic, which has increased their market share and negotiating leverage and further influenced airfare trends.

“Affordable airfares are crucial not only for ensuring accessibility to air travel but also for supporting the economic vitality of our communities. Excessive fare increases can discourage passengers, hinder connectivity, and ultimately impact the growth of our sector. It is critical to keep air travel within reach for all, allowing our airports and local economies to thrive together,” according to Emmanuel Menanteau, President of ACI Asia-Pacific & Middle East and Regional Director, VINCI Airports.

The post Oman sees 10% increase in air fares, says ACI report appeared first on International Finance.