Category: The Bangkok Post

Major cryptocurrency tokens, including bitcoin and BNB, reached record highs this week amid government turmoil around the world that drove up alternative asset prices, which elated China’s crypto community as the country reconsiders digital assets such as stablecoins.

Bitcoin passed the US$126,000 level on Monday, a new all-time high for the world’s largest cryptocurrency token, before falling more than 1% to below US$124,000 on Tuesday.

BNB, the native token of the world’s largest crypto exchange Binance, also hit its own record of US$1,268 on Tuesday. The latest crypto boom propelled Binance founder Changpeng Zhao’s personal fortune to US$89.7 billion, according to a Forbes billionaire ranking.

Still, Zhao on Tuesday denied that figure, saying on social media platform X, formerly Twitter, that it was “way too high”.

While the reaction of Chinese crypto enthusiasts to bitcoin’s new high was muted on mainland social media, many celebrated the token’s latest achievement on X and envisioned an unprecedented crypto bull market.

The latest gains came as global investors flocked to assets outside major currencies such as the US dollar, which has been under pressure amid a week-long US government shutdown.

Gold prices also set another record by approaching US$4,000, having gained more than 50% since the beginning of this year.

Bitcoin’s surge “signals its role as a hedge against fiscal uncertainty, as the US government shutdown wavers confidence in safe assets”, said Nick Ruck, director at LVRG Research.

Bitcoin and gold have attracted the so-called debasement trade from investors “seeking refuge from a volatile monetary landscape”, Ruck said. Debasement trade, a term that recently gained popularity, refers to the trading strategy where investors turn to alternative assets to hedge against fiat currency devaluation.

With bitcoin prices gaining 10% over the past week amid the US government shutdown, the token’s “safe-haven appeal is reasserting itself”, digital asset trading firm QCP Capital said in a note on Monday.

The value of bitcoin has nearly doubled over the past year amid a digital asset industry boom driven by US President Donald Trump’s favourable policies towards the sector, including the US Genius Act, which aims to establish a regulatory framework for stablecoins.

These moves recently spurred intense discussions in China, where experts have called for the country to reexamine its ban on crypto amid rising US influence in digital finance.

While Beijing has given no indication that it will loosen its grip on cryptocurrency, offshore yuan stablecoins have emerged as an area of potential importance for the global competitiveness of the Chinese currency.

Conflux, a government-backed blockchain operator, has been allowed to experiment in the field as Beijing sought to secure a position in the new global financial order, its founder told the Post last week.

B.Grimm and Siam Piwat Group have forged a multi-dimensional strategic partnership to install solar rooftop panels at Siam Paragon, driving a clean-energy future.

B.Grimm signed a memorandum of understanding with Siam Piwat to expand their strategic partnership across several areas, including a transition to renewable energy with the installation of a solar rooftop at Siam Paragon, the application of digital technology to enhance energy efficiency, collaboration on biodiversity conservation, knowledge exchange to promote holistic wellness, and supporting arts and culture initiatives.

Harald Link, chairman of B.Grimm, said the company remains dedicated to advancing Thailand’s progress in healthcare and infrastructure. As a leader in renewable and clean energy technology as well as efficient energy management, he said B.Grimm is delighted to support Siam Piwat’s properties.

This partnership reflects B.Grimm’s philosophy of “doing business with compassion in harmony with nature” in pursuit of long-term business development goals and creating future innovations to meet the needs of society in the digital age.

This ethos is reflected in the partnership’s wide-ranging scope, which includes creating positive impacts on biodiversity and ecosystem integrity, exchanging knowledge and developing projects integrating Bhutan’s concept of gross national happiness, promoting holistic healthcare and fostering classical music education through the Royal Bangkok Symphony Orchestra, Southeast Asia’s premier orchestra.

This resonates with Siam Piwat’s business vision, which aims to create benefits for the general public and enhance the quality of life for Thais alongside environmental conservation and restoration.

Chadatip Chutrakul, chief executive of Siam Piwat Group, said this partnership with B.Grimm marks another significant collaboration between two leading organisations to establish a new benchmark for sustainable destinations in Thailand by integrating innovation and clean energy management for efficiency optimisation.

Siam Piwat prioritises the transition to renewable energy and has set a goal to achieve net-zero Scope 1 and 2 greenhouse gas emissions by 2050.

The company has already installed solar rooftops to generate electricity for use at some of its malls.

She said the partnership reflects a shared vision between B.Grimm and Siam Piwat as leaders in the energy and global retail sectors with deep commitment to establishing a new sustainability benchmark for Thai businesses in alignment with international standards and cultivating a business ecosystem driven by environmental, social and governance considerations.

Siam Paragon signed a power purchase agreement with B.Grimm Power Smart Solution Co, a subsidiary of B.Grimm Power Plc, to develop a solar rooftop project on its building.

Covering an area of more than 4,600 square metres with a total installed capacity of 793 kilowatt-peak, the project is expected to reduce greenhouse gas emissions by some 532 tonnes per year.

The solar rooftop will supply power to Paragon Hall, a world-class convention and exhibition centre, and a section of a new zone within Siam Paragon scheduled to open in late 2025, which is set to become a key landmark and a model sustainability platform in Bangkok.

Building on the success of the solar rooftop installation at Iconsiam, this project will increase the proportion of clean energy usage, in line with Siam Piwat Group’s goal to complete its transition to 100% renewable energy across its malls by 2030.

Siam Piwat’s commitment to sustainability is integrated across its entire portfolio, including Siam Paragon, Siam Center, Siam Discovery, Iconsiam, ICS and Siam Premium Outlets Bangkok, which are designed not only as global destinations but also as venues that connect people, society and the environment to drive positive change.

The company remains dedicated to creating a positive impact for all stakeholders across its value chain, guided by its core business strategy of creating shared value.

Phuket International Airport reopened its main runway on Wednesday afternoon, three hours after a Royal Thai Navy aircraft experienced a landing gear malfunction and blocked the runway.

The belly landing by the Cessna T-337 Skymaster, which the Navy said was on a routine patrol, occurred at 11.18am. There were no injuries.

The incident prompted an immediate emergency response to facilitate the safe removal of the aircraft and to thoroughly inspect the surface. Airport officials initially said the runway would be closed until 3pm.

The recovery operation was carried out by Navy pilots, aircraft technicians and Phuket airport officials. The airport provided technical equipment, drained the aircraft’s fuel and arranged for lifting equipment to remove the plane.

The aircraft was successfully moved off the runway at 1.49pm. After clearing foreign objects and oil stains, the runway was reopened at 2.30 pm.

The closure affected a total of 70 flights, airport officials said in a statement.

Passengers who were scheduled to travel during the affected period were advised to check flight status and updates directly with their respective airlines.

Phuket International Airport extended its apologies for the inconvenience and expressed gratitude to passengers for their understanding and cooperation.

A scholar at Thammasat University has backed the idea of extending the age of retirement to 65, given the challenges posed by an ageing society, saying that retaining the current threshold could lead many retirees to struggle financially in the years to come.

As Thailand faces the realities of a rapidly ageing population, Nattapat Sarobol, a leading academic in elderly welfare at Thammasat University, has voiced strong support for Prime Minister Anutin Charnvirakul’s proposal to raise the official retirement age from 60 to 65.

She explained the current framework is outdated and unsustainable, especially as the country transitions not just into a greying society, but one with greater longevity.

Asst Prof Nattapat cited recent research showing the nation now has over 40,000 centenarians, ranking it 5th globally by this metric. With life expectancy continuing to rise, she warned that retiring at 60 potentially leaves them with a 40-year gap to fill during which time many people struggle financially.

“Where will the money come from to sustain life for four decades without employment?” she asked.

While countries like Japan, Finland, and the United States have already redefined senior age thresholds to 65 or higher, Thailand remains at 60. Japan, in particular, stretched its retirement age to 70 in 2021.

Asst Prof Nattapat noted that academic institutions have long proposed retirement reform, but the advice has rarely gained traction due to budgetary constraints and legal complexities.

She emphasised that any retirement age extension must be accompanied by anti-age discrimination laws to protect older workers. This includes removing age limits for job applications, training programmes, and access to funding.

“People aged 55 are often excluded from training simply because they’re thought to be ‘too close to retirement’ — this mindset must change,” she said.

Asst Prof Nattapat warned that if the policy only applies to civil servants — who number 1.75 million — it would leave out the vast majority of Thailand’s 38 million workers, including those in the private sector, industry, and corporate employment.

The Bangkok Metropolitan Administration has confirmed the city is fully prepared for rising water levels, insisting there will be no repeat of the 2011 catastrophic floods.

Bangkok governor Chadchart Sittipunt has assured the public that the city is geared up to handle the combined threats of northern runoff, high tides, and heavy rainfall, saying that current water levels are significantly lower than those during the 2011 floods.

During a river inspection with media crews, Mr Chadchart reviewed flood prevention measures along the Chao Phraya River, including sandbag barriers, leak repairs near Rajini School, and embankment reinforcements near Wat Rakhang.

He confirmed that Bangkok is coordinating closely with the Royal Irrigation Department, National Water Command Centre, and Office of National Water Resources.

As of Oct 6, major dams in the Chao Phraya Basin — Bhumibol (89% full), Sirikit (96%), Kwae Noi (100%), and Pa Sak (73%) — still have capacity to hold a combined 2.04 billion cubic metres of water.

Flow rates at key stations remain below critical thresholds, with C.298 in Pathum Thani recording 2,421 m³/sec, far below the 3,930 m³/sec seen in 2011.

High tides between Oct 9-12 may raise river levels, especially in low-lying areas, but are not expected to breach permanent flood defences.

Rainfall from Oct 6-14 will be influenced by weakening low pressure from Tropical Storm Matmo and a shifting monsoon trough, bringing scattered heavy rain to Bangkok and surrounding regions.

Bangkok has implemented vital strategies. For northern runoff and tidal surges, there will be a regular inspection of flood barriers, and emergency response teams will be deployed to monitor the flood situation.

Other measures involve lowering canal levels, preparing drainage systems, and mobilising equipment and personnel.

The city has reinforced 80km of permanent flood barriers and addressed 22 of 32 vulnerable “gap zones”, with sandbagging completed at 75 locations using 198,700 bags and 1,656 m³ of sand. Mobile pumps and 24-hour monitoring teams are also in place.

For 320 households in 11 communities outside flood barriers, district offices have provided sandbags, temporary walkways, and emergency support.

“We’re confident in our flood management systems. This year’s situation is under control and nothing like 2011,” Mr Chadchart stated.

Meanwhile, the Thai Meteorological Department forecasts continued rain across northern, northeastern, eastern, and southern provinces, with warnings for flash floods and waterlogging due to accumulated rainfall and rising river levels.

Cooler air from China is expected to signal the transition to the early winter season.

In today’s fast-changing economy, small and medium-sized enterprises (SMEs) matter more than in the past.

They create jobs, contribute to GDP value, and open up opportunities for innovation.

Yet, while SMEs are often praised as the “backbone” of the Thai economy, praise alone will not help them thrive.

What they need is not just government handouts or temporary aid, but also a sustainable business ecosystem.

Beyond Small Shops

SMEs are more than corner shops or family businesses. Official definitions include firms with annual sales of up to 500 million baht in the manufacturing sector and 300 million baht in the services sector. Some firms employ as many as 200 workers.

This diversity of business size not only makes them central to economic growth but also complicates policy decision-making. A one-size-fits-all approach is unlikely to work.

3 Challenges

First, the sheer variety of SMEs, from micro firms to mid-sized exporters, creates challenges. Policy aimed at one end of the spectrum may fail at the other.

Second, SMEs differ across industries. A factory linked to global supply chains faces very different pressures from a local retailer. Exporters must meet environmental and quality standards right away or risk exclusion.

By contrast, the local retail market is restricted in its growth because domestic purchasing power is limited. With household spending weak and consumer demand often stagnant, small retailers face constant pressure on sales and margins, leaving little room for real expansion.

Third, support programmes succeed only if entrepreneurs themselves are willing to adapt. Agencies can offer training or loans, but firms must choose to act. Without owner commitment, policy interventions often fade.

These challenges show that SME promotion is not just about helping individual firms. The bigger task is to create a business ecosystem that encourages self-improvement and lowers barriers to growth.

The Right Environment

This is why the concept of an ecosystem is important. A strong ecosystem extends beyond competition; it fosters networks among suppliers, customers, and partners. These ties allow SMEs to gain knowledge, access financial resources, and explore new markets.

Ecosystems can be shaped through various reforms and programmes: cutting red tape, offering incubators, promoting exports, supporting venture capital, and linking firms to technology. Crucially, the design should match each business stage, from startup to big company.

Studies worldwide confirm the hypothesis; in South Korea, in-house R and D drives SME success. In the US and New Zealand, tourism incubators offering cheap finance support and expert advice strengthen the sector. Scotland’s incubators create about 1,800 businesses a year. Spain’s university spin-offs outperform other startups. The lesson is clear: ecosystems produce the business outcomes.

Korean Example

A good example is South Korea, which established the Ministry of SMEs and Startups to help firms transition from local beginnings to global reach. Policies include cutting regulations, opening government procurement, supporting failed entrepreneurs with “second chances”, and expanding financial accessibility through angels, crowdfunding, and SME stock markets.

South Korea also invests heavily in research, protects intellectual property, builds smart factories, and fosters links between small and large firms. Export vouchers, branding support, and trade fairs further help SMEs compete abroad.

Together, these measures show how a country can design an environment where SMEs not only survive but also have the potential to grow stronger.

Another example of ecosystem-building comes from Korea Credit Data (KCD), a fintech unicorn that has transformed how SMEs manage their finances. Its flagship platform, Cash Note, began as a simple bookkeeping app but has since evolved into a super-app used by almost two million businesses nationwide.

Beyond accounting, it now offers financial management tools, marketplace functions, networking opportunities, and even information on government policies. By integrating these services in one place, KCD lowers barriers for SMEs to operate more efficiently and connect to broader markets.

Question for Thailand

Despite Thailand’s existing support for SMEs, piecemeal aid is not sufficient in a fast-moving economy. The task now is to create an ecosystem where firms can acquire resources, technology, and networks for themselves. Without such a system, Thai SMEs risk falling behind in both competitiveness and sustainability.

The South Korean model demonstrates that success stems not from scattered policies but from integrated strategies that align with the business life cycle.

For Thailand, the question is no longer whether SMEs are important, as we already know they are. The real question is: Are we ready to build the environment they need to flourish on their own?

Deputy Prime Minister Phiphat Ratchakitprakarn has admitted that the restoration of the road surface in front of Vajira Hospital will not be completed by Wednesday or Thursday as planned, due to the need to demolish the subsiding Samsen Police Station building.

Mr Phiphat, who also serves as transport minister, said on Tuesday during a site inspection on Samsen Road, where severe road subsidence occurred on Sept 24, that engineers had found further sinking and cracks in the police station’s structure.

The safety inspection team recommended immediate demolition, a decision approved by Prime Minister Anutin Charnvirakul to prevent further risks.

The demolition, however, has delayed road restoration.

The Ministry of Transport and the Bangkok Metropolitan Administration (BMA) have apologised for the inconvenience and will soon announce a revised completion timeline. The Mass Rapid Transit Authority (MRTA) and the construction contractor have adapted their operations to work safely within the limited space.

Demolition of the police station has already started on the left side of the building, near the Vajira Hospital intersection, using long-arm cranes and robotic equipment to carefully dismantle the upper structure and reduce vibrations that could affect the hospital, Mr Phiphat said.

The right side of the station will remain temporarily intact while engineers inject chemicals underground to stabilise the soil before refilling the pit with sand and paving the surface with asphalt. Rebuilding the police station will be the contractor’s responsibility.

The Ministry of Transport has also established a fact-finding committee to determine the cause of the incident. If the contractor is found responsible, it must cover all related costs under the contract terms.

Meanwhile, senior prosecutor Thanakrit Vorathanatchakul on Tuesday commented on a Facebook post stating that if the MRTA is to pay for the damage, it must ensure taxpayer money is used appropriately.

He stressed that if the fault lies with the contractor, they must indemnify the MRTA and rely on their construction insurance to compensate for losses.

As of Tuesday, most of the station’s roof and steel structures had been dismantled to reduce building weight.

Under a people-centred approach to justice, Asst Prof Dr Rittirong Chutapruttikorn, a lecturer in Research and Educational Innovation Development Division at Bangkok University, has initiated and developed the ‘Where the Silence Speaks’ project – a groundbreaking initiative aimed at improving the quality of life for vulnerable female inmates, particularly pregnant women and mothers with young children.

The project integrates research, teaching, exhibitions, art, and policy collaboration to bring together diverse perspectives and create meaningful change within Thailand’s correctional system. One of its central principles is empowering inmates to express their opinions safely and fully, despite the constraints of incarceration. It focuses on developing accessible, user-friendly tools for data collection and creating psychologically safe environments that allow women to share their experiences and needs openly.

‘The critical challenge isn’t just gaining access to prisons, but breaking down the ‘architecture of silence’ deeply embedded in these women’s minds – women who feel they have no right to speak or imagine a better life,’ said Dr Rittirong. ‘The research team works with corrections officers, students, designers, formerly incarcerated women, and human rights experts. Initial tools were tested with former inmates before being implemented with pregnant women and mothers of infants in prison. All research is conducted under strict human ethics standards, with special emphasis on mental well-being, voluntary participation, and privacy.’

Co-Designing Change in Restricted Environments

The project led to the creation of a prototype Mother and Child Centre at the Central Women’s Correctional Institution, Khlong Prem. The design was based on the innovative concept of ‘Creative Pragmatic Co-Design,’ a methodology developed by Dr Rittirong specifically for use in highly restrictive environments such as prisons.

The success of the project has influenced real policy change. The Director of the Central Women’s Correctional Institution invited the research team to present their designs for budget planning and future construction – a rare example of participatory design directly shaping infrastructure in controlled spaces.

Beyond the physical transformation, the project challenges the traditional notion of prison space. It redefines prisons as environments not only of control, but of understanding, healing, and the restoration of human dignity for some of the most vulnerable individuals in the justice system.

Expanding Impact Through Education and Design

The project’s data collection tools have since been adapted for use in post-release detention facilities and public exhibitions such as ‘Walls to Welcome’ and ‘Luen-Jum (Fading Memories).’ They have also been integrated into real-world problem-based university curricula and adapted for work with other vulnerable populations, including ex-offenders, children, and the elderly.

These innovations have earned national recognition, receiving the ASAIHL Thailand Outstanding Achievement Award 2024 (Social Engagement category) and the Distinguished Academic Award in the Social Sciences 2024 (Merit level). Both accolades highlight the project’s continuity, academic merit, and social impact in using design as a tangible instrument of justice.

By combining education, empathy, and participatory design, ‘Where the Silence Speaks’ stands as a powerful example of how academic innovation can transform public policy – turning silence into a voice for human dignity.

Prime Minister Anutin Charnvirakul has defended a major reshuffle within the Finance Ministry and denied there being any political motive behind the transferral of key officials.

The reshuffle followed cabinet approval of seven high-level civil service transfers. Ranking high was the reassignment of Pinsai Suraswadi, son of senior Pheu Thai Party figure Plodprasop Suraswadi, from director-general of the Revenue Department to deputy permanent secretary.

Mr Anutin clarified that the reshuffle was proposed by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, adding that his role as prime minister was simply to acknowledge the decision.

“I didn’t look at the names. The prime minister’s authority is to give acknowledgement,” he stated.

Mr Ekniti said the reshuffle was to fill vacancies. When prodded, he denied Mr Pinsai’s transfer was influenced by his family ties.

Other cabinet-approved transfers include: Akkarut Sonthayanon from deputy permanent secretary to director-general of the Treasury Department; and Kulaya Tantitemit from director-general of the Customs Department to director-general of the Revenue Department. Phanthong Loykulnunt is also being transferred from inspector-general to director-general of the Customs Department.

The Energy Ministry aims to generate 720 billion baht in investment for energy development projects, notably solar power and carbon capture storage, putting Thailand on a fast track towards its net-zero goal, achieving it 15 years sooner than the target date.

The projects are meant to reduce carbon dioxide emissions and stimulate the economy under the ministry’s “Quick Big Win” energy campaign, aligning with the policy of the Anutin Charnvirakul government that wants to see Thailand strike a balance between greenhouse gas emissions and absorption by 2050.

Former prime minister Prayut Chan-o-cha told the UN Climate Change Conference four years ago that Thailand’s net-zero target would be attained by 2065.

“The combined projects are expected to create 16,000 jobs and reduce carbon dioxide emissions by 10 million tonnes a year,” said Energy Minister Auttapol Rerkpiboon.

Among the tasks is a push for solar-powered water pumps for farmers in areas spanning 700,000 rai of land nationwide.

He said authorities will encourage communities and companies to co-invest in developing solar farms to sell electricity to the government.

Mr Auttapol also plans to speed up a project to have the Electricity Generating Authority of Thailand install floating solar farms at its three dams: Bhumibol, Vajiralongkorn and Srinagarind.

The government is also granting tax reductions for 90,000 households that install rooftop solar panels.

In addition, authorities plan to invest in installing carbon capture systems worth 540 billion baht to help Thailand reduce carbon dioxide emissions.

According to Mr Auttapol, the ministry will step up efforts to launch a pilot project for a direct power purchase agreement (PPA) next month.

Known as a direct PPA, the agreement is a form of electricity trade that lets power companies directly sell clean power to clients, particularly electricity-intensive data centre operators.

Peer-to-peer power trade in the renewables category remains banned in Thailand.

The direct PPA scheme with power generation capacity of 2 gigawatts in the first phase requires an investment budget of 65 billion baht.

“Foreign investors in digital tech businesses, especially data centres, still depend on electricity from fossil fuels, but they will demand more clean energy in the future,” he said.

“We should seize this opportunity to increase investment.”

Mr Auttapol said authorities are also drafting a new version of the power development plan, which will guide the country’s long-term power supply management, with a greater focus on renewable power.