Category: The Bangkok Post

Thailand is grappling with a mix of structural and external challenges, from high household debt and declining competitiveness to geopolitical tensions, trade wars and mounting climate pressures. With the European Union’s Carbon Border Adjustment Mechanism (CBAM) set to take effect in 2026-expanding its impact on Thai exports from goods worth 11 billion baht today to an estimated 28 billion baht by 2030-businesses are being urged to adapt swiftly to stay competitive.

Against this backdrop, Kasikornbank (KBank) has reviewed and refined its sustainability strategy to better respond to shifting conditions and the needs of customers and society. The Bank has moved beyond the conventional ESG (environmental, social and governance) framework to adopt an issue-based approach, integrating perspectives across all dimensions and placing core objectives at the heart of its operations.

Issue-based Strategy

Guided by its commitment to lead all sectors in navigating challenges and achieving shared sustainable growth, the KBank Sustainability Strategy 2025 has been developed under this issue-based concept. The approach emphasises holistic management of key issues, integrating environmental, social and governance dimensions, and is defined by three core objectives:

Be a Most Trusted Bank: Serve as a trusted institution, supporting stakeholders in navigating challenges and achieving sustainable growth through service excellence, governance and integrity.

Reinforce Future-Ready Resilience: Strengthen the ability of the Bank and its stakeholders to navigate uncertainties and unlock growth opportunities through risk management, innovation and capability development.

Enable Inclusive Growth: Empower stakeholders to reach their full potential and drive sustainable growth through a just transition to a low-carbon economy, financial empowerment and equity.

Under this strategy, KBank aims to drive growth while embedding sustainability across its operations, thereby unlocking opportunities to deliver positive impacts across multiple dimensions.

Strengthening Capabilities to Enhance Resilience

KBank sees itself not only as a financial services provider but also as a partner in building resilience for customers, businesses and society. It offers comprehensive financial solutions together with knowledge and tools essential for sustainable growth.

Innovative and efficient financial solutions: The Bank is enhancing end-to-end credit transformation while adopting a proactive risk management strategy. By applying data and AI, it improves efficiency, accuracy and responsible lending aligned with customer potential. Focus areas include commercial credits for medium-sized enterprises and project finance subject to 100% ESG risk assessment. The Bank has also increased its sustainable finance and investment target to 400-500 billion baht by 2030.

KBank continues to innovate across all segments, from expanding retail loan access via KIV, to promoting environmentally friendly vehicles through KLeasing, and supporting industry transitions to alternative energy via KF and E solutions. In sustainable investing, KAsset has maintained the No. 1 market share in Thailand for ESG and SRI funds, with assets under management of 38.9 billion baht and 37.9 billion baht, respectively. The Beacon Impact Fund also invests in start-ups delivering positive social and environmental outcomes.

Impacts beyond finance: KBank works to elevate financial literacy and ESG awareness across society. Initiatives include the ‘SATI’ campaign, which has reached more than 16.4 million people with anti-fraud awareness; economic and ESG insights by KResearch, engaging over 6.58 million readers; and K SME Care, which has provided expert guidance, networking and growth tools to more than 1.8 million SMEs.

The Bank also invests in skills development, launching SKILLKAMP with 355 digital courses and 8,000 participants, and KATALYST, which has supported 155 start-ups through mentorship and workshops to foster sustainable growth.

Accelerating Climate Transition to Secure a Sustainable Future

KBank declared its Net Zero Commitment in 2021 and has set its sights on becoming ‘The Most Comprehensive Climate Solution Provider’-moving beyond finance to help customers build long-term competitiveness and resilience.

Pursuing this mission has already generated transformative outcomes. By 2024, the Bank reduced greenhouse gas emissions from its operations by 17.02% compared with the 2020 baseline. Key initiatives included the installation of solar PV systems across all major buildings and 161 branches, the deployment of more than 354 electric vehicles, and the maintenance of carbon neutrality certification for eight consecutive years (2018-2025).

KBank is also driving its loan portfolio towards Net Zero in alignment with Thailand’s nationally determined contribution (NDC) goals. It has developed a sectoral decarbonisation strategy to manage and support the transition in six key industries: power generation, upstream oil and gas, thermal coal mining, cement, aluminium and automotive. Notably, the Bank’s power sector portfolio reduced its greenhouse gas emission intensity per gigawatt hour by 26% in 2024 compared with the 2020 baseline.

To support clients, KBank provides financial, knowledge and technological solutions for low-carbon transitions. By August 2025, cumulative ESG loans and investments exceeded 173 billion baht, helping reduce more than 2.74 million tonnes of CO2 equivalent. These included over 39,000 electric vehicle loans, green building loans covering more than 1 million square metres, and financing for more than 500 sustainability projects.

Looking ahead, KBank has refined its sustainable finance target to 400-500 billion baht by 2030. Beyond lending, it is creating a carbon ecosystem through initiatives such as advisory services for greenhouse gas reduction, the KClimate1.5 tool for inventory preparation, the Creative Climate Research Center, and platforms including Watt’s Up for e-bikes, Green Pass for renewable energy certificates, and K-GreenSpace for easier access to green living solutions.

Recognising that no single institution can achieve systemic change, KBank has also partnered with the private sector, government, academia and financial peers to establish the Thailand Climate Business Network (Thai CBN). With more than 34 member organisations, Thai CBN is advancing practical climate-related measures from SME operations to national policy. Its initiatives include an E-Handbook for Greener SMEs and a White Paper on Climate Ecosystem Collaboration delivered to the government.

Mr Chongrak concluded: ‘KBank has consistently operated on the principle of being a sustainability bank. By integrating sustainability into every mission and fostering collaboration across all sectors, we are building a resilient and balanced foundation for stakeholders. This will ensure that every life and business can move forward, overcome challenges and grow with stability and sustainability.’

The chief physician of Police General Hospital has been transferred to an inactive post, effective from Oct 1, following a six-month suspension of his medical licence for his role in helping former prime minister Thaksin Shinawatra avoid doing prison time.

National police chief Kittharath Punpetch signed the order transferring Dr Taweesilp Wechawitarn, who also holds the rank of police lieutenant-general, to the Royal Thai Police Operations Centre.

The transfer order noted a resolution passed by the Medical Council of Thailand on May 8, when it voted to suspend Dr Taweesilp’s medical licence for six months, effective from Oct 1.

The council said any violation of the suspension by continuing to practise medicine would constitute an offence under the Medical Profession Act.

The Royal Thai Police subsequently set up a fact-finding committee in July to investigate alleged misconduct involving Pol Lt Gen Taweesilp and another senior physician, Pol Lt Gen Sophonrat Singhajaru. The investigation is still under way.

The two have been accused of helping Thaksin receive privileged treatment in a luxury ward on the 14th floor of the hospital.

The Medical Council concluded that the doctors provided false or misleading medical documents or information regarding Thaksin’s health to facilitate his extended hospital stay.

It suspended Pol Lt Gen Sophonrat’s licence for three months and Pol Lt Gen Taweesilp’s licence for six months, starting Oct 1.

Given the suspension of his medical licence and the pending inquiry, police authorities deemed it inappropriate for Pol Lt Gen Taweesilp to continue in his current role, the order said.

The reassignment would ensure transparency, fairness and prevent potential damage to the force, it added.

Pol Lt Gen Paiboon Chiamanukulkit, a senior physician at Police General Hospital, has been named acting chief physician, effective from Oct 1 to March 31 next year. (Story continues below)

Behind bars

On Sept 9, the Supreme Court ordered Thaksin, 76, to actually serve the year’s imprisonment to which he was sentenced two years ago, rejecting his prolonged stay in hospital as part of his sentence.

The court said it considered as illegitimate the transfer of Thaksin from Bangkok Remand Prison shortly after his arrival there on Aug 22, 2023, after he complained of chest pain.

The billionaire and former Manchester City Football Club owner had returned to Thailand that same day after 15 years in self-imposed exile. He stayed at the police hospital instead of in prison until his parole in February 2024.

The former prime minister is now in the maximum-security Klong Prem Central Prison.

Ethereum is poised to overtake Bitcoin as the trendy digital asset in the fourth quarter, supported by strong inflows into Ethereum exchange-traded funds (ETFs) and rising adoption among private companies, says digital asset fund manager Orbix Invest.

Orbix Invest, a licensed fund manager regulated by the Finance Ministry and the Securities and Exchange Commission, said Ethereum is emerging as the market driver in place of Bitcoin, which has long dominated the crypto space.

“Investment flows into Ethereum ETFs remain strong, while those for Bitcoin have begun to slow. Corporations are increasingly adding Ethereum to their balance sheets, treating it as an alternative store of value similar to gold or the US dollar in the past,” said managing director Tanapoom Damraks.

According to Mr Tanapoom, Ethereum is finding broader applications across the digital economy. The cryptocurrency underpins decentralised finance (DeFi), online payment systems, and the tokenisation of real-world assets such as bonds and property, developments that make the assets easier to trade and invest in digitally.

Under favourable economic conditions and sustained capital inflows, the firm estimated Ethereum’s price could climb to US$6,000-8,000 by year-end. However, investors must monitor global macroeconomic factors, particularly US interest rates, inflation and market liquidity, as these “directly influence demand for risk assets”, he said.

For investment strategies, Orbix recommends balancing return opportunities with risk management by diversifying into utility-driven altcoins, especially those linked to DeFi and institutional-grade infrastructure.

“Ethereum continues to enjoy structural support, but Bitcoin remains essential as the primary digital asset and a benchmark for market liquidity,” Mr Tanapoom noted. “A balanced allocation across both assets is critical for long-term portfolio stability.”

Looking forward, Orbix anticipates digital assets are entering a “structural adoption phase” driven by three forces, with the first the growth of stablecoins and tokenised real-world assets.

Second, clearer regulations are being introduced, including the proposed US Stablecoins Act, which could boost institutional confidence. The final driver is rapid technological progress, including Ethereum Layer 2 solutions and Solana blockchain, which lowers costs and improves scalability.

“These trends signal a new era for digital assets where Ethereum could stand at the centre of a rapidly evolving financial system,” he said.

Thai Union Group Plc has surpassed its 2025 blue finance target after securing a total of 24 billion baht in sustainable financing, underscoring strong investor confidence in its financial stability and long-term sustainability vision.

Blue finance refers to projects that benefit the oceans, support healthy marine and freshwater environments, and help to create a sustainable “blue economy”.

As a large seafood producer, blue finance is part of Thai Union’s corporate strategy.

Thai Union’s latest transaction in September combined Thailand’s first-ever issuance of blue bonds and sustainability-linked bonds (SLBs), worth 9 billion baht in total, alongside a package of sustainability-linked loans (SLLs) worth 10 billion baht.

The offering comprised blue bonds (2 billion baht, four-year tenor, 1.70% interest) and SLBs (2 billion baht, seven-year tenor at 2.20%, and 5 billion baht, 10-year tenor at 2.46%).

In parallel, Thai Union secured 10 billion baht in SLLs from a syndicate of leading banks, with a five-year maturity.

Yongyut Setthawiwat, managing director and group treasurer for treasury and finance shared services at Thai Union, said this fundraising enabled the company to exceed its 2025 goal for sustainability-linked funding sources.

Thai Union also surpassed its target of 75% long-term debt, reaching 80%, and plans to achieve 100% by 2030, he said.

According to the company, proceeds from the blue bonds will be allocated to the purchase of tuna certified by the Marine Stewardship Council or Fishery Improvement Project, in line with Thai Union’s blue and green finance framework.

Meanwhile, proceeds from SLBs will focus on purchasing shrimp certified and benchmarked by the Global Sustainable Seafood Initiative or a credible aquaculture improvement programme.

“We are in phase two of our blue finance strategy focused on aquaculture. These SLBs underscore Thai Union’s sustainability commitment through our ‘SeaChange 2030’ strategy, with key performance indicators emphasising greenhouse gas emissions reduction and responsible shrimp sourcing,” said Mr Yongyut.

He said this year has been challenging for the company, citing a strengthening baht, US tariffs and geopolitical conflicts, yet Thai Union still managed to achieve its blue finance targets, demonstrating market trust in the company’s creditworthiness.

Thai Union previously received a blue loan of 5 billion baht from Asian Development Bank, the first of its kind in Thailand’s seafood sector, aimed at supporting sustainable shrimp production and farmer certification.

The total of 24 billion baht in sustainable refinancing this year exceeded its target.

The financing instruments are linked to Thai Union’s SeaChange 2030 strategy, supporting objectives such as reducing greenhouse gas emissions, advancing responsible and sustainable aquaculture, and funding ocean-focused projects.

One Bangkok, the largest fully integrated district in the heart of the capital, reaffirmed its commitment to creating long-term value for society through a collaborative blood donation drive. The initiative, titled ‘Together We Give – Blood Donation at One Bangkok,’ was organised in partnership with the National Blood Centre of the Thai Red Cross Society, the Australian Embassy Thailand, the Embassy of Japan in Thailand, and Alliance Française Bangkok.

The campaign was launched by Mr Worawat Srisa-an (4th from left), Deputy Chief Executive Officer of One Bangkok, together with Ms Charintip Choomuenwai (2nd from left), Head of Strategic Branding and Creative Solutions and Head of Art and Culture. They were joined by Mrs. Sineenart Oota (3rd from left), Assistant Director for Blood Service, National Blood Centre, Thai Red Cross Society; Mr John Francis (4th from right), Development Counsellor, Australian Embassy Thailand; Mr Tatsushi Nishioka (3rd from right), Deputy Chief of Mission, Embassy of Japan in Thailand; and Mr Jean Bourdin (2nd from right), Director of Alliance Française Bangkok.

The collaboration reflects One Bangkok’s vision of being ‘The Heart of Bangkok,’ a district that grows hand in hand with the community and Thai society in a sustainable way. By strengthening the national blood reserve, the campaign aims to provide vital aid to patients in need nationwide. The donation drive took place at the National Blood Centre, Thai Red Cross Society, on the G Floor of The Storeys Gallery, One Bangkok.

Sansiri Public Company Limited (SIRI) reaffirmed its leadership in the Thai property market, reporting nine-month sales of THB 39 billion-equivalent to 74% of its full-year sales target and a 5% year-on-year increase, despite ongoing challenges in the real estate sector.

During the first nine months of 2025, Sansiri recorded 19 project sell-outs worth THB 21 billion and built a strong backlog of THB 23 billion, securing about 50% of this year’s revenue recognition. With more than 10 additional projects nearing sell-out, the company signals a stable growth trajectory.

Mr. Wicharn Wiriyapushit, Chief Financial Officer, said the sales momentum was driven largely by condominiums, with strong demand for new launches including Vallez House, Wydden by Sansiri, and Self by Sansiri, which together generated THB 3.4 billion. In Phuket, Setthasiri Koh Kaew Retreat achieved a robust VVIP pre-sale, with over 30% of units sold prior to launch, while show-house sales alone contributed more than THB 1 billion.

The company also reported a solid pipeline of seven ready-to-move-in condominium projects, valued at THB 9.6 billion-including The Base Urban Rama 9, FLO by Sansiri, Dcondo Calm Ramkhamhaeng 40, The Muve Paw Bangkae, Canvas Cherngtalay Phuket, Maken House Chiang Mai, and Dcondo Campus Khon Kaen-which will support revenue in the final quarter.

Sansiri continues to navigate a sluggish property market with prudent yet flexible strategies, focusing on effective cash-flow management, portfolio diversification, and partnerships for future development. Leveraging its strong brand, design innovation, and after-sales service, the company remains confident of sustaining growth.

In the last quarter of 2025, Sansiri will launch seven new projects worth THB 18 billion, including Setthasiri Koh Kaew Retreat, Burasiri Chatuchot, Saransiri Chatuchot, and a new condominium in Kathu, Phuket. The firm will also debut its new Sansiri Community at Chatuchot on 185 rai, featuring the first two projects Burasiri Chatuchot and Saransiri Chatuchot, with pre-sales set for 4-5 October 2025.

Thailand has achieved its highest-ever international ranking in efforts to combat the worst forms of child labour, earning a ‘Significant Advancement’ rating in the US Department of Labor’s 2024 report.

Labour Minister Trinuch Thianthong on Thursday attributed the success to coordinated efforts across government, the private sector and civil society.

According to the 2024 Findings on the Worst Forms of Child Labor, Thailand was assessed at the ‘Significant Advancement’ level, marking the first time since 2017 that the country has moved up from a moderate to the top tier.

Key measures include Ministerial Regulation No.15 enforced in 2024, which extends labour protections to household domestic workers and prohibits employing children younger than 15 in domestic work, in alignment with international standards, she said.

Additionally, government initiatives have granted citizenship to 477,000 stateless individuals, including 142,000 children, thereby expanding access to education and economic protections and reducing their vulnerability to exploitative work.

Ms Trinuch said the recognition represents only the first step toward sustainable, safe, and fair labour management.

‘It ensures quality of life for all workers and enables Thai children and youth to grow safely and contribute to the country’s long-term development,’ she added.

Thailand is the sole Asean country among nine nations, including Argentina, Chile, Colombia, Ecuador, Mexico, Moldova, Montenegro and Panama, to reach the top rating in the 2024 TDA Report, she noted.

Saroj Komkay, director-general of the Department of Labour Protection and Welfare, said the report assesses 131 countries worldwide under the US Trade and Development Act (TDA), encouraging action against child labour, including commercial sexual exploitation and trafficking.

Thailand conducted inspections of formal and informal sectors, targeting 115 high-risk industries, including agriculture, fisheries and textiles, many of which appear on the US List of Goods Produced with Child Labour, Forced Labour, and Forced Child Labour.

Kasikorn Asset Management (K-Asset) has emerged as a market leader in Thailand’s mutual fund industry, capturing more than half of total net inflows this year-to-date to drive its assets under management (AUM) close to 1.8 trillion baht.

Executive chairman Win Phromphaet said the company captured inflows of 134 billion baht this year, representing about half of the entire industry’s inflows. The increase was driven primarily by fixed-income funds, which attracted strong demand amid persistently high interest rates.

By year-end, total inflows could reach 170 billion baht, pushing K-Asset’s AUM beyond the 2-trillion-baht milestone, he said.

K-Asset sees signs of stabilisation for Thai equities over the next six months, supported by a rebound in GDP growth and a bottoming out of corporate earnings revisions.

K-Asset projects the Stock Exchange of Thailand (SET) index to finish in a range of 1,300-1,340 points this year.

“While structural challenges, such as demographics, competitiveness and governance, still weigh on long-term growth, near-term sentiment is improving thanks to fiscal stimulus, reduced political risk and tax incentives,” said Mr Win.

He said interest rate policy will remain a key driver for stock market growth. K-Asset expects Thai policy rates to decline by 50 to 75 basis points (bps) over the next 12 months, with the upcoming Monetary Policy Committee meeting on Oct 8 proving pivotal. If rates are cut later than expected, such as in December, the market could respond positively, with each 25-bps cut potentially lifting the SET index by around 40 points, said Mr Win.

K-Asset continues to recommend high-dividend equities, particularly in the banking and energy sectors. The six largest banks and two smaller players offer dividend yields of about 8%, while major energy firms are delivering 6.3-6.5%.

“Historically, dividend-focused stocks have consistently outperformed the broader market,” he said, adding a new government and proactive policies on household debt are expected to further benefit these sectors.

Despite slow economic growth, dividend stocks remain a stable source of income. Average total returns from Thai equities are projected at 5% annually, with dividends contributing around 4%, noted K-Asset.

“Dividend-paying equities can help balance portfolios, generate consistent income, and protect value in a low-growth environment,” said Mr Win.

Long-term bonds have offered yields of 8-10% in 2025, making them particularly attractive to investors wary of the sluggish performance of domestic equities. However, K-Asset expects yields to normalise over the next 6-12 months.

“Bond yields could fall to around 3-4% once the interest rate downcycle takes hold. Investors should adjust their portfolios according to their risk appetite,” said managing director Wajana Wongsupasawat.

With bond returns likely to soften, there may be opportunities to diversify into other risk assets, including foreign equities and fixed income abroad, he said.

Bangkok, September 29, 2025 — The partnership between the Badminton World Federation (BWF) and Etihad Airways marks a significant milestone in combining elite sport with global connectivity.

Under this collaboration, Etihad serves as the Official Global Airline Partner of the BWF, providing seamless travel and premium experiences for players, officials and fans, while amplifying badminton’s global reach. The alliance reflects both organisations’ shared mission to unite people across continents through sport, culture and shared values.

Since January 2025, the airline has connected badminton’s worldwide fan base of 744 million people, most of whom are in Asia, with its expanding network and services.

At the recent TotalEnergies BWF World Championships in Paris, BWF President Khunying Patama Leeswadtrakul met with Arik De, Etihad’s Chief Revenue and Commercial Officer, to celebrate the role the airline has played in elevating the sport this year.

“To align ourselves with a global leader in air travel such as Etihad Airways signals the sport’s expanding footprint,” Khunying Patama said. “Etihad’s dedication to fostering connections through sport mirrors our mission of uniting people through badminton’s universal appeal.

“We are proud to partner with a sponsor that shares our vision to elevate badminton to world-class status, and for Etihad to take an active role in developing the sport globally. Together, we aim to enhance the fan experience, elevate the sport’s visibility and deliver unforgettable experiences at our premier tournaments.”

De underlined the synergy between the two organisations. “Our partnership with the BWF reflects Etihad’s commitment to connecting people through sport, culture and travel,” he said.

“Badminton is one of the fastest-growing sports in the world, uniting millions of fans across Asia and beyond. As we expand our network across Southeast Asia, we are proud to engage with badminton fans everywhere and support a sport that is so deeply loved in the region.”

Beyond celebrating the partnership, Khunying Patama herself embodies the global aspirations of the sport. A billionaire entrepreneur turned philanthropist, she has channelled her resources into sport, youth development, art, music and culture.

She became Thailand’s first female member of the International Olympic Committee (IOC) in 2017, the fourth Thai overall to hold the post. Earlier this year, she was elected unopposed by 204 national member associations as president of the BWF for the 2025-2029 term, making her not only the first Thai but also the first woman ever to lead the BWF.

In Thailand, she serves as President of the Badminton Association of Thailand under Royal Patronage, where she has spearheaded grassroots development, talent-building initiatives and the hosting of world-class events.

Her influence extends well beyond sport. She is active in numerous charities supporting education, health and social development, while also serving as patron of cultural, art and music organisations.

With business interests ranging from steel and property to hospitality and logistics, Khunying Patama has long been recognised as a leading figure in both corporate and philanthropic circles. In 2024, she was honoured by the Thai Sports Journalists’ Association with the title “Olympic Queen” for her contributions to Thai and international sport.

Through her leadership, generosity and vision, Khunying Patama has not only shaped the trajectory of badminton worldwide but has also inspired countless young people in Asia and beyond.

Rukchanok Srinork, People’s Party (PP) MP for Bangkok, called on newly appointed Labour Minister Trinuch Thienthong to urgently address lingering issues within the Social Security Office (SSO), including the controversial purchase of the SKYY9 building.

Speaking during the parliamentary debate on the government’s policy statement, Ms Rukchanok urged the labour minister to expedite an investigation into the SSO’s purchase of SKYY9 at an overpriced rate, demanding that those responsible, whether ministers or senior officials, be held accountable within three months.

Opposition MP Rukchanok also pointed out that several ministers in the current government had links to the SKYY9 purchase, including Natural Resources and Environment Minister Suchart Chomklin, Public Health Minister and former building owner Pattana Prompha and Transport Minister Phiphat Ratchakitprakarn, who was the former labour minister, as well as Prime Minister Anutin Charnvirakul, who formed the probe committee to investigate the purchase of the building.

She further raised concerns about ongoing efforts to derail the Social Security Board election by amending regulations within the SSO, which would exclude employee representatives.

Ms Rukchanok also questioned whether the election would still take place in February 2026.

She added that proposals to change the system to an internal selection process were raised by a Senate committee member who had previously lost the Social Security Board election.