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Economy SCB Braces for Economic Storm, Plans Digital Expansion
Picture courtesy of MindInventory Siam Commercial Bank (SCB) is preparing for a turbulent financial period, scaling back operations over the next 12 to 18 months as Thailand’s economy faces significant challenges. SCB's Chief Executive, Kris Chantanotoke, warns of difficult times, citing rising household debt, slow economic growth, and potential US tariffs as key concerns prompting the bank’s cautious strategy. "The Thai economy and business sector will likely encounter increased challenges," expressed Kris, highlighting the need for strategic adjustments. A significant worry is the looming threat of US tariffs on Thai exports, which could severely impact a nation that dispatches 20% of its exports across the Pacific. Kris warns that if Thailand faces tariffs 10% higher than its regional counterparts, the economy may suffer greatly, undermining Thai competitiveness. Currently, SCB projects GDP growth at a mere 1.5% for 2025, with only 1% growth anticipated in the latter half of the year, sparking concerns of a potential technical recession. In response, SCB is tightening its belt and embracing digital transformation, aiming for 25% of its revenue to come from digital banking by 2025. "Achieving this year's digital target will spur us towards even greater goals,” Kris noted, emphasising that moving online will help reduce operational costs and lessen reliance on physical branches. The bank has already reduced its number of branches to around 800, with further closures expected as digital adoption grows. Nonetheless, Kris assures that physical locations still hold an important role: "Branches remain essential." Simultaneously, SCB is bolstering its corporate banking sector, which it views as a key driver for growth, while being selective in SME and retail lending. The bank is focusing on mortgages and wealth management services for affluent clients. SCB is also working to cut its cost-to-income ratio, which recently decreased to 36.8% in the first quarter of this year, as part of efforts to remain efficient during tough times. With mounting debt and export concerns, Thailand’s oldest bank is opting for caution. Whether this strategy will suffice remains to be seen, but the emphasis on digital growth and strategic investments sets a clear path forward. Adapted by ASEAN Now from The Thaiger 2025-07-18 -
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Report Cannabis Clash: Small Businesses Fear Monopoly Under New Rules
No they haven't you must be buying from the wrong place -
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Crime Four-Year-Old Girl Blinded in Machete Attack by Gang Mistaking Father for Rival
But the attack on the father was against the wrong man anyway. Money lending gone bad the man they went to attack was the wrong person. Has Thailand got no shame? -
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Report Cannabis Clash: Small Businesses Fear Monopoly Under New Rules
There's now over 30000 medical users in the UK soon as its been legal for over 7 years 🤔 -
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Report Swede, Aussie Found Dead Hours Apart in Same Pattaya Condo
Again answering for you and your four cronies. I haven't an issue with facts. Just opinions. Takes a lot of reading to sort through the facts and BS. Something you need to try. People do care about the advice of someone who actually is passionate about a subject, rather than a known troll who is only here for that reason. -
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Trump's most ardent supporters are in revolt
You’re extremely weak at deflecting. I want to see the photo of Harry Highpants. Go ahead and post it. The forum could use a good laugh from all the Trump hating nutters. Don’t forget the one in pink tights…LOL
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