MQDC Secures Financing from Bangkok Bank for Asia’s Largest Creator Hub, Cloud 11
Bangkok Bank has extended long-term project financing to MQDC for the completion of Cloud 11, set to be Asia’s largest creator hub. Located between Punnawithi and Udomsuk BTS stations on Sukhumvit Road, the 254,000-square-meter mixed-use development is designed to foster a creative ecosystem, offering world-class studio spaces, a digital art museum, concert and e-sports venues, and a host of academic institutes. The project is currently over 70% complete and is expected to open in 2025.
Cloud 11 will also feature a creative retail space with over 250 outlets, a Grade A+ workspace called Creator Village, and major tenants like COMMONS. It will house a 5-star lifestyle hotel under Marriott’s Tribute Portfolio brand and YOTEL Bangkok, catering to creators and new-generation travelers. Designed by Norwegian studio Snøhetta and Thai firm A49, Cloud 11 is a key part of South Sukhumvit’s innovation cluster and has already won multiple prestigious design awards.
Editor’s Note: MQDC has secured long-term financing from Bangkok Bank to complete Cloud 11, Asia’s largest creator hub, located between Punnawithi and Udomsuk BTS stations on Sukhumvit Road. This 254,000-square-meter mixed-use development, designed by Snøhetta and A49, is over 70% complete and will feature world-class studio spaces, a digital art museum, and a creative retail area, set to open in 2025.
AI-Powered HR Innovation Drives Transformation at Siam Commercial Bank
Siam Commercial Bank (SCB) is embracing digital transformation through its collaboration with Workday, leveraging AI-powered solutions to enhance workforce management and operational efficiency. As part of SCB’s “Digital Bank with a Human Touch” strategy, the bank is implementing advanced cloud technologies to meet the growing demand for digital convenience. Chief People Officer K. Worawat Suvagondha highlighted SCB’s transformation journey, noting how the bank has digitised operations and adopted innovative tools to create a personalised work environment that values employee growth and well-being.
Workday’s AI-driven platform plays a crucial role in SCB’s efforts, integrating talent management, recruitment, and employee engagement solutions. SCB has embraced Workday Talent Optimisation, Recruiting, and Skills Cloud to foster a supportive, well-managed workforce. In addition to career development initiatives, SCB promotes physical, mental, and emotional well-being through various programs, flexible work arrangements, and recognition systems. This partnership positions SCB at the forefront of Thailand’s banking industry, leading the way in HR innovation and digital transformation.
https://www.bangkokpost.com/business/general/2879018/the-ai-advantage-hr-innovation-in-thailand
Editor’s Note: Siam Commercial Bank (SCB) is driving digital transformation by partnering with Workday to implement AI-powered solutions that enhance workforce management and operational efficiency. This initiative, part of SCB’s “Digital Bank with a Human Touch” strategy, focuses on creating a personalized work environment that prioritizes employee growth and well-being through innovative tools and flexible arrangements.
GenAI Adoption Tops Business Priorities for Thai Executives, Salesforce Study Finds
A recent study commissioned by Salesforce reveals that generative AI (GenAI) adoption is a top business priority for 84% of corporate executives in Thailand. Despite economic volatility, executives are optimistic about integrating GenAI into their operations, driven by national investments in AI infrastructure and growing demand for digital transformation. According to Salesforce Asean Vice-President Siddharth Rastogi, Thailand is well-positioned to push AI adoption, with many leaders expressing confidence in delegating tasks to AI systems autonomously within the next three years.
The survey, which included 225 Thai business leaders, also highlighted key motivations for GenAI adoption, including the need for faster and more personalized customer experiences and employee demand for innovative AI tools. However, 96% of respondents acknowledged barriers to implementation, citing concerns about AI accuracy, skill gaps, data privacy, and the use of incomplete data to train models. Thitirat Tongtavorn, Salesforce Thailand’s country leader, noted that while 58% of organizations have a clear GenAI strategy, others are still working to develop one.
https://www.bangkokpost.com/business/general/2883742/genai-adoption-a-priority-for-local-executives
Editor’s Note: A Salesforce study reveals that 84% of Thai corporate executives prioritize generative AI (GenAI) adoption, driven by optimism about integrating AI into their operations despite economic volatility. While many leaders foresee delegating tasks to AI within three years, 96% acknowledge challenges such as accuracy concerns and skill gaps, with only 58% having a clear GenAI strategy in place.
Thailand’s PCB Industry Sees Strong Growth, Driven by EV Demand and Global Investment
Thailand’s printed circuit board (PCB) industry is experiencing significant growth, particularly in the electric vehicle (EV) sector, according to the Trade Policy and Strategy Office (TPSO). The country’s strategic location, low labor costs, skilled workforce, and robust infrastructure make it an attractive hub for PCB manufacturing, with global investments surging. In 2023, the number of PCB projects in Thailand jumped to 45, valued at 92.2 billion baht, a 323% increase from the previous year. The industry’s expansion aligns with the global PCB market, which is expected to grow at a compound annual rate of 5.8% from 2024 to 2033.
Asia-Pacific dominates global PCB manufacturing, accounting for 90% of production, with Thailand emerging as a key player. In 2023, Thailand’s PCB exports reached $9.7 billion, up 4.3%, with Hong Kong as the top export market. Thailand’s PCB production currently represents 3.8% of global output, expected to rise to 4.7% by 2025, bolstered by investment from global manufacturers. TPSO emphasized the need for Thai manufacturers to comply with environmental regulations to secure their position in global supply chains and capitalize on the industry’s rapid growth.
https://www.bangkokpost.com/business/general/2883737/rosy-outlook-for-printed-circuit-boards
Editor’s Note: Thailand’s printed circuit board (PCB) industry is booming, driven by rising electric vehicle (EV) demand and significant global investment, with 2023 seeing a 323% increase in PCB projects valued at 92.2 billion baht. As the country positions itself as a key player in the Asia-Pacific region—responsible for 90% of global production—exports reached $9.7 billion, with expectations for production to rise from 3.8% to 4.7% of global output by 2025, contingent on adherence to environmental regulations.
Egco Expands Renewable Energy Portfolio with Apex Purchase to Boost Capacity by 2030
Electricity Generating Plc (Egco) aims to increase its renewable energy capacity to 30% of its total power generation by 2030, following the acquisition of additional shares in US-based Apex Clean Energy Holdings. Currently, renewable energy accounts for 21% of Egco’s nearly 7 gigawatts of global power generation. With the Apex investment, Egco President Jiraporn Sirikum expects the company to rapidly boost its clean energy capacity, aligning with its “cleaner, smarter, and stronger” strategy for sustainable growth. Apex’s 211 renewable projects, primarily wind and solar farms, are expected to play a key role in this expansion.
Apex operates under a hybrid business model, both increasing its power generation capacity and selling fully developed projects to investors. The company, which has sold five projects totaling nearly 600MW, currently has 56,400MW of renewable projects in development, including wind, solar, hydrogen, and energy storage systems. This model allows Apex to earn long-term revenue through power purchase agreements while generating lump-sum earnings from project sales, enhancing both Egco’s renewable portfolio and financial performance.
Editor’s Note: Electricity Generating Plc (Egco) is enhancing its renewable energy capacity to 30% of total power generation by 2030 through the acquisition of additional shares in Apex Clean Energy Holdings, which currently contributes 21% of Egco’s nearly 7 gigawatts of global generation. The partnership with Apex, which boasts 211 renewable projects mainly in wind and solar, supports Egco’s “cleaner, smarter, and stronger” strategy for sustainable growth while also boosting financial performance through long-term revenue and project sales.
Thailand’s Renewables Scheme to Boost Investments and Power Generation
The long-delayed second phase of Thailand’s renewable energy scheme is set to launch this month, offering a new auction for 3,668.5 megawatts of renewable energy projects. The Energy Regulatory Commission (ERC) expects the program to generate 300 billion baht in investment by 2025, supporting solar, wind, and biogas projects. Companies like Gunkul Engineering are preparing proposals, while major players from the first phase, including Gulf Energy Development and Absolute Clean Energy, continue expanding their clean energy portfolios.
The scheme is expected to benefit not only power plant developers but also related industries, such as electrical wire and cable manufacturers. Bangkok Cable Co. anticipates increased demand for its products as renewable energy consumption rises. The company expects a 30% growth in domestic demand for wires by 2037, aligning with Thailand’s goal of achieving 51% renewable energy usage by the same year as part of its plan to reach carbon neutrality by 2050.
https://www.bangkokpost.com/business/general/2882487/windfall-from-renewables-scheme
Editor’s Note: Thailand’s long-awaited second phase of its renewable energy scheme is launching this month, introducing an auction for 3,668.5 megawatts of projects, expected to generate 300 billion baht in investment by 2025. This initiative will not only benefit power plant developers but also related industries, such as electrical wire and cable manufacturers, with companies like Bangkok Cable Co. anticipating a 30% growth in domestic demand by 2037 as Thailand aims for 51% renewable energy usage by that year.
CPN Issues B8bn Sustainability-Linked Bonds to Support Green Projects
Central Pattana (CPN) has issued 8 billion baht worth of sustainability-linked bonds (SLBs) to fund clean energy and sustainability projects, aiming for net-zero greenhouse gas emissions by 2050. The funds will be used for renewable energy, sustainable water management, and energy efficiency improvements, supporting CPN’s mixed-use developments and green building initiatives across Thailand and abroad.
Partnering with UOB, the Asian Development Bank (ADB), and the International Finance Corporation (IFC), CPN’s bond issuance is a milestone for Thailand’s real estate and retail sectors. Naparat Sriwanvit, CPN’s CFO, said the company is committed to creating spaces that benefit people and the environment, aligning with the UN’s sustainable development goals. The SLBs are offered with five- and seven-year maturities, with interest rates of 2.86% and 3.14% respectively, under the company’s sustainability-linked finance framework.
Editor’s Note: Central Pattana (CPN) has issued 8 billion baht in sustainability-linked bonds to fund clean energy and sustainability projects, with a goal of achieving net-zero greenhouse gas emissions by 2050. This initiative, in partnership with UOB, the Asian Development Bank, and the International Finance Corporation, supports CPN’s mixed-use developments and green building initiatives, aligning with the UN’s sustainable development goals.
Foreign Circuit Board Makers Invest THB 162 Billion in Thailand, Seek BOI Incentives
The Thailand Board of Investment (BOI) revealed that foreign printed circuit board (PCB) manufacturers have invested 162 billion baht in the country over the past year, with 95 projects applying for BOI privileges. Most investors are from China and Taiwan, including companies like Unimicron, Compeq, and Dynamic Electronics. Well Tek Electronics, a subsidiary of China-based Welgao Electronics, recently began operating its 64,000-square-metre factory, producing high-density interconnected (HDI) PCBs used in data servers and electric vehicle power supplies.
Well Tek’s factory, which employs 500 Thai personnel, integrates advanced technology and AI throughout its manufacturing processes. The company plans to build a second, larger facility and establish a research centre employing 40 Thai researchers. The factory’s products, 40% of which are sold locally, reflect confidence in Thailand’s infrastructure and workforce, according to BOI Secretary-General Narit Therdsteerasukdi.
https://www.nationthailand.com/business/investment/40042404
Editor’s Note: Foreign printed circuit board (PCB) manufacturers have invested 162 billion baht in Thailand over the past year, with 95 projects applying for Board of Investment (BOI) privileges, primarily from Chinese and Taiwanese firms. Well Tek Electronics has launched a 64,000-square-meter factory producing high-density interconnected PCBs, employing 500 Thai workers, and plans to expand with a larger facility and research center, reflecting confidence in Thailand’s infrastructure and workforce.
FDI Giants See Surging Revenues in Vietnam Amid Expanding Operations
Several foreign direct investment (FDI) giants, including AEON Mall, Samsung, and Taiwan’s Formosa Group, have reported significant revenue and profit growth in Vietnam. AEON Mall Vietnam’s semi-annual report showed a 14.5% rise in revenue to $54.79 million and a 21.2% increase in profit to $16.1 million, outpacing its home market in Japan. Samsung Vietnam also reported strong results, with its Thai Nguyen facility generating $13.8 billion in revenue and $1.1 billion in profits, making it the company’s second-largest global revenue contributor.
However, not all FDI ventures fared well. Taiwan’s Formosa Ha Tinh steel operations faced a 3.2% drop in revenue to $3.9 billion, alongside a $610 million loss, driven by reduced demand for steel amid China’s real estate market slump. Despite mixed results across industries, Vietnam remains an attractive destination for foreign capital, driven by its strong economic growth, which reached 7.4% in Q3 2024, surpassing expectations.
Editor’s Note: Foreign direct investment (FDI) giants like AEON Mall, Samsung, and Taiwan’s Formosa Group are experiencing significant revenue growth in Vietnam, with AEON Mall reporting a 14.5% increase in revenue to $54.79 million and Samsung’s Thai Nguyen facility generating $13.8 billion in revenue. Despite some mixed results—such as Formosa Ha Tinh’s 3.2% revenue drop and $610 million loss due to reduced steel demand—Vietnam continues to attract foreign capital, bolstered by strong economic growth of 7.4% in Q3 2024.
PM Pham Minh Chinh Urges Global Investors to Increase Investments in Vietnam at ASEAN BIS 2024
At the ASEAN Business and Investment Summit 2024 (ASEAN BIS 2024) in Vientiane, Laos, Prime Minister Pham Minh Chinh called on international investors to enhance their investments in Vietnam, emphasizing the government’s commitment to fostering a supportive environment for foreign enterprises. Speaking to over 800 business leaders, PM Chinh highlighted Vietnam’s economic stability, noting a GDP of $430 billion in 2023 and a 6.82% growth rate in the first nine months of 2024, alongside an 11.6% increase in foreign direct investment (FDI) year-on-year. He reaffirmed Vietnam’s dedication to enhancing its investment climate and prioritizing sectors such as AI, information technology, and semiconductor manufacturing.
The Prime Minister addressed the broader global context, acknowledging the challenges posed by geopolitical competition and climate change. He urged ASEAN businesses to promote economic connectivity and innovation while reinforcing the region’s self-reliance. Chinh reiterated that collaborative efforts are essential for addressing global issues, advocating for multilateralism among nations and businesses alike. His remarks set a tone of optimism for the future of Vietnam as a key player in the ASEAN Economic Community, dedicated to sustainable growth and cooperation.
Editor’s Note: At the ASEAN Business and Investment Summit 2024 in Vientiane, Prime Minister Pham Minh Chinh urged global investors to increase their investments in Vietnam, highlighting the country’s economic stability and a 6.82% growth rate in the first nine months of 2024. He emphasized the government’s commitment to enhancing the investment climate, particularly in sectors like AI, information technology, and semiconductor manufacturing, while advocating for multilateral cooperation to address global challenges and promote regional economic connectivity.
European Countries Express Interest in Renewable Energy Investments in East Kalimantan
East Kalimantan’s Acting Governor, Akmal Malik, announced that several European countries are keen to invest in renewable energy, specifically solar power, in the region. During a recent meeting with ambassadors from nations including Norway, Germany, and Sweden at a United Nations Development Programme (UNDP) event in Jakarta, Malik emphasized the significant potential for solar energy development in areas such as Kutai Kartanegara, Samarinda, Paser, and West Kutai. He noted that the region, traditionally reliant on fossil fuels, is gradually transitioning towards renewable energy, with some mining companies already integrating these solutions into their operations.
Malik underscored East Kalimantan’s crucial role in supporting the development of Indonesia’s new capital, Nusantara (IKN), and called for diversified partnerships with nations committed to green energy. The discussions also highlighted the importance of decentralization in Indonesia, which would enable regions to better prepare their economies, create jobs, and enhance infrastructure, particularly in East Kalimantan as it positions itself as a key player in renewable energy and sustainable development.
Editor’s Note: East Kalimantan’s Acting Governor, Akmal Malik, announced that several European countries, including Norway, Germany, and Sweden, are interested in investing in solar power in the region, highlighting its significant potential for renewable energy development. As East Kalimantan transitions from fossil fuels and supports the establishment of Indonesia’s new capital, Nusantara, Malik emphasized the need for diversified partnerships and decentralization to boost the local economy, create jobs, and enhance infrastructure.
Kasikornbank Aims for THB 200 Billion in Green Financing by 2030
Kasikornbank (KBank), one of Thailand’s leading financial institutions, has announced an ambitious target to provide THB 200 billion (approximately Rp 92 trillion) in green financing by 2030, positioning climate action as a viable business opportunity. KBank President Pipit Aneaknithi highlighted the bank’s commitment to sustainable finance, noting that it provided THB 26.4 billion in 2022 and THB 73.4 billion in 2023, with a target of reaching THB 100 billion (Rp 46 trillion) in 2024. To support this transition, KBank has launched various products aimed at facilitating sustainable financing and is investing in startups focused on environmental, social, and governance (ESG) initiatives through its subsidiary, Beacon Venture Capital.
While KBank is actively expanding its green financing initiatives, Pipit acknowledged that its subsidiary, Indonesia’s Bank Maspion, has yet to enter the green financing sector. The bank intends to study Indonesia’s carbon trading regulations and green financing landscape before proceeding. “We want to be cautious and avoid being seen as engaging in greenwashing,” Pipit stated, emphasizing the bank’s dedication to authentic sustainability efforts as it develops a blockchain-based carbon trading ecosystem to enhance its green financing reach.
Editor’s Note: Kasikornbank (KBank) has set an ambitious goal to provide THB 200 billion in green financing by 2030, emphasizing climate action as a viable business opportunity while targeting THB 100 billion in 2024. KBank President Pipit Aneaknithi highlighted the bank’s commitment to sustainable finance, launching products to facilitate green financing and investing in ESG-focused startups, while also taking a cautious approach with its Indonesian subsidiary, Bank Maspion, as it explores the local carbon trading and green financing landscape.