Across many ASEAN nations in recent years, the toys and game industry has continued to be affected by the increasing popularity of online shopping.

This migration affects some toy categories more than others. E-commerce already dominates the baby and pre-school toys market as parents are the key decision makers in the purchase of these sorts of toys and are inclined to search for these products online to find the best deals.

Despite the rise of e-commerce, bricks-and-mortar stores are still the preferred channel for some categories of toys, especially dolls, superhero action figures, board games, and science, technology, engineering and math (STEM) toys.

Purchases of these sorts of toys and games are highly driven by children’s choice, and parents like to try them out with their kids before buying them. This kind of shopping activity can enhance the bond between parent and child.

Going shopping together for toys is a favourite activity for many families, especially during holiday seasons. Hong Kong toymakers and suppliers eyeing the ASEAN market need to keep aware of developments in both online and offline channels in order not to miss opportunities.

Toys and Games Specialist Stores

Toys and games specialist stores are a one-stop shop for toys, games, parties and gifts. They remain a preferred option for many ASEAN families shopping for traditional toys for children over three years old – toys such as dolls, action figures, board games and STEM toys.

However, older children and teens in ASEAN are becoming increasingly reliant on their smartphones and social media at an early age. As a result, e-commerce is expected to continue to gain market share as a distribution channel for toys and games.

It is becoming increasingly difficult for offline channels to match the convenience, numerous good deals and vast product ranges offered by online shopping. In response to the growing demand for online shopping, many toys and games specialist stores have created their own online shops to offer convenience and a seamless transition across online and offline channels.

Notable Examples of Toys and Games Specialist Stores

Indonesia

Toys Kingdom – One of the biggest toy chains in Indonesia, with more than 30 stores across the country. Its flagship store in Grand Indonesia offers a complete product range, and comes with impressive in-store decorations and professional sales staff which help to enhance the experience of shopping there.

Kidz Station – Another well-known toy speciality chain with more than 70 stores in the country, housing popular toy brands, such as Hasbro, Disney, Mattel and LEGO. It also sells collections of licensed products including…

Source link : Accessing the ASEAN Consumer Market: Toys and Games by Hong Kong Trade Development Council

The Thai government has ordered the Board of Investment (BoI) to actively attract foreign investors who plan to move out of China, especially Japanese ones hit by the US – China trade war.

The Bangkok Post on June 3 quoted Thai Deputy Prime Minister Somkid Jatuspripitak as saying that high-tech industries like IT and electronics are likely to move out of China amid the heightened trade row between China and the US.

Nearly 75% of the 250 companies that responded to the group’s survey said the recent tariff hikes by the US and China were having a negative effect on their business.

The survey was conducted after China and the US raised tariffs on each other’s imports earlier this month.

More than 40% were considering moving their manufacturing facilities out of China or had already done so, AmCham China said.

Their preferred destinations were Southeast Asia and Mexico. Less than 6% of respondents said they were considering moving to the US.

The BoI has also been instructed to improve investment policies to promote investment in business community, adding that existing perks are not attractive enough to lure large companies.

The investment policies should be attractive enough to entice them to choose Thailand as a base, not solely for factory relocation but also for production capacity expansion, he said.

Last month, Secretary General of the Thai National Economic and Social Development Council (NESDC) Thosaporn Sirisamphand urged the government to come up with special investment packages to encourage foreign firms affected by the trade war to relocate to Thailand. 

A NESDC study found that the trade squabbles between the US and China since 2018 have led various factories to consider relocating their production bases to other countries. 

According to him, the trade war is likely to change the production base of the world for electronics products from China to Southeast Asia. 

The relocation would become especially visible in the latter half of this year when the trade war is expected to become heightened. 

The latest report by the BoI showed that foreign direct investment (FDI) in Thailand amounted to 104.88 billion baht (3.3 billion USD) in the first four months of this year, up from 36.5 billion baht from the same period last year. Japan still ranked first in terms of FDI, with 30.7 billion baht for the period, up from 14.6 billion baht in the same period last year. 

Switzerland came second, with 11.1 billion baht, up from 5 billion, followed by China at 9.39 billion, up from 3.11 billion, Singapore at 6.2 billion, up from 5.6 billion, and Hong Kong at 3.69 billion.-VNA Thailand welcomes investment relocation from China, Japan | Vietnam+…

Source link : Thailand welcomes relocation from China and Japan by Boris Sullivan

Ms. Kattiya Indaravijaya, middle, KBank President, Mr. Supreecha Limpikanjanakowit, left, KBank First Senior Vice President, and Mr. Thanapong Na ranong, right, Beacon VC Managing Director, together delivered a press conference on the debut of the KATALYST project to equip startups with advice on business operation, knowledge and application of technology for business expansion both at home and abroad as well as financial support to propel Thai startups toward success.

Startups participating in the KATALYST project will get an opportunity to make a campaign with KBank, which has a customer base of over 14.5 million.

In addition, they will have a chance to bolster capital via Beacon Venture Capital Co., Ltd., which is KBank’s venture capital arm, and expand their business bases abroad via KVision Co., Ltd., which has been established by KBank as a holding company to invest in startups and explore innovation at a regional level.

They will also have an opportunity to find payment solutions and experiment new technologies invented by KBank and KASIKORN-BUSINESS TECHNOLOGY GROUP (KBTG), namely FastPay solution, FlowAccount, which is a cloud-based accounting platform that can send invoices to K PLUS SME for outstanding balance payments.

The post KBank launches KATALYST funding and guiding startup project appeared first on Thailand Business News.

Source link : KBank launches KATALYST funding and guiding startup project by Zhang Fang

Did you know? Agriculture, fishery and forestry sector remains as the key source of jobs in #ASEAN, employing about 104.3 million people.

It is followed by wholesale and retail trade which employs 66.4 million people. Check the chart below for more details.

The post Agriculture remains as the key source of jobs in ASEAN appeared first on Thailand Business News.

Source link : Agriculture remains as the key source of jobs in ASEAN by Boris Sullivan

TDRI urges Thailand to adopt policies for longevity society before it is too late

Extend retirement age. Support labour-saving technology. Promote active ageing. Help workers learn new skills. Set up old-age insurance system. And reduce the number of conscripts to ease labour shortage.

Thailand needs to implement these measures to sustain economic growth as the country ages, urges Thailand Development Research Institute (TDRI), Thailand’s independent think tank.

If not, Thailand’s economic growth risks dropping by 0.8% per year.

“We’re now living in a society where people live and stay productive much longer than ever before. We need new policies to use their skills and experiences when the number of young people is diminishing,”

Dr Somkiat Tangkitvanich, TDRI president.

Being a longevity society does not necessarily slow down the country’s economic growth if Thailand adopts right policies, said Dr Somkiat during the TDRI annual public conference “Longevity Society: Making Thailand Competitive, Healthy, and Secure” at the Centara Grand & Bangkok Convention Centre at CentralWorld on May 13, 2019.

To sustain productivity, the business sector needs to adopt new recruitment policy to hire the older workforce, make the workplace safe for older workers, and use more automation, robotics, software, and artificial intelligence to tackle labour shortage.

Meanwhile, people need to save early to ensure financial security in old age. They also need to learn new skills so they can work and maintain self-esteem after official retirement age.

“The state authorities, the business sector, and all of us need to prepare and act now to tackle the challenges in longevity society,” said Dr Somkiat.

Apart from keeping older people in the workforce, a team of TDRI researchers stressed the need for state policies to promote active ageing. They include accessible and safe city infrastructure and public transport systems, more public green space, health insurance system for the elderly, and measures to help workers learn new skills before and after retirement due to rapid technological changes.

How to make it happen?

First understand the new reality and see its potential, said Dr Somkiat Tangkitvanich.

Older but healthier

Thanks to better healthcare, Thais live 4.4 years more each year during the past six decades, he said. At present, Thailand’ average life expectancy is 75 years. Given the constantly improving health technology, people born in 2016 are expected to live until 80-98 years on an average, if technology progress is taken into consideration.

Centenarians is no longer a rarity. In 2017, Thailand already had more…

Source link : Thailand must adapt to longevity society before it is too late by Thailand Development Research Institute

Real-time payments (RTPs) enable money transfer between two different financial institutions with a guarantee of immediate funds availability to the end recipient on a 24-hour-365-day-a-year basis.

This technology is driving growth of cashless transactions in unprecedented proportions.

RTPs are critical for bringing millions of people into the digital financial ecosystem, enabling the rise in the region’s digital commerce and creating new transaction efficiencies for users.

Disruptive new digital commerce players have brought people online into their platforms by seizing upon RTPs and the advantages they offer in digital payments systems.

Traditional banking industry participants continue to develop their use cases to leverage the technology.

While there are a number of logical reasons as to why the adoption of RTPs across industries is not happening at the same rate, it is time for the growth of RTP use cases in payments to accelerate.

Most RTP payments are currently peer-to-peer (P2P) or peer-to-small-and-medium-enterprise payments (P2SME). This is driving cash conversion at the lower pyramid of consumer payments.

For example, 85 percent of transactions on Thailand’s real-time payments platform, PromptPay, are less than THB 5,000 (approximately $200) each, while 80 percent of India’s United Payment Interface (UPI) transactions are less than INR 1,300 (approximately $20) each. However, RTP technology can be applied across all payment categories: B2B supplier payments; B2C payments such as legal settlements, insurance claims, wages; C2B payments such as hospital bills, utility payments, and point-of-sale purchases; and domestic P2P and cross-border remittances.

For the use cases of RTPs to expand and reach their full potential in Asia, the entire ecosystem—of both established financial service players and digital newcomers—must participate in efforts to develop RTP infrastructure, improve fraud monitoring, and encourage consumer adoption.

Specifically, the following issues need to be addressed to realize the potential of RTPs:

1. Regulators and policymakers across Asia must promote RTPs standardization, and coordinated policy efforts must encourage RTPs usage across a wide variety of transactions.
2. Critical use cases and revenue models must be identified for all industry players—but in particular those adopted by traditional banks—to encourage broader RTPs adoption by all.
3. Cost-efficient, standardized infrastructure needs to be developed, ideally on a shared or distributed basis.
4. Regulators must require use of intelligence-based analytics tools that identify potential fraud, money laundering, and safety and security risks, and industry…

Source link : Real-time payments : An opportunity for the entire Asian financial ecosystem ? by Rama Sridhar

Some developing economies from Thailand to Dubai and Brazil are facing double-digit real estate sales declines on the back of weakening domestic growth, says Bloomberg.

The Thai cabinet has approved last week cutting both housing transfer and mortgage fees to 0.01% for 12 months, aiming to spur buying.

The fee cuts from 2% and 1%, respectively, will come into force after publication in the Royal Gazette and will run until May 31, 2020.

Last month, the cabinet approved offering tax deductions of up to 200,000 baht for buyers of homes and condos worth up to 5 million baht. The measure is part of new stimulus measures worth 21.83 billion baht.

But critics said the previous measure to offer tax deductions of up to 200,000 baht for buyers of homes and condos worth up to 5 million baht would have a minimal impact on the market.

Stricter mortgage-lending rules

The Bank of Thailand issued plans last October to impose stricter mortgage-lending rules in 2019 as the officials saw a frothy housing market ahead.

Colliers International said in a fourth-quarter report that it sees new condominiums falling by 24 per cent this year as unsold properties pile up, while Bloomberg Economics sees Chinese investor interest keeping a floor under demand.

Ballooning unsold inventory

A total of 454,814 residential units across the country were left unsold last year, with a total value of US$ 41 billion, according to Sopon Pornchokchai, president of the Agency for Real Estate Affairs.

The supplies in the Bangkok Metropolitan Region constituted 40% of the total units available and 55% of the total value.

These supplies included detached houses, semi-detached hoses, townhouses, shophouses, condominiums (owner-occupied apartments) and residential land subdivision catered by formal private housing developers in Thailand.

The post Property slowdown looms over Thai market appeared first on Thailand Business News.

Source link : Property slowdown looms over Thai market by Olivier Languepin

BANGKOK, 5 May 2019(NNT) – On discussions regarding savings account interest tax deductions, the Revenue Department (RD) has reached a conclusion requiring all banks to submit savings account interest payment data to the RD, with all interest payments less than 20,000 baht exempted from tax.

Account owners wishing that their information not be sent automatically to the RD must inform their bank, whereupon they will be subjected to taxation.

The Revenue Department Director General Ekniti Nitithanprapas has revealed the department’s discussions with the Thai Bankers’ Association, the Association of International Banks, and Bank of Thailand on 25th April regarding savings account interest tax deductions, saying that banks will submit interest payment data to the RD, and the RD will screen it for individuals who have received interest payments exceeding 20,000 baht, and inform the bank to make a tax collection.

Interest payments less than 20,000 baht exempted from tax

Persons who have received less than 20,000 baht interest payment will be exempted from taxation.

Account owners can also request the banks not to send their account information to the RD by informing their banks, who will however apply a 15% tax deduction from interest payments to these accounts.

The Thai Bankers’ Association President, Predee Daochai said yesterday that persons who wish not to have their account information submitted to the Revenue Department must fill out a request form at the bank where they have their accounts between 7-14 May 2019, and the tax deduction will be made from all interest payment from June onwards.

Source link

The post Banks to send savings accounts interest data to Revenue Department appeared first on Thailand Business News.

Source link : Banks to send savings accounts interest data to Revenue Department by National News Bureau of Thailand