FINTECH START-UP OPENS BANGKOK RESEARCH BASE

Economy April 20, 2017 01:00

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Scale360, a UK-based financial-technology start-up that develops software to power banks’ digital transformation, has established a Bangkok Development Centre to service banks’ growing need for financial technology and to develop local skills in leading global technologies.



Thailand’s Board of Investment has recognised Scale360’s commitment to developing skills in Thailand, awarding the company a special eight-year status to help attract top talent and establish a Digital Centre of Excellence in Bangkok.

Combining Microservices application architecture with Scala and Java programming languages, Scale360 develops technology platforms for customers across all channels via a digital banking infrastructure.

Many of the skills required are in short supply in Thailand, and Scale360 has established its own Thai-language learning programme to advance the knowledge of Thai developers and develop its Digital Banking 4.0 platform, with the aim of providing developers with knowledge of programming languages used by global Internet giants like Twitter and LinkedIn.

Neville Molyneux, managing director of Scale360, said banks operating in the digital age to deliver the kind of services today’s mobile and connected customers’ need required a new approach to technology. This means using global leading technologies that are not yet prevalent in banking.

ELECTRICITY TARIFF TO RISE

The Energy Regulatory Commission yesterday resolved to raise the May-August Ft (fuel tariff) rate on electricity by 12.52 satang per unit from the January-April cycle to reflect the rising cost of electricity production, due to the rising natural-gas price.

This will result in an average electricity price for the May-August period of Bt3.5079 per unit.

TOT, CAT PLANS GET NOD

The State Enterprise Policy Commission yesterday approved in principle TOT and CAT Telecom’s plans to set up subsidiaries to reduce redundancy between the two state telecommunication agencies.

CAT and TOT plan to consolidate their international Internet gateway and data-centre businesses into a single company called Neutral Gateway Network & Data Centre Co (NGDC) and merge their broadband Internet businesses as National Broadband Network Co (NBN Co). 

INFRASTRUCTURE LAGGING

The Tourism and Sports Ministry has conceded that Thailand’s ground and port infrastructure is substandard after the World Economic Forum graded it lower than the Asean average.

Minister Kobkarn Wattanavrangkul said Thailand had been in the process of developing its transportation infrastructure, particularly the railway system, so an upgrade in the WEF’s ranking might be possible next year.

In the WEF’s “Travel and Tourism Competitiveness” report for this year, Thailand scored 3.1 on a scale of 1-7 (7 being best) in the ground and port infrastructure category, lower than the Asean average of 3.5. Singapore scored 6.1 and Malaysia 4.4.

Kobkarn said her ministry and the Transport Ministry were setting up a committee on finding ways make travel within the country easier for tourists. 

The two ministries will work jointly to facilitate cross-border travel in areas where visitors have confronted obstacles, such as in the South.