AI In-brief 2 Oct 08:30

Defence minister denies appointing Shinawatra family members

Defence Minister Sutin Klungsang vehemently denied a leaked, unsigned order that purportedly appointed two members of the Shinawatra family to his advisory staff, branding the document as a fake.
Sutin clarified that he currently lacks the authority to make any official appointments, a power he will only acquire after the government's policy statement is presented to parliament.
Separately, Sutin advocated for a reduction in the Thai military's armament procurement, specifically suggesting the Royal Thai Navy either scrap or modify its controversial submarine contract with China if German-made engines are not included.

AI In-brief Today 15:16

BOT set to tighten controls on BNPL service

The Bank of Thailand (BOT) will implement stricter controls on "Buy Now, Pay Later" (BNPL) services and consumer credit starting December to address growing debt issues and foster long-term financial stability.
The central bank observed a rapid surge in BNPL services, with credit accounts increasing 90% annually, highlighting elevated risks for consumers, particularly younger and vulnerable demographics.
New regulations introduce five key measures, including a minimum age of 20 for BNPL users and a credit limit of 20,000 baht with a maximum six-month repayment period.
Additional controls cap combined interest, fines, and fees at 15% per annum and prohibit the conversion of credit lines into cash or digital money, ensuring responsible lending practices.