Page 4 – ASEAN Economic Community Strategy Center

November 20, 2018

Indonesia – Expert: Fintech will Reduce Jobs in Conventional Finance Business

TEMPO.CO, Jakarta – University of Indonesia’s (UI) Professor of Management Rhenald Kasali predict that the rapid development of financial technology (fintechs) reduce the number of workersin the financial industry. He highlighted how most banks have now ceased from opening conventional, physical branches. He said that there would be little need for bank tellers, as customers have rarely go to a bank conduct financial transactions. “Next year, the financial sector will have to fight […]

November 20, 2018

Thailand: Dept to drop another pot patent claim, says Sontirat

Commerce Minister Sontirat Sontijirawong ordered the Department of Intellectual Property (DIP) to reject a patent request for cannabis extracts, after facing pressure from an advocacy group. It was one of the 11 patent requests earlier lodged with the DIP, he said. Of the 11 requests, two have already been withdrawn. Deliberation of the other eight were […]

November 20, 2018

Singapore Q3 GDP growth seen losing momentum, trade war dims outlook

SINGAPORE: Singapore is expected to report slower third-quarter economic growth than initially thought, a Reuters poll showed, as the manufacturing sector faces strains from weaker global demand and an intensifying trade dispute between the United States and China. The government’s finalised gross domestic product (GDP) was forecast to rise 4.2% in July-September from the quarter […]

November 20, 2018

Philippines: Government confident fiscal deficit to fall within target for 2018

MANILA, Philippines — The Department of Budget and Management (DBM) yesterday gave assurance that the national government would not breach its 2018 fiscal deficit ceiling on the back of higher revenue in the fourth quarter of the year. Budget Secretary Benjamin Diokno is confident that the deficit-to-gross domestic product (GDP) ratio would not exceed the […]

November 20, 2018

Big tech firms pledge training for workers in Southeast Asia

Microsoft, Google and other major technology companies have promised to help provide training in digital skills for around 20 million people in Southeast Asia by 2020 to make sure the region’s burgeoning working-age population is a fit for the future job market. Up to 28 million full-time jobs are subject to being displaced, according to […]

November 20, 2018

Thailand: Amendment allows asset managers to acquire bad debt

An amended law governing asset management companies will allow these firms to acquire bad assets for credit cards and personal loans from non-bank financial institutions, says a source at the Finance Ministry who requested anonymity. The amended legislation will widen the business scope of asset management companies to purchase and transfer bad credit cards and personal […]

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